Key Market Overview:
Voice and Speech Recognition Market was sized at USD 13.92 Billion in 2021, and the market is estimated to witness a growth of USD 50.52 Billion by 2030 at a CAGR of 15.4% during the forecast period (2022-2030).
Voice recognition and speech recognition are technologies that allow computers to understand and respond to human speech. Voice recognition technology is used for identifying and verifying a person by their voice, whilst speech recognition technology is used for converting spoken words into text and understanding the meaning of the speech. The increasing adoption of smart devices such as smartphones, smart speakers, as well as smart home devices such as thermostats, lights, security systems, laptops, tablets, and wearable devices is driving the market growth. The growing popularity of virtual assistants, such as Amazon Alexa and Google Home, are the major factors driving the growth of the voice and speech recognition market. Additionally, the growing use of voice recognition technology in various industries, such as healthcare, automotive, and consumer electronics, is also expected to fuel the growth of the market. In the healthcare sector, voice and speech recognition technology are being employed due to several reasons such as clinical documentation, to improve patient engagement and communication, and to improve accessibility for individuals with disabilities. Furthermore, voice and speech recognition technology helps to diagnose and treat various medical conditions, such as sleep apnea and depression, based on speech patterns and other vocal cues.
Moreover, the policies declared by the White House Office of Science and Technology aim to accelerate the development and deployment of AI technologies, including voice and speech recognition. Furthermore, North America is expected to hold the largest share of the market, due to the presence of a large number of voice and speech recognition solution providers, such as Google, Amazon, Microsoft, and Nuance Communications.
Market Dynamics:
Driver:
- The main drivers of the speech and voice recognition market include the increasing adoption of smart devices, the growing use of virtual assistants, and the rising demand for automation in various industries.
- The advancements in artificial intelligence and natural language processing technology are contributing to the growth of the voice and speech recognition market.
- The growing popularity of IoT and the increasing demand for hands-free control in various applications such as automotive, healthcare, and retail are also driving the growth of the speech and voice recognition market.
Restraint:
- One major restraint is the high cost of deploying and maintaining speech and voice recognition technology, which turns out to be a significant barrier for small- and medium-sized businesses.
- The accuracy of speech and voice recognition technology is affected by background noise, accents, and other factors, which leads to errors and frustration for users.
- Another factor that hampers the market growth is the lack of standardization in the technology, which makes it difficult for different systems to work together flawlessly.
- Privacy concerns related to the collection and use of voice data also hinder the growth of the market.
Opportunity:
The advancements in AI and NLP technology and the increasing emphasis on natural language interfaces provide a great opportunity for the voice and speech recognition market. Additionally, the growing popularity of hands-free control and the increasing demand for accessibility offers a lucrative business opportunity for the key players of speech and voice recognition technology to be used in more applications. Lastly, the increasing adoption of smart speakers, and the growing use of speech recognition in automobiles and mobile devices, are expected to create significant opportunities for the market during the forecast period.
Voice and Speech Recognition Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 50.52 Billion |
| CAGR (2022-2030) | 15.4% |
| By Technology Type | Voice Recognition, Speech Recognition |
| By Technology | Artificial Intelligence Based and Non-Artificial Intelligence Based |
| By Deployment Mode | Cloud-Based and On-Premises |
| By End-User | Automotive, Enterprise, Consumer, Banking, Financial Services, and Insurance (BFSI), Healthcare, and Others. |
| By Geography | North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. |
| Key Players | Google, Amazon, Microsoft, Baidu, Nuance Communications, and IBM |
Market Segmentation:
By Technology Type:
Depending on the technology type, the market is branched into voice recognition and speech recognition. The speech recognition segment contributed to a substantial share of the market and is anticipated to grow rapidly during the forecast period. This is due to the increasing adoption of virtual assistants and speech-enabled devices, as well as the growing demand for automation in industries such as healthcare, finance, and retail. This segment is expected to continue growing in the coming years as more organizations adopt speech recognition technology for various use cases. For instance, the use of speech recognition technology in customer service. Many companies are now using speech recognition technology to provide their customers with a more convenient and efficient way to access information and support. Moreover, speech recognition technology is used in a number of applications such as virtual assistants, speech-to-text dictation, voice commands, and automatic transcriptions.
