The Speech and Voice Recognition Market Size was valued at USD 12.63 billion in 2023 and is expected to reach USD 73.84 billion by 2031 and grow at a CAGR of 24.7% over the forecast period 2024-2031.
The Speech and Voice Recognition market represents a dynamic and transformative sector within the broader technology landscape. This technology enables machines to interpret and respond to human speech, fostering seamless interactions between individuals and devices. Speech and voice recognition are regarded as minor components of biometric systems. Speech recognition is described as the act of translating spoken words into a digitally changed and saved collection of words through the use of microphones and telephones. The speed, which evaluates how closely the program matches human speakers, is one of two metrics that assess the quality of speech recognition.
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KEY
DRIVERS:
Many healthcare practitioners invest a significant portion of their time documenting notes and maintaining meticulous patient records, recognizing the critical importance of comprehensive documentation in the healthcare sector. However, these tasks divert valuable time from more impactful activities like direct patient care and personal interactions. Consequently, doctors and physicians increasingly prefer utilizing voice recognition software solutions based on natural language processing (NLP) algorithms. Speech and voice recognition technologies find extensive use in healthcare for reporting health checkups, data entry, and in scenarios where the healthcare professional is unavailable. These software solutions empower healthcare providers to input notes into the electronic health record (EHR) system or their computers seamlessly, without interrupting patient care, ensuring sustained productivity throughout the day. This approach alleviates the need for healthcare professionals to extend their work hours for paperwork, enabling them to attend to more patients within regular working hours. The user-friendly and hands-free features of automated speech recognition systems in medical applications enable doctors to efficiently complete their tasks, contributing to the growth of the speech and voice recognition market. Consequently, heightened productivity translates into increased cash flow for healthcare providers.
RESTRAINTS:
Homophones are words that share similar sounds but possess different meanings. Identifying homophones in a sentence can pose a challenge for AI without a robust language model and training that includes comprehensive exposure to these terms within relevant contexts. Numerous words in English and Romance languages carry multiple meanings. Consequently, determining the appropriate usage of homonyms during translation may prove challenging. To overcome this hurdle, a translator needs a profound familiarity with both the spoken language and the language into which the text is being translated. This necessitates a thorough understanding of both languages by the translator.
OPPORTUNITIES:
Customer purchasing behavior is transforming both developed and developing nations, marked by a noticeable shift toward online shopping trends. Consumers can now conveniently browse products, inquire about prices and features, and receive personalized recommendations from the comfort of their homes. Activities such as searching for products and services, creating shopping lists, adding items to carts, making purchases, tracking order statuses, providing feedback, utilizing customer support, and offering recommendations to potential customers are just a few touchpoints where voice assistants prove beneficial. The increasing and swift adoption of voice assistants by customers, coupled with the rising prevalence of online commerce, presents a valuable opportunity for providers of voice assistant applications and services.
CHALLENGES:
Maintaining a quiet environment is crucial for the effective operation of speech and voice recognition technology, as excessive background noise can adversely impact its outcomes. This poses a significant challenge when deploying such technologies in outdoor settings, large public spaces, and office environments. Consumers primarily evaluate the performance of speech recognition technology based on accuracy and speed. The accuracy of speech recognition is typically gauged using the word error rate (WER). Despite recent advancements, the WER of speech and voice recognition technologies still falls short of matching human accuracy. In a survey assessing smartphone owners' expectations for voice assistant improvements, approximately 40% of respondents prioritized 'accuracy.' The goal of speech and voice recognition is to precisely and efficiently convert speech signals into text messages. Companies are actively developing intricate algorithms and emphasizing deep learning techniques to enhance the robustness of speech and voice recognition systems.
IMPACT OF RUSSIAN-UKRAINE WAR
The global impact of the Russia-Ukraine crisis is felt across various markets, with the Speech and Voice Recognition sector not exempt. Expected to yield negative effects worldwide, the crisis is particularly pronounced in regions like Eastern Europe, the European Union, Eastern & Central Asia, and the United States, where political and economic uncertainty prevails. Disruptions in trade dynamics have the potential to influence the global economy with lasting adverse effects, especially on Russia. Despite these challenges, the Speech and Voice Recognition market persists in its evolution, fueled by increased Research and Development (R&D) investment, dedication to enhancing accuracy and reliability, and the exploration of new industries such as healthcare, education, and commerce. Companies in the sector actively pursue strategic collaborations and partnerships to expand their product reach and operational scale. Recent developments, like the launch of Children's Speech Recognition by Sensory Inc. and the introduction of an Automatic Speech Recognition (ASR) engine by LumenVox, illustrate this ongoing trend.
