Voice and Speech Recognition Market Is Estimated To Grow As Of Rising Applications In The Banking And Automobile Sector

  

Voice and Speech Recognition Industry Overview

 

The global voice and speech recognition market size is anticipated to reach USD 53.66 billion by 2030, registering a CAGR of 15.3% over the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to witness an upsurge in the adoption of voice-activated systems, voice-enabled devices, and voice-enabled virtual assistant systems owing to the rising applications in the banking and automobile sectors. The escalating need to counter fraudulent activities and enhance security in the banking sector is boosting the adoption of voice biometrics for the authentication of users. The automobile sector is expected to gain momentum owing to advances in technology & emergence of innovative concepts, such as autonomous and connected cars.

 

Voice and Speech Recognition Market Segmentation

Grand View Research has segmented the global voice and speech recognition market based on function, technology, vertical, and region:

 

Based on the Function Insights, the market is segmented into voice recognition, speech recognition.

• In terms of revenue, the speech recognition segment accounted for a dominant share of more than 65.5% of the global market in 2021.
• Automobiles and mobile phones are suitable for speech recognition implementations. The increasing mobility of society requires accessibility to data and services anytime and anywhere. 
• Cloud and client-based speech recognition employments can significantly augment the customer experience and provide optimization in cost-saving for companies.
• This technology has been assisting doctors and radiologists in maintaining records of patients owing to benefits, such as reducing the report turnaround time and assisting doctors in record keeping. The integration of speech recognition with Virtual Reality (VR) is expected to lead to enhanced market demand.

 

Based on the Vertical Insights, the market is segmented into automotive, enterprise, consumer, bfsi, government, retail, healthcare, military, legal, education, others.

• The healthcare segment accounted for the highest share of more than 29.00% in 2021. Speech recognition boosts the process of data capturing in EHR systems. This process empowers physicians to interact with the system by speaking a few words.
• Speech recognition is still in a developing stage and deployed in individual segments of healthcare, which include radiology, pathology, emergency medicine, and others.
• The automotive vertical also has a significant market share. The enhancement of automotive technologies, such as connected devices would update the driver with traffic conditions on the route and alternative routes.
• Voice & speech recognition technologies are expected to have a wide scope of application in consumer and retail verticals over the forecast period on account of the rising adoption of connected devices and growing penetration of personal assistants, such as Google Home and Amazon Alexa, in the Europe and Asia Pacific regions.

 

Based on the Technology Insights, the market is segmented into artificial intelligence based, non-artificial intelligence based.

• The non-Artificial intelligence based technology segment accounted for a dominant share of more than 72.00% of the global revenue in 2021. The segment is estimated to retain the leading position growing at a steady CAGR from 2022 to 2030.
• The Artificial intelligence based technology segment is expected to register the fastest growth rate during the forecast period. The demand for Artificial intelligence based technology is on the rise as the system recognizes the patterns of speech accurately.
• Artificial intelligence exceptionally converts speech into well-structured algorithms by undergoing certain stages, including the representation of speech units, formulation, and development of recognition algorithms along with the demonstration of correct inputs.
• The rising developments in machine learning and natural language processing are expected to boost the growth of the Artificial intelligence based technology segment.
• A rising number of Artificial intelligence based digital assistants, such as Alexa and Cortana, are expected to drive the demand for voice and speech recognition solutions over the forecast period.

 

Voice and Speech Recognition Regional Outlook

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Vendors in the market are focusing on increasing the customer base to gain a competitive edge. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions and partnerships. 

 

Some prominent players in the global voice and speech recognition market include:

• Advanced Voice Recognition Systems, Inc.
• Agnitio S.L.
• com, Inc.
• ai
• Apple, Inc.
• Anhui USTC iFlytek, Ltd.
• Baidu, Inc.
• BioTrust ID B.V.
• CastleOS Software, LLC
• Facebook, Inc.
• Google, Inc.
• International Business Machines Corp.
• Microsoft Corp.
• MModal, Inc.
• Nortek Holdings, Inc.
• Nuance Communications, Inc.
• Raytheon Company
• SemVox GmbH
• Sensory, Inc.

 

Order a free sample PDF of the Voice and Speech Recognition Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.