Furthermore, the voice recognition segment is anticipated to grow during the estimated period due to its implementation of security features such as voice biometrics and its use in access control and authentication.
By Technology:
Depending on the technology segment, the market is branched into artificial intelligence-based and non-artificial intelligence based. In 2021, the AI-based (Artificial Intelligence) speech recognition segment dominated the voice and speech recognition market. Owing to a higher demand for advanced and more accurate technology. The AI-based speech recognition market is expected to grow at a higher rate compared to non-AI-based speech recognition. Moreover, AI-based speech recognition uses machine learning algorithms and neural networks to understand and transcribe human speech, providing more accurate and natural language processing capabilities. Furthermore, Non-AI based speech recognition relies on rule-based systems and pattern matching techniques to recognize speech, but has limited accuracy.
By Deployment Mode:
The deployment mode segment is branched into cloud-based and on-premises. The cloud deployment segment holds the largest share of around 60-65% of the market. The increasing adoption of cloud-based services, such as Amazon Web Services, Google Cloud Platform, and Microsoft Azure, has driven the growth of this segment. Cloud-based services offer important factors for organizations that are looking to deploy voice recognition technology such as scalability, flexibility, and cost-effectiveness.
The on-premises deployment segment is expected to be the fastest-growing segment of the market, accounting for a share of around 35-40%. On-premises deployment is used for applications that require high security and privacy, such as financial transactions, and healthcare applications.
By End-User:
The End-User segment is bifurcated into the automotive, enterprise, consumer, banking, financial services, insurance (BFSI), healthcare, and others. The consumer electronics segment is considered to be the dominant segment of the market, holding a share of around 40-45%. The popularity of virtual assistants such as Amazon Alexa, Google Assistant, and Apple Siri has driven the growth of this segment. Moreover, the increasing adoption of voice-enabled devices such as smart speakers and smart TVs in homes and offices, that are controlled by voice commands, are also contributing to the growth of this segment.
Moreover, the healthcare segment is expected to be the fastest-growing segment, holding a share of around 20-25%. Owing to the increasing demand for voice and speech recognition technology in clinical documentation, patient engagement, and others. The technology is expected to improve the quality of care, reduce costs, and increase patient satisfaction which are the major factors driving the adoption of this technology in the healthcare sector.
By Region:
The regional segment includes Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. North America holds the largest share of the global voice and speech recognition market, with a share of around 30-35%. The high adoption of technology, the presence of key market players, and the presence of a large number of technology-savvy consumers are some of the reasons why North America is currently the leading region in the market.
Moreover, the Asia Pacific is expected to be the fastest-growing segment during the forecast period, holding a share of around 25-30% in the market owing to the increasing adoption of speech and voice recognition technology in countries such as China, Japan, and South Korea. In addition to this, smart speakers and the increasing awareness about the benefits of these technologies are the key reasons that the Asia Pacific region is growing at a fast pace.
Europe is another important region for the market, with a share of around 20-25%. The region is expected to grow at a steady rate during the forecast period. This is driven by the increasing adoption of voice recognition technology in countries such as the UK, Germany, and France.
Voice and Speech Recognition Market Competitive Landscape:
The voice and speech recognition market is a highly competitive market, with a large number of players operating globally. The competitive landscape of the market has been analyzed in the report, with profiles of the key market players operating in the industry. Further, the increased demand for Research and Development (R&D), various business strategies, and Deployment launches have enhanced the growth of the market. Some of the major players in the market include-
Recent Developments:
- In 2020, Google LLC announced the launch of Google Duplex on the web, which allows users to complete tasks on the web using natural language voice commands.
- In 2020, Amazon launched the new Echo Dot with a clock, which features an LED display and improved sound quality. Additionally, Amazon also announced the launch of a new feature for the Echo, called “Echo Spatial Perception,” which allows multiple Echo devices to work together to respond to a single voice command.
- In 2020, Apple introduced the launch of the new iPhone SE, which features the company’s A13 Bionic chip and supports the company’s “Hey Siri” voice command feature.
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