Global Speech and Voice Recognition Market

Global Speech and Voice Recognition Market Size, Share, Growth Analysis, By Function(Voice recognition and Speech Recognition), By Technology(On Cloud and On Premise), By Deployment Mode(Solutions and Services), By Component(Automotive, BFSI) - Industry Forecast 2024-2031

Report ID: SQMIG45J2063 | Region: Global | Published Date: February, 2024
Pages: 260 | Tables: 118 | Figures: 77

Global Speech and Voice Recognition Market Dynamics

Speech and Voice Recognition Market Driver

  • The expansion of the speech and voice recognition market will be fueled by increased voice-based authentication acceptance in mobile apps as well as rising demand for voice and speech biometric systems. The demand for these systems would be driven by the increased usage of advanced technologies like AI, IoT, and machine learning. The market will be driven by technologies used in self-driving and autonomous cars as well as speech and voice recognition in robots.
  • Global adoption of voice-activated in-car infotainment systems is rising as more nations introduce "hands-free" laws that prohibit using mobile devices while driving. The advancements that voice and speech product developers are putting their attention on are predicted to boost market expansion over the course of the forecast period. Doctors and physicians can convert their speech into a comprehensive, in-depth clinical description that is stored in the Electronic Health Record (EHR) system by using voice recognition technology in smartphones.

Speech and Voice Recognition Market Restraint

  • As voice technology advances, designers and engineers are working to overcome difficulties with speech systems. Background noise, punctuation, accent, fluency, speaker identification, and technical words/jargon are among the factors that frequently prevent speech recognition software from operating without interruption. The improvement in accuracy for languages other than American English is one of voice technology's biggest challenges. In 2021, concerns about accent and dialect will account for roughly 30.4% and 21.2% of all concerns, respectively, according to the Speechmatics Voice report.
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FAQs

Speech and Voice Recognition Market size was valued at USD 7.56 billion in 2019 and is poised to grow from USD 9.4 billion in 2023 to USD 53.94 billion by 2031, growing at a CAGR of 24.4% in the forecast period (2024-2031).

Global Speech and Voice Recognition Market is highly fragmented due to the presence of number of prominent players. Major players in the market adopt prominent strategies to overcome competition and maintain their market share globally. Key players include Apple, Microsoft, IBM, Alphabet, Amazon and Baidu. In order to create and implement new, more effective technologies in the market, industry participants are making significant investments in R&D to create voice and speech recognition-integrated AI technology. 'BioTrust ID B.V.', ' Amazon.com, Inc. ', ' Apple Inc. ', ' Baidu, Inc. ', ' Google LLC ', ' IBM Corporation ', ' Microsoft Corporation ', ' Nuance Communications, Inc. ', ' Sensory, Inc. ', ' LumenVox LLC ', ' iFLYTEK Co., Ltd. ', ' Advanced Voice Recognition Systems, Inc. ', ' Acapela Group SA ', ' Brainasoft ', ' Cognitivescale, Inc. ', ' Facebook, Inc. ', ' Hoya Corporation ', ' Kaizen Softworks ', ' OpenText Corporation ', ' ReadSpeaker Holding B.V. '

The expansion of the speech and voice recognition market will be fueled by increased voice-based authentication acceptance in mobile apps as well as rising demand for voice and speech biometric systems. The demand for these systems would be driven by the increased usage of advanced technologies like AI, IoT, and machine learning. The market will be driven by technologies used in self-driving and autonomous cars as well as speech and voice recognition in robots.

The World Health Organization estimates that dementia affects approximately 10 million individuals worldwide each year. An easy voice recorder and a specialised computer algorithm are being used in new research to aid in the early diagnosis of dementia. Clinical staff must meticulously transcribe, review, and analyse each response during neurological tests to determine a person's cognitive capacity. But now, Boston University researchers have created a new tool that might automate the procedure. Without ever having to visit the doctor, a machine-learning computer model may identify cognitive impairment using audio recordings of neuropsychological testing. A more rapid and early diagnosis of Alzheimer's could lead to larger clinical trials that concentrate on patients with the illness in its early stages and possibly permit medicinal therapies that reduce cognitive deterioration.

North America held the largest global speech and voice recognition market share in 2021. The region is anticipated to continue to grow at a constant CAGR and hold the leading market position during the forecast period. The market in the North American is anticipated to be driven by the increasing use of voice-enabled applications in smartphones and voice & speech recognition in mobile banking, consumer electronics, and IoT devices. According to Companies in the US, one third of Americans will use voice assistants on a monthly basis in the coming years. The U.S. market would be driven by growing use of cutting-edge technologies like AI and IoT as well as widespread deployment of smart devices.

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