Speech and Voice Recognition Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[215+ Page Report] According to the report published by Facts & Factors, the global speech and voice recognition market size was evaluated at $17.18 billion in 2022 and is slated to hit $54.70 billion by the end of 2030 with a CAGR of nearly 14.10% between 2023 and 2030. The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketspace.

The speech and voice recognition industry report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, PESTEL analysis, SWOT analysis, Porter’s five force analysis, and value chain analysis. Additionally, the speech and voice recognition market report explores the investor and stakeholder space to help companies make data-driven decisions.

Market Overview

Speech and voice recognition is designed for pattern recognition to translate speech into word sequences. Through the assistance of speech & voice software, end-users can receive rapid responses through verbal addressing of systems instead of typing via a screen.

Furthermore, breakthroughs witnessed in automated speech recognition, machine learning, and natural language processing will steer the demand for speech and voice recognition systems in the coming years. For the record, voice recognition has garnered significance with the onset of artificial intelligence as well as the launching of AI assistants such as Siri and Alexa.

Key Insights

• As per the analysis shared by our research analyst, the global speech and voice recognition market is projected to expand annually at an annual growth rate of around 14.10% over the forecast timespan (2023-2030)
• In terms of revenue, the global speech and voice recognition market size was evaluated at nearly $17.18 billion in 2022 and is expected to reach $54.70 billion by 2030.
• The global speech and voice recognition market is anticipated to record massive growth over the forecast period owing to the surging application of speech & voice recognition systems for multi-factor authentication.
• Based on the function, the speech recognition segment is predicted to contribute majorly toward the global market share over the forecast timeline.
  • In terms of technology, the artificial intelligence-based segment is projected to dominate the global market size over 2023-2030.
• On the basis of the vertical, the healthcare segment is projected to account for a major share of the global market in 2023-2030.
• Region-wise, the Asia-Pacific speech and voice recognition market is projected to register the fastest CAGR during the assessment period.

Industry Growth Factors

• Rise in the demand for speech & voice recognition systems to boost the global market trends

The surge in the use of voice biometrics will embellish the expansion of the speech and voice recognition market in the years ahead. Technological breakthroughs and a surge in the acceptance of new electronic equipment will embellish the market size in the upcoming years.

Escalating the need for voice-based navigation tools as well as workstations will prop up the scope of the growth of the market across the globe. The growing utilization of deep neural networking systems will foster market demand in the foreseeable future.

Furthermore, the surging application of speech & voice recognition systems for multi-factor authentication is predicted to augment the global speech and voice recognition market growth. Massive demand for audio-visual speech recognition, speaker adaptation, online speaker recognition, and isolated word recognition will scale up the expansion of the market across the globe.

Restraints

• Speech & voice recognition software cannot understand word relationships and this can hinder the industry expansion globally

Limitations of software in understanding contextual word relations in various languages can impede the global speech and voice recognition industry.

Opportunities

• The massive use of AI and ML in speech & voice recognition tools to open new growth avenues for the global market

The emergence of artificial intelligence and the growing demand for digitization will open new growth opportunities for the global speech and voice recognition market. Escalating demand for AI-based equipment and the need for machine learning algorithms will create new avenues of growth for the global market.

Challenges

• An increase in the background noise and echoing of noise can prove to be a challenging task for industry expansion in the near future

A rise in the number of errors owing to background noise can prove to be a challenging task in the growth of the speech and voice recognition industry globally.

Segmentation Analysis

The global speech and voice recognition market is sectored into function, technology, vertical, and region.

In terms of function, the global speech and voice recognition market is sectored into speech recognition and voice recognition segments. Furthermore, the speech recognition segment, which contributed to nearly two-thirds of the global market share in 2022, is predicted to establish its segmental domination during the forecast timeframe. The segmental expansion in the coming eight years can be owing to a rise in the use of speech recognition across the automotive and smartphone sectors.

Based on the technology, the speech and voice recognition industry across the globe is divided into artificial intelligence-based and non-artificial intelligence-based segments. Moreover, the artificial intelligence-based technology segment, which garnered nearly 72% of the industry share in 2022, is anticipated to dominate the industry expansion even during the forecast timeline.

The growth of the segment in the forecasting timeline can be owing to the ability of artificial intelligence-based technology in converting speech into well-structured algorithms in various phases. An increase in machine learning and natural language processing activities will further boost segmental expansion.

On the basis of vertical, the global speech and voice recognition market is sectored into automotive, BFSI, healthcare, retail, government, military, legal, and education segments. Moreover, the healthcare segment, which accounted for a major share of over 30% of the global market in 2022, is predicted to lead the global market share in the assessment timeframe. The segmental expansion over the projected timeframe can be owing to the rise in the use of speech and voice recognition tools in electronic health record systems. Speech and voice recognition tools find lucrative applications in emergency medicine, radiology, and pathology.

Recent Breakthroughs:

• In the third quarter of 2021, Scribetech, a key player in voice-AI-based technology solutions, launched Augnito, an AI-driven secured, and portable speech recognition tool. For the record, the solution provided an effective way of gathering data on any equipment encompassing Windows, smartphones, and Mac with aptness. The move is likely to boost the expansion of the speech and recognition industry across the globe.
• In the second half of 2021, LumenVox, a key provider of speech and voice technology, launched a next-generation automatic speech recognition engine with transcription. The new engine is based on AI and ML tools and helps in providing apt speech and voice-enabled experiences to its customers.
• In the last quarter of 2021, Slang Labs, a voice assistant as-a-service firm, introduced its speech recognition engine. The voice assistant with a new speech recognition engine can be easily embedded in smartphone and web applications. The initiative will embellish the expansion of the speech and voice recognition market across the globe.

Report Scope

Regional Insights

• North America Speech and Voice Recognition market to accrue massive returns over the forecast timeframe

North America, which accounted for a major share of the global speech and voice recognition market in 2022, is anticipated to continue its dominance over the analysis period. The regional market expansion over 2023-2030 can be due to the presence of key players such as Microsoft Corporation, Amazon, Inc., Google LLC, and IBM Corporation.

The rise in the integration of smart home equipment with voice assistants will spearhead the regional market expansion. Moreover, the rise in the use of voice assistants in the countries such as Canada and the U.S. will proliferate the regional market size.

Furthermore, the speech and voice recognition industry in the Asia-Pacific zone, which registered lucrative growth in 2022, is set to register the highest CAGR over the anticipated timeline. The factors that are likely to spearhead the growth of the regional market include a rise in the penetration of AI systems in automotive, healthcare, BFSI, and government institutions in the countries such as China, India, Thailand, Indonesia, and Japan.

Competitive Space

• Nuance Communications Inc. 
• Amazon.Com Inc. 
• Verint Systems Inc. 
• Apple Inc. 
• Baidu Inc. 
• Dolbey Systems Inc. 
• Google LLC 
• IBM Corporation 
• SESTEK 
• iFlytek 
• Microsoft Corporation 
• LumenVox 
• Sensory Inc. 
• Speechmatics 
• Assembly AI Inc

The global speech and voice recognition market is segmented as follows:

By Function Segment Analysis

• Speech Recognition
•  Voice Recognition

By Technology Segment Analysis

• Artificial Intelligence-Based
•  Non-Artificial Intelligence-Based

By Vertical Segment Analysis

• Automotive
• BFSI
• Healthcare
• Retail
• Government
• Military
• Legal
• Education

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America