USD 3.5 billion
Global Voice Recognition Market Size, Share, Growth Analysis, By Deployment model(Cloud, on-premise), By Technology(Artificial intelligence based and non-artificial intelligence based), By Vertical(Automotive, healthcare) - Industry Forecast 2024-2031
Report ID:
SQMIG45A2038 |
Region:
Global |
Published Date: February, 2024
Pages:
274
|
Tables:
90 |
Figures:
71
Global Voice Recognition Market Insights
Voice Recognition Market size was valued at USD 3.5 billion in 2021, USD 4.07 billion in 2022 and it is expected to reach a value of USD 4.74 billion by 2030, at a CAGR of more than 16.4% over the forecast period (2022–2030).
Voice recognition market is an advanced method of biometrics, also known as speech recognition which can recognize an individual’s spoken words and phrases, and then transform the words spoken into a modern form of technology by getting that in a text-based process that supports reading, recognizing, and processed by technology. It also helps in delivering end results in a short time in making charts, notes and reports for patients; as it can speedily articulate notes and saves enough time while doing treatment.
The vendors in the biometric segment are upgrading easy installation, and are cost-effective automatic speech recognition (ASR) applications, which are expected to contribute to the growth of the voice recognition market. Voice recognition is used for biometric safety purposes, and by recognizing the voice of a specific person to allow or deny access. The biometric technology available in mobile banking needs authentic users’ identity proof by the navigation of commands to help them in making transactions.
There are various speech recognition software and tools packages available in the market, some of which are more advanced and fully loaded than others, but generally, they can be used for controlling a user's computer. TalkTyper and Dragon Naturally Speaking are the most popular speech recognition tools and software packages available for use in the market.
Due to less precision in the voice recognition technology, the global voice recognition market may face some difficulties in delivering end-result; and this is also the other concern as it is a quite sound-sensitive system, and therefore any surrounding noise eliminates the accuracy level of the voice recognition system.
US Voice Recognition Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Actuators
Fastest Growth
Actuators
Growth Rate
more than 16.4% CAGR
Global Voice Recognition Market ($ Bn)
Country Share for North America Region (%)
Global Voice Recognition Market Size By Application ($ Bn)
Global Voice Recognition Market Size By Application (%)
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Global Voice Recognition Market Segmental Analysis
Global voice recognition market is segmented based on the deployment model, technology and vertical. Based on deployment model voice recognition Voice Recognition Market is segmented into cloud, on-premise. Based on technology, the Voice Recognition Market is segmented into artificial intelligence based and non-artificial intelligence based. Based on vertical, Voice Recognition Market is categorized as automotive, healthcare, BFSI, aerospace, government & defense, and others.
Voice Recognition Market Analysis byTechnology
Based on technology, the voice recognition market is segmented into artificial intelligence based and non-artificial intelligence based. The artificial intelligence based technology sub-segment will acquire the fastest growth rate as observed during the forecast period. Because there is high demand for the artificial intelligence based technology due to the capability of the system to well-recognize the speech patterns precisely. Today, in the modern world, the interest towards machine learning and original language capturing are projected to accelerate the growth of the segment.
However, the non-artificial intelligence based technology segment led the market with a share of more than 72.00% of the global revenue in 2021 and the segment is also expected to continue the dominance at a steady CAGR during the projected period.
Voice Recognition Market Analysis by Vertical
Based on type, the voice recognition market is segmented into automotive, healthcare, BFSI, aerospace, government & defense, and others. Awareness of the modern voice recognition technology in vehicles and automotives sector gives opportunity to users to give command or voice instructions to the speech recognition system in the vehicle. These instructions in vehicles are operated through the infotainment systems in the cars.
The healthcare sub-segment registered the highest share of more than 29.00% in 2021. Voice recognition is still in a growing stage, lots of modifications are going to develop and these are installed in the healthcare segment including pathology, radiology, emergency medicine, and others.
Global Voice Recognition Market Size By Application , 2023 (%)
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Global Voice Recognition Market Regional Insights
North America held the maximum share of more than 33.00% of the global revenue in 2021 and is expected to continue the growth over the forecast period. Increasing usage of voice-based applications in smartphones and the promising usage of voice recognition in mobile banking, consumer electronics, and IoT devices are further anticipated to lead the market in the region.
The popularity for voice recognition is continually developing in Japan, China, and Singapore, which is expected to fuel the market growth in the Asia Pacific region. The voice recognition market in Asia Pacific registered around 15% of the revenue share in 2021 and the region is also estimated to witness the fastest CAGR during the forecast period. Usage of voice-enabled devices in the automobile and healthcare segments is projected to drive the market growth in the region.
