The global speech and voice recognition market is expected to grow at a CAGR of 17.2% from 2019 to reach $26.79 billion by 2025
Speech recognition is emerging as a crucial component of connected devices that provides virtually countless opportunities by enabling devices to intelligently respond to voice commands; whereas, voice recognition provides a voice-enabled authentication to augment high-level of security for several devices. Subsequent to an extensive secondary and primary research and thorough analysis of the market situation, the report provides a detailed assessment of voice and speech recognition solutions market across several industrial segments.
The growth of the speech and voice recognition market is driven by the several factors including rising demand along with growing customer confidence in smart technologies; increasing demand of voice biometric security system essentially for monetary transactions; and increasing usage of the voice-based application for product purchases, shopping, ordering a meal, and playing music among others.
However, certain factors, such as technological challenges to ensure accuracy in recognizing regional accents; the high price of smart solutions; and reluctance towards adopting new technologies, specifically among the elderly population may restrain the market growth to a certain extent.
The global speech and voice recognition market study presents historical market data (2017 & 2018), estimated current data (2019), and forecasts for 2025-by type (speech recognition, and voice recognition), end-user (automotive, healthcare, BFSI, education, hospitality, government and public services, manufacturing/enterprise, retail and e-commerce, legal, consumer electronics, and military and defense), technology (artificial intelligence, and non-artificial intelligence). The study also evaluates industry competitors and analyzes the market at a country level.
On the basis of type, the speech recognition technology segment is estimated to command the largest share of the overall speech and voice recognition market in 2019 and is expected to witness high growth during the forecast period. The growth is predominately attributed to increasing usage of smart home devices; growing adoption of connected cars; and increasing demand for smart speakers, smartphones, and voice biometric devices, dominantly by young generations across the globe.
On the basis of end-user, automotive sector holds the largest share of the overall speech and voice recognition market, owing to the increasing integration of these technologies in in-car infotainment systems and increasing the use of voice-activated devices or applications in connected cars. Leading players such as Apple, Google Inc., and Nuance Communication are aggressively working towards reforming the driver's experience in the vehicle by eliminating the distraction of using mobile phones while driving. The restructuring of driver's experience includes the incorporation of the voice-driven navigation system to assist drivers to navigate to the nearest restaurant, fuel station, voice-activated ignition, and playing music through voice commands.
Based on technology, Artificial intelligence (AI) segment is estimated to command the largest share of the overall speech and voice recognition market and anticipated to accelerate the growth of the market during the forecast period, owing to increasing interaction with digital assistants through voice on smart home, smart speaker, voice biometric authentication, and autonomous and connected cars. The trend is expected to enlarge in imminent years, thereby fueling the overall growth of the speech and voice recognition market.
An exhaustive analysis of the geographical scenario of the voice and speech recognition market delivers thorough qualitative and quantitative insights about the five regions including North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. North America commanded the largest share of global voice and speech recognition market followed by Europe and the Asia Pacific regions.
A large share of North America is attributed to the wide acceptance of advanced technologies and the availability of numerous voice-enabled connected devices in the region. However, the Asia Pacific region is expected to grow with the fastest growth rate throughout the forecast period, mainly due to growing disposable incomes and spending power of the population and increasing willingness of the population to adopt advanced technologies.
Key players operating in the global speech and voice recognition market are:
Dolbey Systems Inc.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Insights 4.1. Introduction 4.2. Market Dynamics 4.2.1. Drivers 184.108.40.206. Surge in The Use of Voice Biometrics 220.127.116.11. Integration of Voice-Enabled in-Car infotainment Systems 18.104.22.168. Proliferation of Voice-Enabled Devices 4.2.2. Restraints 22.214.171.124. Lack of Accuracy in Regional Accents and Dialects Recognition 126.96.36.199. Lack of Awareness 4.2.3. Opportunities 188.8.131.52. High Growth Potential for AI-Enabled Voice Assistants in Healthcare Industry 184.108.40.206. Technological Advancements with Rising Acceptance of Connected Devices 4.2.4. Challenges 220.127.116.11. Inability to Overpower Ambient Noise 4.2.5. Trends 18.104.22.168. Growing Usage of Connected Device in Automotive and Home Automation
5. Speech and Voice Recognition Market, by Function Type 5.1. Introduction 5.2. Speech Recognition 5.2.1. Automatic Speech Recognition 5.2.2. Text-to-Speech 5.3. Voice Recognition 5.3.1. Speaker Identification 5.3.2. Speaker Verification
6. Speech and Voice Recognition Market, by End User 6.1. Introduction 6.2. Automotive 6.3. Healthcare 6.4. BFSI 6.5. Education 6.6. Hospitality 6.7. Government & Public Services 6.8. Manufacturing / Enterprise 6.9. Retail & E-Commerce 6.10. Legal 6.11. Consumer Electronics 6.12. Military & Defence
7. Global Speech and Voice Recognition Market, by Technology 7.1. Introduction 7.2. Artificial intelligence (AI) 7.3. Non-Artificial intelligence (Non-AI)
8. Global Speech and Voice Recognition Market, by Geography
9. Competitive Landscape 9.1. Competitive Growth Strategies 9.1.1 New Product Launches 9.1.2. Mergers and Acquisitions 9.1.3. Partnerships, Agreements, & Collaborations 9.1.4. Expansion 9.2. Market Share Analysis, by Key Players