Press release
Global Speech Technology Market Projected to Surpass $52.89 Billion by 2029 with 25.9% Annual Growth
Speech Technology Market
Advancements in speech technology are expected to be spurred by the growing use of voice assistants. These digital tools, otherwise known as voice assistants, decipher voice commands, process language, and generate voice outputs. They are a crucial element of speech technology, facilitating hands-free device control and promoting natural language interactions, which bring significant convenience and accessibility across a wide range of applications. As an illustration, the Voice Consumer Index 2022 report by England's Vixe*n Labs indicated a rapid rise in the adoption of voice assistants like Google Assistant in the United States - with statistics standing at 34% in 2022, up from 24% in 2021. As such, the escalating use of voice assistants is catalyzing the growth of the speech technology market.
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What growth opportunities are expected to drive the speech technology market's CAGR through 2034?
In recent times, there has been significant growth in the speech technology market, skyrocketing from a market cap of $16.71 billion in 2024 to an expected value of $21.06 billion in 2025, registering a compound annual growth rate (CAGR) of 26.1%. This incredible expansion during the historical period is mainly due to advancements in natural language processing (NLP), the popularity of voice-activated devices, improved accessibility and inclusion, its utilization in customer service, and support for multiple languages.
The market size of speech technology is predicted to experience significant expansion in the forthcoming years, reaching a valuation of $52.89 billion in 2029, growing at a compound annual growth rate (CAGR) of 25.9%. Factors contributing to this escalation during the forecast period include developments in conversational AI, growth in healthcare applications, integration across industries, the advancement of emotion recognition capabilities, and the use of voice biometrics for security purposes. Some substantial trends during this timespan are enhanced emotion recognition, processing of multiple languages and cross-language, increased usage of voice biometrics for security measures, the emergence of voice-enabled smart devices, and the proliferation of conversational AI and chatbots.
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What are the emerging trends shaping the future of the speech technology market?
Significant players in the speech technology sector are amplifying their efforts towards the development of cutting-edge solutions, including text-to-speech (TTS) APIs, to enhance naturalness and expressivity. A Text-to-Speech (TTS) API essentially converts written communication into verbal speech via artificial speech. It provides multiple voice options along with customization attributes to produce natural-sounding audio. For example, in March 2024, an American AI company called Deepgram introduced Aura, an innovative text-to-speech (TTS) API specifically tailored for instantaneous, conversation-based voice AI assistants. Aura, with its 12 human-like voices, boasts of low latency less than 250 milliseconds for swift answers, and carries a competitive price tag of $0.015 per 1,000 characters. The API is a tool for programmers to build applications that facilitate engaging, natural discussions - a feature particularly attractive to sectors such as customer care and healthcare. Aura also syncs flawlessly with Deepgram's Nova-2 speech-to-text API, which establishes an exhaustive solution for constructing advanced voice AI dialogues.
Which growth-oriented segments of the speech technology market are leading the industry's development?
The speech technology market covered in this report is segmented -
1) By Type: Artificial Intelligence, Non-Artificial Intelligence
2) By Deployment Mode: On Cloud, On-Premises Or Embedded
3) By Application: Automotive, Consumer, Government, Enterprise, Healthcare, Banking, Financial Services, And Insurance (BFSI)
Subsegments:
1) By Artificial Intelligence: Speech Recognition, Natural Language Processing (NLP), Voice Assistants, Speech-To-Text And Text-To-Speech Systems
2) By Non-Artificial Intelligence: Traditional Voice Recognition Systems, Basic Speech Processing Tools, Analog Voice Systems
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North America was the largest region in the speech technology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the speech technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the speech technology market?
Major companies operating in the speech technology market report are Amazon.com Inc., Apple Inc., Alphabet, Microsoft Corporation, International Business Machines Corporation, Baidu Inc., iFLYTEK, Nuance, Verbit, Uniphore, Lilt, Speechmatics, SoundHound, Acapela Group, SESTEK, The Cobalt Co., Sensory Inc., Atexto, Aigo.ai, Speak2web, Voiceitt, Syntiant, Speechly, Symbl.ai, Cantab Research, Rev
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What Is Covered In The Speech Technology Global Market Report?
•Market Size Forecast: Examine the speech technology market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the speech technology market for a structured understanding.
•Key Players Overview: Analyze major players in the speech technology market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the speech technology market.
•Segment Contributions: Evaluate how different segments drive overall growth in the speech technology market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the speech technology market.
•Industry Challenges: Identify potential risks and obstacles affecting the speech technology market.
•Competitive Landscape: Review strategic developments in the speech technology market, including expansions, agreements, and new product launches.
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