What is the global market size of the Voice Recognition Market?

Global 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 Size, Share, Growth Analysis, By Deployment Model (Cloud, On-premise), By Technology (Automatic Speech Recognition, Speech Recognition), By Vertical (Automotive, Healthcare), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45A2038 | Region: Global | Published Date: August, 2024
Pages: 274 | Tables: 90 | Figures: 71

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.

Voice Recognition Market Report Snapshots

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Global Voice Recognition Market size was valued at USD 4.07 billion in 2022 and is poised to grow from USD 4.74 billion in 2023 to USD 15.98 billion by 2031, growing at a CAGR of 16.4% during the forecast period (2024-2031).

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. 'Apple (US) ', 'Microsoft (US) ', 'IBM (US) ', 'Google (US) ', 'Amazon (US) ', 'Baidu (China) ', 'iFlytek (China)â¯ ', 'SESTEK (Turkey) ', 'speak2web (US) ', 'Verint (US) ', 'Advanced Voice Recognition Systems, Inc. (US) ', 'Raytheon Company (US) ', 'SemVox GmbH (Germany) ', 'CastleOS Software, LLC (US) ', 'Meta Inc. (US) ', 'Sensory, Inc. (US) ', 'Nortek Holdings, Inc. (US) ', 'REV (US) ', 'OTTER.AI (US) ', 'VERBIT (US)'

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.

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.

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Voice Recognition Market Size, Share, Growth Analysis, By Deployment Model (Cloud, On-premise), By Technology (Automatic Speech Recognition, Speech Recognition), By Vertical (Automotive, Healthcare), By Region - Industry Forecast 2024-2031

Voice Recognition Market Regional Insights

Voice Recognition Market Report Snapshots

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