Meticulous Research®—a leading global market research company, published a research report titled, ‘Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud-based, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), Geography - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the speech and voice recognition market is projected to reach $67.52 billion by 2030, at a CAGR of 19.6% from 2023 to 2030. Some of the major factors driving the growth of this market are the surging use of voice biometrics, integration of voice-enabled devices in car infotainment systems and proliferation of voice-enabled devices. In addition, factors such as the high potential of AI-enabled voice assistants in the healthcare industry, technological advancements, and the rising acceptance of connected devices offer opportunities for market growth. However, a lack of accuracy in recognizing regional accents and dialects and a lack of awareness about speech and voice recognition technologies restrains the growth of this market.
The speech and voice recognition market is segmented by function, technology, deployment mode and end user. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on function, the 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 largest share of the global speech and voice recognition market. Speech recognition is a key strategic, cost-effective technology assembled in all connected devices that adopt artificial intelligence (AI) to provide unique experiences to users. As the application of AI in autonomous and connected cars, smart homes, smart speakers, smartphones, smart wearable gadgets, and smartphones grows, the global speech recognition market is expected to maintain the momentum of exponential growth.
Based on technology, the 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 largest share of the global speech and voice recognition market. The large market share of this segment is attributed to the increasing adoption of AI-powered voice-enabled applications in several industries, such as BFSI, automotive, healthcare, education, and hospitality, among others.
The segment is also projected to register the highest CAGR during the forecasted period. Growing adoption of AI-based digital assistants, such as Alexa and Cortana, along with rising developments in machine learning and natural language processing technologies, are expected to support the growth of this segment.
Based on deployment mode, the speech and voice recognition market is segmented into on-premise deployment and cloud-based deployment. In 2023, the cloud-based deployment segment is expected to account for the largest share of the global speech and voice recognition market. The adoption of cloud computing and storage systems is gaining popularity among small and medium-sized enterprises. Several organizations are gradually transitioning to cloud infrastructure, a trend that is expected to grow in the coming years. These factors are attributed to the large market share of this segment.
The cloud-based deployment segment is also projected to record the higher CAGR during the forecast period due to its benefits, such as easy maintenance of the generated data, cost-effectiveness, scalability, enhanced monitoring, and effective management of speech-to-text solutions.
Based on end user, the speech and voice recognition market is segmented into consumer electronics, automotive, healthcare, BFSI, education, hospitality, government and public services, manufacturing/enterprises, retail and e-commerce, and other end users. In 2023, the consumer electronics segment is expected to account for the largest share of the global speech and voice recognition market.
Speech recognition is an important technology in today's digital world and can be found across many applications, including smart TVs, gaming consoles, and tablets, with limited or no physical interface options. Speech recognition technology is increasingly incorporated into consumer electronics due to its benefits, such as increased accessibility, convenience, and personalization. However, the automotive segment is projected to register the highest CAGR during the forecast period.
Based on geography, the speech and voice recognition market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the speech and voice recognition market. The large share of this market is attributed to the rising integration of speech and voice recognition techniques in consumer electronics, the easy availability of several voice-enabled smart devices and the greater adoption rate of advanced technologies.
However, Asia-Pacific is slated to register the highest CAGR during the forecast period. Factors such as rising technological advancements, growing awareness about the benefits of speech recognition technology, and increasing adoption of AI and voice assistance technologies across end-user verticals are expected to drive the growth of the speech and voice recognition market in Asia-Pacific.
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The key players operating in the speech and voice recognition market are Amazon.Com, Inc. (U.S.), Apple, Inc. (U.S.), Baidu, Inc. (China), Google LLC (U.S.), IBM Corporation (U.S.), iFLYTEK (China), Microsoft Corporation (U.S.), LumenVox (U.S.), Nuance Communications, Inc. (U.S.), Sensory, Inc. (U.S.), SESTEK (Turkey), Dolbey Systems, Inc. (U.S.), Speechmatics (U.K.), Verint Systems Inc. (U.S.), and AssemblyAI, Inc. (U.S.)
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