IMPACT OF ECONOMIC SLOWDOWN
The crisis between Russia and Ukraine has introduced notable political and economic uncertainties, with anticipated negative repercussions on a global scale, particularly in Eastern Europe, the European Union, Eastern & Central Asia, and the United States. These consequences encompass significant disruptions in trade dynamics and the potential for enduring adverse effects on the worldwide economy, notably impacting Russia. While specific details outlining the direct impact of these geopolitical tensions on the Speech and Voice Recognition market are not explicitly provided, the broader economic implications suggest potential challenges in supply chains, investment, and market stability within the technology sector, including speech and voice recognition technologies.
Given the interconnected nature of global markets and the tech industry's reliance on international supply chains, the crisis could indirectly influence the Speech and Voice Recognition market in various ways. These may involve pricing fluctuations, changes in demand, and shifts in strategic approaches by key market players due to the overarching economic and political uncertainty.
By Deployment
On-Premises/Embedded
On Cloud
Categorized by deployment, the market is divided into on-premise and cloud segments. The cloud segment is projected to experience significant growth with a remarkable Compound Annual Growth Rate (CAGR), driven by the escalating demand for cloud solutions. The rising adoption of cloud technology among organizations is anticipated to fuel the growth of cloud deployments throughout the forecast period. Conversely, the on-premise segment is expected to witness a subdued demand during the projection period due to the increasing preference for cloud-based solutions, particularly among Small and Medium-sized Enterprises (SMEs).
By Technology
Speech Recognition
Text-To-Speech
Speaker Identification
Automatic Speech Recognition
Voice Recognition
Speaker Verification
The speech recognition segment commands the leading market share and is expected to maintain its dominance throughout the forecast period. Ongoing advancements in Artificial Intelligence (AI) and the emergence of smart appliances facilitated by high-speed internet connectivity have contributed significantly to market expansion. Additionally, the voice recognition segment is projected to experience the highest growth rate in the forecast period. This surge is attributed to the increased adoption of voice recognition in sectors such as banking and finance institutions, contact centers, and healthcare establishments, aimed at mitigating fraudulent activities. The utilization of AI-based speech and voice recognition software for identifying user speech patterns and speaker voices is anticipated to be a key driver for market growth.
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By Vertical
Automotive
Consumer
Government
Healthcare
Legal
Enterprise
BFSI
Retail
Military
Education
Others
In terms of end-users, the market is segmented into Automotive, Consumer, Government, Healthcare, Legal, Enterprise, BFSI, Retail, Military, Education, and Others. There has been a significant surge in the demand for speech and voice recognition software, particularly within the healthcare and BFSI sectors.
Throughout the forecast period, the Asia-Pacific (APAC) region maintained the largest market share and is poised for sustained growth. With an anticipated very high Compound Annual Growth Rate (CAGR) from 2023 to 2031, the speech and voice recognition market in the region is thriving. The expansion is fueled by technological advancements, increased awareness of the technology's benefits, and the cost-effectiveness of speech and voice recognition equipment. Key markets within the Asia Pacific include China, Japan, and India, where Baidu (China) and Voiceitt emerge as leading regional players. The significant adoption of voice-assisted devices in China plays a pivotal role in driving market growth. Ongoing advancements in healthcare and other applications are expected to further boost the demand for voice recognition technology-based products in the region.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The key players in the speech and voice recognition market are Apple, IBM, Baidu, Voiceitt, Sensory, Microsoft, Amazon, Deepgram, Voicegain, AssemblyAI & Other Players.
Apple-Company Financial Analysis
RECENT DEVELOPMENT
In May 2023: Cisco's video conferencing platform, Webex, and the speech recognition technology company, Voiceitt, unveiled a collaborative effort to enhance accessibility in virtual meetings for individuals with speech impairments. Through this partnership, features such as transcription services tailored for those with speech impairments and real-time AI-enabled captioning will be implemented, providing a more inclusive experience for users participating in Webex virtual meetings.
