Strategic Analysis of Global Speech and Voice Recognition Market Size Projected to Reach USD 54.70 Billion by 2030 with a CAGR of nearly 14.10% between 2023 and 2030, Predicts Facts & Factors

NEW YORK, June 20, 2023 /PRNewswire/ -- As per Facts and Factors study, the global speech and voice recognition market size was nearly $17.18 billion in 2022 and is predicted to surge to about $54.70 billion by 2030 along with recording the highest CAGR of 14.10% from 2023 to 2030.

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Speech and Voice Recognition Market: Overview

Speech and voice recognition applications encompass voice user interfaces including appliance control, voice dialing, call routing, keyword searching, and data entry. Apart from this, speech and voice recognition systems are used in determining speaker characteristics, preparing structured documents, and speech-to-text processing. Moreover, voice recognition is referred to as recognizing the speaker which will help in simplifying the task of converting speech in the systems trained on a particular person's voice.     

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Key Insights:

• As per the analysis shared by our research analyst, the global speech and voice recognition market is projected to expand annually at an annual growth rate of around 14.10% over the forecast timespan (2023-2030)
• In terms of revenue, the global speech and voice recognition market size was evaluated at nearly $17.18 billion in 2022 and is expected to reach $54.70 billion by 2030.
• The global speech and voice recognition market is anticipated to record massive growth over the forecast period owing to the surging application of speech & voice recognition systems for multi-factor authentication.
• Based on the function, the speech recognition segment is predicted to contribute majorly toward the global market share over the forecast timeline.
• In terms of technology, the artificial intelligence-based segment is projected to dominate the global market size over 2023-2030.
• On the basis of the vertical, the healthcare segment is projected to account for a major share of the global market in 2023-2030.
• Region-wise, the Asia-Pacific speech and voice recognition market is projected to register the fastest CAGR during the assessment period.

Facts and Factors published the latest report titled "Speech and Voice Recognition Market Size, Share, Growth Analysis Report By Function (Speech Recognition and Voice Recognition), By Technology (Artificial Intelligence-Based and Non-Artificial Intelligence-Based), By Vertical (Automotive, BFSI, Healthcare, Retail, Government, Military, Legal, and Education), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.

Industry Dynamics:

Global Speech and Voice Recognition Market: Growth Drivers

• Rise in the demand for speech & voice recognition systems to boost the global market trends.

The growing demand for speech and voice recognition software in the healthcare sector will boost the speech and voice recognition market trends globally. In addition to this, the rise in AI and ML trends is likely to pave a new growth phase for the global market. An increase in the acceptance of deep neural engines and networks has translated into humongous demand for speech and voice recognition systems, thereby driving the expansion of the global market. Escalating demand for audio-visual speech recognition systems, speaker adaption, word recognition, and digital speaker recognition will steer the growth of the market across the globe.

Nonetheless, lack of fluency, accent, punctuation, and background noise has posed a threat to the expansion of the global speech and voice recognition industry. However, the growing demand for online shopping and AI trends will open new growth opportunities for the global industry. This will nullify the negative impact of hindrances on global industry expansion. 

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Global Speech and Voice Recognition Market: Segmentation

• The global speech and voice recognition market is segregated into function, technology, vertical, and region.

The function segment of the speech and voice recognition market is subdivided into speech recognition and voice recognition segments. Furthermore, the speech recognition segment, which contributed to about 66% of the global market share in 2022, is predicted to establish its segmental dominance in the forthcoming years. The growth of the segment in the years ahead can be attributed to an increase in the penetration of speech & voice recognition in the automotive and smartphone industries.

On the basis of technology, the speech and voice recognition industry across the globe is divided into artificial intelligence-based and non-artificial intelligence-based segments. The artificial intelligence-based technology segment, which held nearly three-fourths of the global industry share in 2022, is set to register the highest CAGR in the years to come.

The segmental expansion in the analysis period can be subject to the ability of artificial intelligence-based systems in translating speech into well-structured algorithms in various stages. Moreover, a prominent rise in machine learning activities and a surge in the natural language processing capacity of the speech & voice recognition systems will scale up the growth of the segment in the forecast timeline.

In terms of vertical, the speech and voice recognition market across the globe is segmented into automotive, BFSI, healthcare, retail, government, military, legal, and education segments. Furthermore, the healthcare segment, which led the segmental expansion in 2022, is anticipated to record the fastest CAGR during the forecast period of 2023-2030.

The segmental growth over the forecast timeline can be due to the increase in the demand for speech and voice recognition tools in electronic health record systems. In addition to this, speech and voice recognition technologies find a slew of applications in healthcare domains such as emergency medicine, radiology, and pathology.

Recent Developments:

• In the second half of 2021, Scribetech, a key firm in the voice-AI-based technology services industry, introduced Augnito, an AI-driven secured, and portable speech recognition tool. For the record, the solution provided an effective way of gathering data on any equipment encompassing Windows, smartphones, and Mac with aptness. The move is likely to boost the expansion of the speech and recognition industry across the globe.
• In the third quarter of 2021, LumenVox, a key provider of speech and voice technology, launched a next-generation automatic speech recognition engine with transcription. The new engine is based on AI and ML tools and helps in providing apt speech and voice-enabled experiences to its customers. This move will expand the scope of the market growth in the years ahead.
• In November 2021, Slang Labs, a voice assistant as-a-service firm, introduced its speech recognition engine. The voice assistant with a new speech recognition engine can be easily embedded in smartphone and web applications. The strategic move will spearhead the expansion of the speech and voice recognition market across the globe.

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List of Key Players in Speech and Voice Recognition Market:

• Nuance Communications Inc.
• Amazon.Com Inc.
• Verint Systems Inc.
• Apple Inc.
• Baidu Inc.
• Dolbey Systems Inc.
• Google LLC
• IBM Corporation
• SESTEK
• iFlytek
• Microsoft Corporation
• LumenVox
• Sensory Inc.
• Speechmatics
• Assembly AI Inc
• Others

Key questions answered in this report:

• What are the growth rate forecast and market size for Speech and Voice Recognition Market?
• What are the key driving factors propelling the Speech and Voice Recognition Market forward?
• What are the most important companies in the Speech and Voice Recognition Market Industry?
• What segments does the Speech and Voice Recognition Market cover?
• How can I receive a free copy of the Speech and Voice Recognition Market sample report and company profiles?

Report Scope:

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Regional Dominance:

• North America to contribute a major revenue share to the global Speech and Voice Recognition market in the coming years.

Moreover, North America, which contributed the highest share towards the global speech and voice recognition industry in 2022, is slated to continue its dominance in the projected years. The regional market surge in the forecasting years can be owing to the presence of giant industry participants such as Microsoft Corporation, Amazon, Inc., Google LLC, and IBM Corporation in the countries such as the U.S.

Furthermore, the blending of smart home equipment with voice assistants will foster the expansion of the industry in the North American region. Moreover, the growing demand for voice assistants in the countries such as Canada and the U.S. will spike the expansion of the industry in the sub-continent.

Global Speech and Voice Recognition Market is segmented as follows:

Speech and Voice Recognition Market: By Function Outlook (2023-2030)

• Speech Recognition
• Voice Recognition

Speech and Voice Recognition Market: By Technology Outlook (2023-2030)

• Artificial Intelligence-Based
• Non-Artificial Intelligence-Based

Speech and Voice Recognition Market: By Vertical Outlook (2023-2030)

• Automotive
• BFSI
• Healthcare
• Retail
• Government
• Military
• Legal
• Education

Speech and Voice Recognition Market: By Region Outlook (2023-2030)

North America

• The U.S.
• Canada

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa

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