The Worldwide Speech and Voice Recognition Industry is Projected to Reach $28.1 Billion by 2027

DUBLIN, July 12, 2022 /PRNewswire/ -- The "Global Speech and Voice Recognition Market by Deployment Mode (On-Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), Vertical, and Geography (Americas, Europe, Asia Pacific, Rest of the World) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global speech and voice recognition market is projected to grow from USD 9.4 Billion in 2022 to USD 28.1 Billion by 2027, it is expected to grow at a CAGR of 24.4% from 2022 to 2027. 

Extensive penetration of speech and voice recognition technologies in smart appliances

The demand for smart homes and smart appliances is increasing owing to various factors, including the growing internet penetration, rapid technological advancements, and increased focus on home automation to achieve security and convenience. The COVID-19 pandemic has also prompted the use of smart devices and appliances in almost every aspect of daily life. People are encouraged to work from home, leading to high demand for speech and voice recognition technology-based products.

Manufacturers of smart appliances are adding the voice recognition feature to their products to enable users to control all their appliances from a single speech and voice recognition technology-based product. The demand for products such as Alexa, Cortana, and Siri, has increased significantly. Samsung Electronics (South Korea), a leading manufacturer of smart appliances, has introduced the Smart Things app with inbuilt voice recognition technology to allow users to control all the appliances in the house with single voice commands.

Several other manufacturers, such as Whirlpool and Philips, have similar voice-activated control solutions. As consumers move toward automation, the demand for speech and voice recognition technology-based products is also likely to increase.

APAC is the fastest-growing region in the speech and voice recognition market

The speech and voice recognition market in Asia Pacific is expected to grow at the highest CAGR from 2022 to 2027 owing to technological advancements, improved awareness regarding the benefits of these technologies among the masses, and the low cost of speech and voice recognition devices. China, Japan, and India are the key countries in the Asia Pacific region for the speech and voice recognition market. Baidu (China) and iFlytek (China) are the top two companies in the region operating in the speech and recognition market.

Key Topics Covered:

1. Introduction

2. Research Methodology

3. Executive Summary

4. Premium Insights

5. Market Overview

5.1. Introduction

5.2. Market Dynamics

5.2.1. Drivers

5.2.2. Restraints

5.2.3. Opportunities

5.2.4. Challenges

5.3. Value Chain Analysis

5.4. Porter's Five Forces Analysis

5.5. Average Selling Pricing Analysis

5.6. Trade Analysis

5.7. Ecosystem Analysis

5.8. Case Study Analysis

5.9. Patent Analysis

5.10. Technology Analysis

5.11. Codes and Standards

5.12. Tariff Analysis

5.13. Regulatory Bodies, Government Agencies & Other Organizations

5.14. Revenue Shift

5.15. Key Conferences and Events in 2022-2023

5.16. Key Stakeholder and Buying and/or Buying Criteria

5.16.1. Key Stakeholders in Buying Process

5.16.2. Buying Criteria

6. Speech and Voice Recognition Market, by Delivery Method

6.1. Introduction

6.2. Artificial Intelligence-based

6.3. Non-Artificial Intelligence-based

7. Market, by Technology

7.1. Introduction

7.2. Voice Recognition

7.2.1. Speaker Identification

7.2.2. Speaker Verification

7.3. Speech Recognition

7.3.1. Multilingual Speech Recognition to Increase Scope of Applications

7.3.2. Automatic Speech Recognition

7.3.3. Text-To-Speech

8. Speech and Voice Recognition Market, by Deployment Mode

8.1. Introduction

8.2. on Cloud

8.3. On-Premises/Embedded

9. Market, by Vertical

9.1. Introduction

9.2. Automotive

9.3. Enterprises

9.4. Consumer

9.5. Banking, Financial Services and Insurance (BFSI)

9.6. Government

9.7. Retail

9.8. Healthcare

9.9. Military

9.10. Legal

9.11. Education

9.12. Others

10. Speech and Voice Recognition Market, by Geography

10.1. Introduction

10.2. Americas

10.2.1. US

10.2.2. Canada

10.2.3. Rest of Americas

10.3. Europe

10.3.1. UK

10.3.2. Germany

10.3.3. France

10.3.4. Rest of Europe

10.4. APAC

10.4.1. Japan

10.4.2. China

10.4.3. India

10.4.4. Rest of APAC

10.5. Rest of the World (RoW)

10.5.1. Middle East

10.5.2. Africa

11. Competitive Landscape

11.1. Introduction

11.2. Top 5 Company Revenue Analysis

11.3. Strategies Adopted by Key Players

11.4. Market Share Analysis

11.5. Company Evaluation Matrix

11.5.1. Star

11.5.2. Pervasive

11.5.3. Emerging Leaders

11.6. Strength of Product Portfolio

11.7. Business Strategy Excellence

11.8. Small and Medium Enterprises (SME) Evaluation Quadrant

11.8.1. Progressive Companies

11.8.2. Responsive Companies

11.8.3. Dynamic Companies

11.8.4. Starting Blocks

11.9. Competitive Situation and Trends

11.10. Competitive Benchmarking

12. Company Profiles

12.1. Introduction

12.2. Key Companies

12.2.1. Hexagon

12.2.2. Faro Technologies

12.2.3. Nikon Metrology

12.2.4. Carl Zeiss

12.2.5. Jenoptik

12.2.6. Creaform

12.2.7. KLA-Tencor

12.2.8. Renishaw

12.2.9. GOM

12.2.10. Mitutoyo Corporation

12.3. Other Players

12.3.1. Precision Products

12.3.2. Carmar Accuracy

12.3.3. Baker Hughes

12.3.4. CyberOptics

12.3.5. Cairnhill Metrology

12.3.6. ATT Metrology Services

12.3.7. SGS Group

12.3.8. TriMet Group

12.3.9. Automated Precision

12.3.10. Applied Materials

12.3.11. Perceptron

12.3.12. JLM Advanced Technical Services

12.3.13. Intertek

12.3.14. Bruker

12.3.15. Metrologic Group

12.3.16. Speechmatics

12.3.17. DeepGram

12.3.18. Assembly.ai

12.3.19. Verbit

12.3.20. VoiceITT

12.3.21. Otter.ai

12.3.22. Voicegain

12.3.23. Sensory

12.3.24. rev.com

13. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/a04v2j

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