Newark, April 10, 2023 (GLOBE NEWSWIRE) -- The report published by The Brainy Insights shows that the global speech and voice recognition market is expected to grow from USD 13.8 billion in 2021 to USD 48.1 billion by 2030, at a CAGR of 14.9% during the forecast period 2022-2030.
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The low cost of speech and voice recognition devices, awareness about the benefits of using this technology, and technological advancements are helping the speech and voice recognition market grow in the Asia Pacific region. Baidu and iFlytek, the companies based in China, are the leading players' speech and voice recognition market operating in the region. With the increased adoption of voice assistant devices, China's market condition is also growing. The market is accelerating with the increased demand for technology-based voice recognition products in the healthcare and other applications sectors. It is also expected that with the recent developments and the upsurge in the adoption rate, the market for speech and voice recognition technology will grow positively in India in the forecast period. The increasing demand for biometric systems based on speech and voice authentication and the growing AI-based use of speech and voice recognition technology are helping the market evolve.
Competitive Landscape:
To enhance their market position in the global speech and voice recognition market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In September 2020, Microsoft and Nuance Communications introduced an Ambient Clinical Intelligence (ACI) solution, Nuance Dragon Ambient eXperience (DAX), now integrated into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes.
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Market growth and trends:
The outbreak of the Covid-19 pandemic affected the speech and voice recognition markets both positively. With most of the population working from home, the demand for smart devices and appliances increased. This created an opportunity for the speech and recognition market players. But it is also true that with the pandemic outbreak, many people lost their jobs, had to balance their living with a basic and simple lifestyle, and avoided buying any non-essential or luxurious products during that period. The rising demand and preference of customers for online shopping escalated the utilization of the speech and voice recognition system. Furthermore, doctors and professionals are using natural language processing (NLP), an algorithm-based voice recognition software solution, accelerating the market's growth. However, the speech and voice recognition software's limitation in recognizing the contextual relation of words in various languages is a significant drawback of its functioning. Another drawback of this AI-based system is its inability to differentiate the user's voice from the background noise. This factor limits the use of this software to an indoor and quiet environment.
Key Findings
● In 2021, the artificial intelligence-based segment dominated the market with the largest market share of 66% and market revenue of 9.1 billion.
The technology segment is divided into artificial intelligence-based and non-artificial intelligence-based. In 2021, the artificial intelligence-based segment dominated the market with the largest market share of 66% and market revenue of 9.1 billion. Speech and voice recognition incorporated with artificial intelligence technologies helps build a user insight and robust customer-driven platform.
● In 2021, the healthcare segment accounted for the largest share of the market, with 13% and a market revenue of 1.79 billion.
The industry vertical segment is divided into automotive, consumer, enterprise, BFSI, retail, healthcare, government, military, education, legal, and others. In 2021, the healthcare segment accounted for the largest share of the market, with 13% and a market revenue of 1.79 billion. Speech and voice recognition software can easily be integrated with multiple medical platforms and equipment to enable secure authentication, which drives the segment's growth.
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Report coverage & details:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 48.1 Billion |
| Growth Rate | CAGR of 14.9% |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Preference for online shopping |
| Key Market Drivers | Increasing demand for healthcare applications |
Regional Segment Analysis of the Speech and Voice Recognition Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global speech and voice recognition market, with a market share of around 33% and 4.5 billion of the market revenue in 2021. The rapid and constant developments in banking, healthcare, and other sectors are expected to accelerate the demand for the region's speech and voice recognition market. Furthermore, there is increasing demand for speech and voice recognition technology-based products in the region which adds impetus to the market's growth.
Key players operating in the global Speech and Voice Recognition market are:
● Apple
● IBM
● Speak2web
● Microsoft
● Alphabet
● Baidu
● Verint
● iFlytek
● Amazon
● SESTEK
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global speech and voice recognition market based on the below-mentioned segments:
Global Speech and Voice Recognition Market by Technology:
● Artificial Intelligence Based
● Non-Artificial Intelligence Based
Global Speech and Voice Recognition Market by Industry Verticals:
● Automotive
● Consumer
● Enterprise
● BFSI
● Retail
● Healthcare
● Government
● Military
● Education
● Legal
● Others
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About the report:
The global speech and voice recognition market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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