New York, US, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Speech Recognition Market, By Type, Technology, Verticals - Forecast Till 2030”, to garner USD 48.8 billion by 2030, registering approximately 21.30% CAGR during the review period (2022-2030).
Speech Recognition Market Overview
The speech recognition market witness’s rapid revenue growth due to the increasing use in the education sectors globally. Besides, the rising demand for accurate and easy-to-use speech recognition APIs suitable for multiple fields and languages fosters market growth. The speech-to-text industry that perceives brisk digitization impact market shares positively. Also, other industries moving toward digital transformation boost the speech recognition market size.
Players active in the speech recognition market are,
- Agnitio SL (Spain)
- Nuance Communications Inc. (US)
- Microsoft Corporation (US)
- Google Inc. (US)
- VoiceVault (US)
- VoiceBox Technologies Corp. (US)
- Advanced Voice Recognition Systems (US)
- LumenVox LLC. (US)
- Raytheon BBN Technologies (US)
- Iflytek Co. Ltd. (China)
- Sensory Inc. (US)
- ReadSpeaker Holding BV (Netherlands)
- AT&T Inc. (US)
- Fluent.ai Inc. (Canada)
- Acapela Group SA (Belgium) and among others.
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Users of speech recognition technologies are demanding much more than ever. New and changing industrial safety regulations are forcing industries to change workflows and adapt to the changes. Resultantly, the requirements of speech recognition solutions have expanded beyond simple text transcription, adding advanced capabilities like punctuation, speaker notes, global language packs, organizational reforms, and new vocabulary with frequent builds. With the growing adoption of new voice-enabled learning tools that can address equity and bias issues, the speech recognition market is likely to gain significant traction in the next few years.
Over the past several years, the introduction of breakthrough technologies and digital transformation in various industries has been growing exponentially. This, alongside the resultant scale-up in the speech-to-text industry, is promoting the need to meet these new technological requirements.
Also, new developments of self-supervised learning solutions that enable speech recognition engines to learn from unstructured data across the web are increasingly coming forward. Self-supervised learning allows access to a large range of unlabeled data, social media, etc., offers a wider variety of voices, and eliminates the need for human supervision.
Industry Trends
There are a number of researches to drive advances in speech recognition technology to equally diversify and understand accents & dialects clearly. Besides, the rising use of new voice-enabled learning tools demonstrating the capability to address equity and bias creates vast opportunities. The growing adoption of speech recognition technology in education drives the speech recognition market growth.
Additionally, significant investments in developing high-performance and efficient speech recognition boost the market size. Large upgrades in major offerings have enabled educational applications that are accelerating demand for more joyous and frictionless voice experiences, accelerating the speech recognition market value. These advanced educational tools have boosted the interest of developers, educators, and researchers, further widening the access to educational resources and minimizing the risks of implicit biases.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 48.8 billion |
| CAGR during 2022-2030 | 21.30% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | The quickly creating economies. Rising interest for undeniable level security frameworks. Expanding the accessibility of discourse and voice-empowered gadgets. |
| Key Market Drivers | Developing interest for voice confirmation in portable financial applications. Development in voice control-based brilliant assistive gadgets in purchaser and venture vertical. |
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Speech Recognition Market Regional Analysis
North America leads the global market for speech recognition technology. Growing implementations of speech recognition applications in cell phones escalate the market value. Besides, the expanding utilization of this technology for obtaining customer consent/ acknowledgment over speech/voice in mobile banking and buyers & IoT gadgets boost the speech recognition market size.
Rapid developments and rising applications of this technology substantiate market revenues. Moreover, the large presence of major technology providers and high spending on automotive infotainment systems increase the market sales of speech recognition.
Europe is another profitable market for speech recognition, headed by the rising interest in discourse and voice acknowledgment. Additionally, voice recognition tech observing significant advances and expanded applications in buyer gadgets and retail areas drives the speech recognition market demand. The vast automotive sector in the region creates substantial market demand, increasingly using patterns of associated devices in robots.
APAC is an emerging market for speech recognition systems. The growing number of developments and use of voice-empowered gadgets in the auto and medical businesses push the market growth. Furthermore, augmenting demand for standalone products of language recognition, speech-to-text, machine translation, and transliteration provides significant market opportunities. China, Japan, and Singapore are major speech recognition markets supporting the growth of the regional market.
Speech Recognition Market Segments
This speech recognition market is segmented into vehicle types, technologies, verticals, and regions. The type segment is bifurcated into speaker-dependent and speaker-independent. The technology segment is bifurcated into AI-based and non-AI-based. The vertical segment is bifurcated into military, automotive, healthcare, and others. The region segment is bifurcated into the Americas, Asia-Pacific, Middle East & Africa, Europe, and rest-of-the-world.
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Speech Recognition Market Competitive Analysis
The highly competitive speech recognition market appears fragmented due to the presence of several well-established players. To gain a competitive advantage, industry players adopt strategic approaches such as collaborations, mergers & acquisitions, expansions, and product/ technology launches. Speech recognition technology enables learning and plays experiences.
Therefore, speech recognition market players are integrating this technology with AI to develop efficient literacy solutions to quickly and accurately assess reading and language skills. This gives teaching professionals a seamless, scalable, and more accurate approach to assessing the language reading & learning progress of students. Further, market players make substantial investments in driving their R&D activities and expansion plans.
For instance, on Sep.21, 2022, Nvidia Corporation, an American multinational technology company, unveiled new languages and other upgrades to its Riva speech AI platform for enterprise services. Last year, Nvidia launched the Riva Custom Voice neural-based text-to-speech service that can create lifelike human voices.
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Nvidia Riva now features seven language models and tools for distinguishing speakers in conversations and more customization options. Nvidia's Riva speech AI software development kit (SDK) features speech recognition and text-to-speech functions required in enterprises to augment the existing automatic speech recognition and domain-specific customization.
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