In Europe, voice recognition technologies are also observed in terms of usage of applications in the consumer electronics and retail sectors because of the trend of connected devices in automotive and home automation.
Global Voice Recognition Market Size By Geography, 2024-2031
- Largest
- Fastest
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Global Voice Recognition Market Dynamics
Voice Recognition Market Drivers
Rise in Usage of Smartphones to Bolster Market Growth
- Due to the increasing usage and adoption of new smartphones, it is expected to drive the growth of the global voice recognition market by 2028; and the quick adaptation to the modern technologies are making voice interfaces ubiquitous and helpful. Voice recognition software on mobile devices is swift and convenient in using than a usual keyboard on the screen. The major companies including Google, Apple, and Microsoft have provided voice recognition features in the mobile operating systems, which makes it comfortable doing the work.
- Strict regulations by the government may drive the need for reliable technologies in the healthcare sector and the healthcare providers instead can use the speech-to-text options of typing their notes, reports, and other medical records to speedily generate the instructions to provide some better medical services to the patients.
Voice Recognition Market Restraints
Errors in Accuracy to Hinder Market Growth
- Lack of accuracy, impaired speech, occurrence of error in data processing due to the inappropriate encoding and compression algorithms is considered to hinder the voice recognition growth in the market.
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Global Voice Recognition Market Competitive Landscape
The world's speech recognition market is both fiercely competitive and dispersed. The leading players in the sector are always putting different growth strategies into practise to keep a competitive edge. These players use innovations, mergers & acquisitions, collaborations, and partnerships to succeed in the cutthroat market. The top market players are constantly focusing on R&D to give industry the most efficient and cost-effective solutions. Via a complete software solution, Speechmatics and Nuix are offering highly accurate, secure voice recognition technology to organisations.
Voice Recognition Market Top Player's Company Profiles
- Microsoft Corporation
- Advanced Voice Recognition Systems Inc.
- Voice Biometrics Group
- Google, Inc.
- Facebook, Inc.
- Raytheon Company
- Apple, Inc.
- Baidu
- Amazon
- ReadSpeaker
- Speechmatics
- AssemblyAI
Voice Recognition Market Recent Developments
- In April 2021, Verint released Intelligent Virtual Assistant (IVA), a low-code conversational AI offering, features to rapidly turn the conversation data into computerized self-service experiences. It allows professionals to quickly exploit the production-ready chatbot to avert calls and support customers.
- In April 2021, Auraya build on the SymNex Consulting’s voice biometrics supplier directory which enables users to connect with SymNex flawlessly and incorporate Auraya’s harmonious and secure voice identification biometrics into their call centre platform.
- In January 2021, Nuance Communications Inc. pioneered its new AI-powered patient engagement virtual assistant platform which leads to meld and extends the capabilities of the electronic health record (EHR), customer relationship management (CRM), and patient access centre systems for featuring healthcare provider organizations to upgrade & improve the clinical care.
Global Voice Recognition Key Market Trends
- The augmented demand for voice recognition in the healthcare sector is boosting the market to modernize in several fields and increasing revenue of the global voice recognition market.
- Increasing number of frequent online transactions brings the initiative on having authentication requirements and the better services such as voice recognition technologies results in eliminating the minimum chances of security breaches.
- Citi Bank has introduced voice biometrics to verify the identities of customers contacting their call centers. Voice authentication uses biometrics to verify customers' identities while explaining an issue to a customer service representative over the phone.
Global Voice Recognition Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global voice recognition market analysis, China, India, Japan in the Asia Pacific region are projected to generate high revenue due to the increasing demand of voice recognition for security and authentication.
Customer care services in the voice recognition market growth are considered to witness over our forecast period. BFSI, IT, telecom, healthcare and hospitality are using the technology for business to address the increasing phenomenon of security breach in these sectors which is a positive for the market growth. Due to the coronavirus situation, voice technology is being adopted for searching and directing in the entertainment, communication, and medical field as a way of contactless human interaction, which is giving boost to the market growth.
Due to less clarity in the voice recognition technology, the global voice recognition market may face some difficulties in delivering end-results which may act as a restraint to the market growth during the given period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.5 billion |
| Market size value in 2031 | USD 4.74 billion |
| Growth Rate | more than 16.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Voice Recognition Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Voice Recognition Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Voice Recognition Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Voice Recognition Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Voice Recognition Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Voice Recognition Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Voice Recognition Market Report Snapshots
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