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Speech and Voice Recognition Market

Speech And Voice Recognition Market Size, Share & Segment 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), By Regions And Global Forecast 2022-2028

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.

Speech and Voice Recognition Market

MARKET DYNAMICS:

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.

OPPORTUNITIES:

  • Online buying is becoming increasingly popular.

  • Customers would rather use a voice assistant than a website or app.

CHALLENGES: 

  • 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.

COMPETITIVE LANDSCAPE:

The key players in the speech and voice recognition market are Apple, IBM, Baidu, Voiceitt, Sensory, Microsoft, Amazon, Deepgram, Voicegain and AssemblyAI.

MARKET SEGMENTS:

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  

Speech and Voice Recognition Market

REGIONAL ANALYSIS:

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.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The 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

 

Speech And Voice Recognition Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 14.5 Billion
Market Size by 2028 US$ 40 Billion
CAGR CAGR of 15.6% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

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

8.1Introduction

8.2 On-Premises/Embedded

8.3 On Cloud

 

9. Speech and Voice Recognition Market Segmentation, by technology

9.1Introduction

9.2 Speech Recognition

9.3 Text-To-Speech

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

10.1 Introduction

10.2 Automotive

10.3 Consumer

10.4 Government

10.5 Healthcare

10.6 Legal

10.7 Enterprise

10.8 BFSI

10.9 Retail

10.10 Military

10.11 Education

10.12 Others  

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 USA

11.2.2 Canada

11.2.3 Mexico

11.3 Europe

11.3.1 Germany

11.3.2 UK

11.3.3 France

11.3.4 Italy

11.3.5 Spain

11.3.6 The Netherlands

11.3.7 Rest of Europe

11.4 Asia-Pacific

11.4.1 Japan

11.4.2 South Korea

11.4.3 China

11.4.4 India

11.4.5 Australia

11.4.6 Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1 Israel

11.5.2 UAE

11.5.3 South Africa

11.5.4 Rest

11.6 Latin America

11.6.1 Brazil

11.6.2 Argentina

11.6.3 Rest of Latin America

 

12.Company Profiles

12.1 IBM

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Apple

12.3 Baidu

12.4 Voiceitt

12.5 Sensory

12.6 Microsoft

12.7 Amazon

12.8 Deepgram

12.9 Voicegain

12.10 AssemblyAI

 

13.Competitive Landscape

13.1 Competitive Benchmark

13.2 Market Share analysis

13.3 Recent Developments

 

14.Conclusion

 

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of the good and accurate research report and selecting the best methodology to complete the research is the toughest part. Since the research reports, we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brainstorming sessions to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

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.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

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