Redding, California, Sept. 20, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users) & Geography—Forecast to 2030’, the speech and voice recognition market is projected to reach $56.07 billion by 2030, at a CAGR of 19.1% from 2023 to 2030.
Speech recognition technology enables the translation of human speech into written text, while voice recognition technology identifies the person speaking based on their unique voice characteristics. These technologies are widely used in various applications, such as voice commands for smart home devices, voice biometrics, healthcare note-taking, phone call transcription, and more. Rapid population growth, urbanization, adoption of smart technologies, technological advancements, and evolving consumer preferences have contributed to the growing demand for speech and voice recognition technologies.
Download Free Report Sample Now: https://www.meticulousresearch.com/download-sample-report/cp_id=5038
Some of the factors driving the growth of this market are the surging use of voice biometrics, the integration of voice-enabled devices in car infotainment systems, and the proliferation of voice-enabled devices. However, the lack of accuracy of speech and voice recognition devices in recognizing regional accents and dialects and low awareness about speech and voice recognition technologies restrain the growth of this market.
The global speech and voice recognition market is segmented by function [speech recognition (automatic speech recognition and text-to-speech) voice recognition (speaker identification, and speaker verification)], technology (artificial intelligence and non-artificial intelligence), deployment mode (on-premise deployments and cloud-based deployments), end-use industry (IT & telecommunications, media & entertainment, consumer electronics, automotive, healthcare, BFSI, education, government and public services, manufacturing/enterprises, retail and e-commerce, and other end-use industries). The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on function, the global speech and voice recognition market is segmented into speech recognition and voice recognition. In 2023, the speech recognition segment is expected to account for the larger share of the global speech and voice recognition market. The speech recognition segment is also projected to record the highest CAGR during the forecast period. The growth of this segment is driven by organizations’ focus on providing speech recognition solutions for various sectors, such as healthcare, education, and consumer electronics.
Have Any Query? Ask To Analyst: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5038
Based on technology, the global speech and voice recognition market is segmented into artificial intelligence and non-artificial intelligence. In 2023, the artificial intelligence segment is expected to account for the larger share of the global speech and voice recognition market. The artificial intelligence segment is also projected to record the highest CAGR during the forecast period. AI helps integrate all channels through voice and, in turn, better diagnose voice or speech patterns, which sequentially increases precision. Acceptance of AI-based technology and the increasing usage of voice assistants for applications, including smart home systems, smart speakers, autonomous and connected cars, and smartphones, contributing to the growth of the segment.
Based on deployment mode, the global speech and voice recognition market is segmented into on-premise deployments and cloud-based deployments. In 2023, the cloud-based deployments segment is expected to account for the larger share of the global speech and voice recognition market. The cloud-based deployments segment is also projected to record the highest CAGR during the forecast period. The advantage of cloud computing for speech and voice recognition is that it allows companies to scale their computing resources up and down as per requirements, providing significant advantages from both an efficiency and economic perspective. Such benefits derived from speech and voice recognition solutions are expected to support the growth.
Based on end-use industry, the global speech and voice recognition market is segmented into IT & telecommunications, media & entertainment, consumer electronics, automotive, healthcare, BFSI, education, government and public services, manufacturing/enterprises, retail and e-commerce, and other end users. In 2023, the IT & telecommunications segment is expected to account for the largest share of the global speech and voice recognition market. However, the consumer electronics segment is projected to record the highest CAGR during the forecast period. The growth of this segment is driven by speech and voice recognition solutions benefits, such as increased accessibility, convenience, and personalization in smart speakers, smart home appliances, smartphones, and smart wearable gadgets.
Quick Buy – Speech and Voice Recognition Market - Global Opportunity Analysis and Industry Forecast (2023-2030), Research Report: https://www.meticulousresearch.com/Checkout/62632464
Based on geography, the speech and voice recognition market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global speech and voice recognition market. The presence of many speech and voice-based recognition enterprises across the region and the increasing focus of telecommunication companies on improving their first call resolution rates are the key growth drivers for the regional market. Furthermore, the growth of the speech and voice recognition market in North America is attributed to increased digitalization, the growing adoption of new technologies such as IoT and big data across various industries, and the surge in demand for speech analytics solutions among contact centers.
Key Players:
Some of the key players operating in the speech and voice recognition market are Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), Baidu, Inc. (China), Apple Inc. (U.S.), Speechmatics (U.K.), Sensory, Inc. (U.S.), AssemblyAI, Inc. (U.S.), iFLYTEK Co., Ltd. (China), LumenVox (U.S.), SESTEK (Turkey), and Dolbey Systems, Inc. (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/speech-and-voice-recognition-market-5038
Scope of the report:
Speech and Voice Recognition Market—by Function
- Speech Recognition
- Automatic Speech Recognition
- Text-to-speech
- Voice Recognition
- Speaker Identification
- Speaker Verification
Speech and Voice Recognition Market—by Technology
- Artificial Intelligence
- Non-artificial Intelligence
Speech and Voice Recognition Market—by Deployment Mode
- Cloud-based Deployments
- On-premise Deployments
Speech and Voice Recognition Market—by End-use Industry
- IT & Telecommunications
- Media & Entertainment
- BFSI
- Healthcare
- Manufacturing/Enterprises
- Education
- Government and Public Services
- Retail and E-commerce
- Automotive
- Consumer Electronics
- Other End Users
Speech and Voice Recognition Market—by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia & New Zealand
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of the Middle East & Africa
Request Free Report Sample Now: https://www.meticulousresearch.com/request-sample-report/cp_id=5038
Related Report:
Speech-to-text API Market - Global Opportunity Analysis and Industry Forecast (2023-2030)
https://www.meticulousresearch.com/product/speech-to-text-api-market-5473
Speech Analytics Market - Global Opportunity Analysis And Industry Forecast (2022-2029)
https://www.meticulousresearch.com/product/speech-analytics-market-5364
Healthcare Virtual Assistant Market - Global Opportunity Analysis And Industry Forecast (2018-2025)
https://www.meticulousresearch.com/product/healthcare-virtual-assistant-market-4930
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Blog: https://meticulousblog.org/top-10-companies-in-speech-and-voice-recognition-market/
Content Source: https://www.meticulousresearch.com/pressrelease/280/speech-and-voice-recognition-market-2030
