Report Id: SNS/SEMI/2222 | July 2022 | Region: Global | 127 Pages
Report Scope & Overview:
The Speech and Voice Recognition Market Size was valued at USD 14.5 billion in 2021, and expected to reach USD 40 billion by 2028, and grow at a CAGR of 15.6% over the forecast period 2022-2028.
speech and voice recognition are regarded as a minor component 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 programme matches human speakers, is one of two metrics that assess the quality of speech recognition.
Healthcare practitioners have increased their usage of speech and voice recognition software.
In medical applications, hands-free features of an automated voice recognition system.
Software's inability to recognize the contextual relationship of words in different languages.
Online buying is becoming increasingly popular.
Customers would rather use a voice assistant than a website or app.
Errors have increased as a result of background noise.
outdoor settings, as well as vast public areas and buildings.
IMPACT OF COVID-19:
The market for speech and voice recognition has been experiencing significant growth over the years due to the increasing demand for biometric and voice-based systems for Multifactor verification, the growing impact of AI on speech accuracy and voice recognition, and the rapid increase in statistics. smart speakers. The COVID-19 epidemic has hit the market in a positive and negative way. Demand for smart appliances and devices has increased, as more and more people are working from home. This also created an opportunity for voice and voice providers. However, many people are also focusing on maintaining a basic standard of living during the epidemic, avoiding short-term or luxury products.
Based on vertical, the speech and voice recognition market are segmented into Automotive, Consumer, Government, Healthcare, Legal, Enterprise, BFSI, Retail, Military, Education and Others.
The automotive industry has a substantial market share. The advancement of vehicle technologies, such as linked gadgets, would provide the driver with traffic information and other routes. Voice and speech recognition technologies are expected to have a broad range of applications in consumer and retail verticals over the forecast period, owing to the increasing adoption of connected devices and the increasing penetration of personal assistants such as Google Home and Amazon Alexa in Europe and Asia Pacific.
Based on Deployment, the speech and voice recognition market are segmented into On-Premises/Embedded and On Cloud.
Based on Technology, the speech and voice recognition market are segmented into Speech Recognition, Text-To-Speech, Speaker Identification, Automatic Speech Recognition, Voice Recognition and Speaker Verification.
The key players in the speech and voice recognition market are Apple, IBM, Baidu, Voiceitt, Sensory, Microsoft, Amazon, Deepgram, Voicegain and AssemblyAI.
Automatic Speech Recognition
During the forecast period, APAC held the largest market share and is expected to continue its growth. From 2022 to 2028, the region is expected to have a very high CAGR. The market for speech and voice recognition in Asia Pacific is growing as a result of technological advances, improved awareness of the benefits of this technology among many people, and the low cost of speech and voice recognition equipment. China, Japan, and India are key markets in the Asia Pacific region. Baidu (China) and Voiceitt are the two leading regional companies operating in the speech and recognition market. Increased adoption of voice-assisted devices in China is a major reason for market growth. Continued advances in health care and other applications will accelerate the demand for products based on voice recognition technology in the region. The Indian market is expected to witness very high growth during the forecast period.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 14.5 Billion|
|Market Size by 2028||US$ 40 Billion|
|CAGR||CAGR of 15.6% From 2022 to 2028|
|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 (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Apple, IBM, Baidu, Voiceitt, Sensory, Microsoft, Amazon, Deepgram, Voicegain and AssemblyAI.|
|Key Drivers||• Healthcare practitioners have increased their usage of speech and voice recognition software.
• In medical applications, hands-free features of an automated voice recognition system.
|Restraints||• Software's inability to recognize the contextual relationship of words in different languages.|
Frequently Asked Questions (FAQ) :
The Speech and Voice Recognition Market size was valued at 14.5 billion in 2021 at a CAGR of 15.6%.
The market value is expected to reach USD 40 billion by 2028.
The market has been segmented with respect to deployment, technology and vertical.
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
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Speech and Voice Recognition Market Segmentation, by deployment
8.3 On Cloud
9. Speech and Voice Recognition Market Segmentation, by technology
9.2 Speech Recognition
9.4 Speaker Identification
9.5 Automatic Speech Recognition
9.6 Voice Recognition
9.7 Speaker Verification
10. Speech and Voice Recognition Market Segmentation, by vertical
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
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The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
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