In January 2023: iFLYTEK introduced its pre-trained industrial AI models during the iFLYTEK Global 1024 Developers’ Day, 2022. These models, capable of deployment for various services including emotion recognition and speech recognition, aim to offer comprehensive speech recognition services. The launch of iFLYTEK's pre-trained AI-based speech recognition model signifies a significant step towards providing complete and advanced speech recognition capabilities.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 12.63 billion |
| Market Size by 2031 | US$ 73.84 billion |
| CAGR | CAGR of 24.7% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Programmable (FPGA & PLD) DSP IC, Application-Specific DSP IC, General-Purpose DSP IC) • By Deployment (On-Premises/Embedded, On Cloud) • By Technology (Speech Recognition, Text-To-Speech, Speaker Identification, Automatic Speech Recognition, Voice Recognition, Speaker Verification) • By Vertical (Automotive, Consumer, Government, Healthcare, Legal, Enterprise, BFSI, Retail, Military, Education, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Apple, IBM, Baidu, Voiceitt, Sensory, Microsoft, Amazon, Deepgram, Voicegain and AssemblyAI. |
| Key Drivers | • Increased utilization of speech and voice recognition software among healthcare practitioners. |
| Restraints | • Limitation of software to understand contextual relation of words in different languages. |
The Speech and Voice Recognition Market size was valued at USD 12.63 billion in 2023 and is expected to reach USD 73.84 billion by 2031 and grow at a CAGR of 24.7% during the forecast period.
The Asia Pacific market is anticipated to witness noteworthy growth with a remarkable CAGR during the estimated period.
The top companies are Apple, IBM, Baidu, Voiceitt, Sensory, Microsoft, Amazon, Deepgram, Voicegain, and AssemblyAI.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Speech And Voice Recognition Market, By Deployment
9.1 Introduction
9.2 Trend Analysis
9.3 On-Premises/Embedded
9.4 On Cloud
10. Speech And Voice Recognition Market, By Technology
10.1 Introduction
10.2 Trend Analysis
10.3 Speech Recognition
10.4 Text-To-Speech
10.5 Speaker Identification
10.6 Automatic Speech Recognition
10.7 Voice Recognition
10.8 Speaker Verification
11. Speech And Voice Recognition Market, By Vertical
11.1 Introduction
11.2 Trend Analysis
11.3 Automotive
11.4 Consumer
11.5 Government
11.6 Healthcare
11.7 Legal
11.8 Enterprise
11.9 BFSI
11.10 Retail
11.11 Military
11.12 Education
11.13 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Eastern Europe
12.3.1.1 Poland
12.3.1.2 Romania
12.3.1.3 Hungary
12.3.1.4 Turkey
12.3.1.5 Rest of Eastern Europe
12.3.2 Western Europe
12.3.2.1 Germany
12.3.2.2 France
12.3.2.3 UK
12.3.2.4 Italy
12.3.2.5 Spain
12.3.2.6 Netherlands
12.3.2.7 Switzerland
12.3.2.8 Austria
12.3.2.9 Rest of Western Europe
12.4 Asia-Pacific
12.4.1 China
12.4.2 India
12.4.3 Japan
12.4.4 South Korea
12.4.5 Vietnam
12.4.6 Singapore
12.4.7 Australia
12.4.8 Rest of Asia Pacific
12.5 The Middle East & Africa
12.5.1 Middle East
12.5.1.1 UAE
12.5.1.2 Egypt
12.5.1.3 Saudi Arabia
12.5.1.4 Qatar
12.5.1.5 Rest of the Middle East
11.5.2 Africa
12.5.2.1 Nigeria
12.5.2.2 South Africa
12.5.2.3 Rest of Africa
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Colombia
12.6.4 Rest of Latin America
13. Company Profiles
13.1 Apple
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 IBM
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Baidu
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Voiceitt
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Sensory
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Microsoft
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 Amazon
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Deepgram
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Voicegain
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 AssemblyAI
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16. Conclusion
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