Pune, India, June 08, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global speech and voice recognition market size was valued at USD 10.42 billion in 2022 and is projected to grow from USD 12.62 billion in 2023 to USD 59.62 billion by 2030, exhibiting a CAGR of 24.8% during the forecast period. Rising Usage of Smart Appliances to Propel the Demand for Speech Recognition. The growth is due to rising advances in the areas of Machine Learning (ML), Natural Language Processing (NLP), and Automated Speech Recognition (ASR). Additional factors favoring industry expansion are massive data and AI platform availability. This information is provided by Fortune Business Insights™ in its research report, titled “Speech and Voice Recognition Market Forecast, 2023-2030”.
Key Industry Development:
September 2022 – Apple Inc. introduced new features in Siri. The virtual assistant can hang up a phone call or FaceTime for users. Besides, users can add emojis in texting through Siri.
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Key Takeaways
- Growing Adoption of Voice Assistants in the Healthcare Sector Fueled the Demand for Voice Recognition Solutions
- Apple Inc. Launched New Features in Siri to Strengthen Industry Footing
- Machine Learning and Artificial Intelligence to be the Nexus Point of Innovation and a Key Trendsetter for Speech and Voice Recognition
- By Technology Analysis: Rising Deployment of Smart Appliances and Behavioral Shift of Consumers to Propel Speech Recognition Demand
- Speech and Voice Recognition Market Size in Asia Pacific was USD 4.36 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the Speech and Voice Recognition Market Are Alphabet Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Apple Inc. (U.S.), Baidu, Inc. (China), iFLYTEK Co., Ltd. (China), SESTEK (Turkey), LumenVox (U.S.), Sensory Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 24.8% |
| 2030 Value Projection | USD 59.62 Billion |
| Base Year | 2022 |
| Speech and Voice Recognition Market Size in 2022 | USD 10.42 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Technology, Deployment, End-user and Geography |
Browse Complete Report Details:
https://www.fortunebusinessinsights.com/industry-reports/speech-and-voice-recognition-market-101382
Drivers and Restraints:
Upsurge in Market Value Impelled by Growing Deployment of Deep Neural Networks
One of the key factors propelling the speech and voice recognition market growth is the increasing adoption of emerging technologies such as machine learning, AI, and IoT. The voice technology demand is further impelled by the escalating usage of neural networks in digital speaker recognition, speaker adaptation, isolated word recognition, and other applications.
However, the market expansion could be affected by the threat to voice data privacy.
Segments
By Technology
- Voice Recognition
- Speech Recognition
- Automatic Speech Recognition (ASR)
- Speech-to-Text
By Deployment
- Cloud
- On-Premise
By End-user
- Healthcare
- IT and Telecommunications
- Automotive
- BFSI
- Government & Legal
- Education
- Retail & Ecommerce
- Media & Entertainment
- Others
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights:
North America to Emerge Prominent Driven by the Presence of Major Players
North America is anticipated to dominate the speech and voice recognition market share, exhibiting considerable expansion throughout the forecast period. The surge is propelled by the escalating adoption of smart home appliances equipped with voice assistants.
The Asia Pacific market is poised to expand at the fastest rate over the study period. The rise is on account of the soaring adoption of AI technology across the automotive, healthcare, BFSI, and government sectors.
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Competitive Landscape:
Major Players Ink Partnership Deals to Expand Product Reach
Leading industry participants are formulating and adopting a series of strategic initiatives for strengthening the positions of their businesses. These include acquisitions, merger agreements, and the launch of new products. Additional steps comprise an escalation in R&D activities and the rollout of new solutions.
FAQ’s
How big is the speech and voice recognition market?
Speech and Voice Recognition Market size was USD 10.42 billion in 2022.
How fast is the speech and voice recognition market growing?
The Speech and Voice Recognition Market will exhibit a CAGR of 24.8% during the forecast period, 2023-2030
Related Reports:
Speech-to-Text API Market Size, Growth & Share
Voice Biometric Solutions Market Size, Industry Share
Intelligent Virtual Assistant Market Size, Industry Share
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