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 News

  • In October 2022, a new product called Speech Analyzer was released by ELSA, the English language learning app renowned for its speech recognition technology. The assessment platform integrates with communication platforms like Zoom and analyses natural speech to identify areas for development in vocabulary, pronunciation, and tempo.
  • In October 2022, Whisper, an AI model with 1.6 billion parameters that can translate and annotate speech from 97 different languages, was released by OpenAI. Whisper has solid zero-shot performance on a variety of automated speech recognition (ASR) tasks. Whisper was trained on 680,000 hours of audio data that was gathered from the internet. Whisper breaks up audio processing into 30-second segments and use an encoder-decoder Transformer design.
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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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