Voice Speech Recognition Software Market size to grow by USD 14,859.93 million from 2022 to 2027, Growth opportunities led by 3M Co. and Alphabet Inc.- Technavio

NEW YORK, May 23, 2023 /PRNewswire/ -- The latest report on the voice speech recognition software market, from 2022 to 2027 estimates to register an incremental growth of USD 14,859.93 million, at a CAGR of 13.72% during the forecast period. The market is fragmented due to the presence of diversified international and regional vendors. Increasing adoption of technologically advanced mobile devices significantly drives market growth. Mobile subscribers are growing rapidly around the world. End users are choosing highly technological mobile devices for personal and business use, leading to increased use of advanced assistive technologies such as voice assistants and biometrics. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. Request sample report 

Voice Speech Recognition Software Market 2023-2027: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The soft skills training market report covers the following areas:

• Voice Speech Recognition Software Market 2023-2027 Size
• Voice Speech Recognition Software Market 2023-2027 Trends
• Voice Speech Recognition Software Market 2023-2027 Industry Analysis

Voice Speech Recognition Software Market 2023-2027: Vendor Analysis

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. 3M Co., Alphabet Inc., Amazon.com Inc., Apple Inc., Baidu Inc., Brainasoft, CastleOS Software LLC, Cisco Systems Inc., iFLYTEK Co. Ltd., International Business Machines Corp., LumenVox GmbH, Meta Platforms Inc., Microsoft Corp., Optimal Technology Solutions LLC, paragon GmbH and Co. KGaA, Raytheon Technologies Corp., Sensory Inc., speak2web, Verint Systems Inc., and Advanced Voice Recognition Systems Inc. are among some of the major market participants.

VENDOR OFFERING

• 3M Co. - The company offers voice speech recognition software such as 3M Modal Fluency Direct.
• Alphabet Inc. - The company offers voice speech recognition software such as automatic speech recognition systems.
• Amazon.com Inc. - The company offers voice speech recognition software such as Google Dialogflow.

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Market Dynamics

Trends

• The growing use of AI integrated with voice and speech analytics is a major trend in the market. 
• This integration is growing as machine learning can be used to improve the efficiency of classifying speech and language data.
• It is possible to efficiently and automatically analyze words, sounds, and moods to derive hidden opinions and emotions, by classifying voice and utterance data with AI. This improves the analysis of the data.
• Hence, such growing use of AI integration boosts market growth during the forecast period.

Challenges

• The lack of a skilled workforce is a major challenge for market growth during the forecast period.
• A major challenge is the need for skilled personnel to analyze speech and voice data using these analytics solutions and platforms.
• Speech and language analysis is a complex technical process, which requires a skilled workforce that combines knowledge of speech and language phenomena as well as expertise in using advanced analytics software platforms.
• Hence, such challenges hinder market growth during the forecast period.

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Voice Speech Recognition Software Market 2023-2027: Segmentation

Voice Speech Recognition Software Market is segmented as below:

• Technology 
• Voice Recognition
• Speech Recognition
• End-user 
• Healthcare
• Consumer Products
• Automotive
• Enterprise Contact Centers
• Others
• Geography 
• North America
• Europe
• APAC
• South America
• Middle East And Africa

The market share growth by the voice recognition segment will be significant for overall market growth during the forecast period. The increasing applications in banking, retail, smart home, automotive, and healthcare are driving demand for voice-controlled virtual assistant systems, voice-controlled devices, and voice-activated systems. Through the implementation of voice recognition technology in smartphones, clinicians and physicians can translate their voices into detailed clinical descriptions and record them in electronic health record (EHR) systems.

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opportunities, historic (2017 to 2021) & forecast (2023-2027) – Download a Sample Report

Voice Speech Recognition Software Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist voice speech recognition software market growth during the next five years
• Estimation of the voice speech recognition software market and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the voice speech recognition software market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of voice speech recognition software market, vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Technology
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global voice speech recognition software market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global voice speech recognition software market 2017 - 2021 ($ million)

• 4.2 Technology Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Technology Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Technology

• 6.1 Market segments 
• Exhibit 30: Chart on Technology - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Technology - Market share 2022-2027 (%)

• 6.2 Comparison by Technology 
• Exhibit 32: Chart on Comparison by Technology
• Exhibit 33: Data Table on Comparison by Technology

• 6.3 Voice recognition - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Voice recognition - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Voice recognition - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Voice recognition - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Voice recognition - Year-over-year growth 2022-2027 (%)

• 6.4 Speech recognition - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Speech recognition - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Speech recognition - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Speech recognition - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Speech recognition - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Technology 
• Exhibit 42: Market opportunity by Technology ($ million)
• Exhibit 43: Data Table on Market opportunity by Technology ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 44: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 45: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 46: Chart on Comparison by End-user
• Exhibit 47: Data Table on Comparison by End-user

• 7.3 Healthcare - Market size and forecast 2022-2027
• Exhibit 48: Chart on Healthcare - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Healthcare - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Healthcare - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Healthcare - Year-over-year growth 2022-2027 (%)

• 7.4 Consumer products - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Consumer products - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Consumer products - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Consumer products - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Consumer products - Year-over-year growth 2022-2027 (%)

• 7.5 Automotive - Market size and forecast 2022-2027
• Exhibit 56: Chart on Automotive - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Automotive - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Automotive - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Automotive - Year-over-year growth 2022-2027 (%)

• 7.6 Enterprise contact centers - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Enterprise contact centers - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on Enterprise contact centers - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on Enterprise contact centers - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Enterprise contact centers - Year-over-year growth 2022-2027 (%)

• 7.7 Others - Market size and forecast 2022-2027
• Exhibit 64: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 67: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.8 Market opportunity by End-user 
• Exhibit 68: Market opportunity by End-user ($ million)
• Exhibit 69: Data Table on Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 70: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 71: Chart on Market share by geography 2022-2027 (%)
• Exhibit 72: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 73: Chart on Geographic comparison
• Exhibit 74: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027
• Exhibit 83: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 87: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 91: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 95: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 99: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 103: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027
• Exhibit 107: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 108: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027
• Exhibit 111: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 112: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 113: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 114: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 115: Market opportunity by geography ($ million)
• Exhibit 116: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 117: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 118: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 119: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 120: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 121: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 122: Matrix on vendor position and classification

• 12.3 3M Co. 
• Exhibit 123: 3M Co. - Overview
• Exhibit 124: 3M Co. - Business segments
• Exhibit 125: 3M Co. - Key news
• Exhibit 126: 3M Co. - Key offerings
• Exhibit 127: 3M Co. - Segment focus

• 12.4 Advanced Voice Recognition Systems Inc.
• Exhibit 128: Advanced Voice Recognition Systems Inc. - Overview
• Exhibit 129: Advanced Voice Recognition Systems Inc. - Product / Service
• Exhibit 130: Advanced Voice Recognition Systems Inc. - Key offerings

• 12.5 Alphabet Inc. 
• Exhibit 131: Alphabet Inc. - Overview
• Exhibit 132: Alphabet Inc. - Business segments
• Exhibit 133: Alphabet Inc. - Key news
• Exhibit 134: Alphabet Inc. - Key offerings
• Exhibit 135: Alphabet Inc. - Segment focus

• 12.6 Amazon.com Inc. 
• Exhibit 136: Amazon.com Inc. - Overview
• Exhibit 137: Amazon.com Inc. - Business segments
• Exhibit 138: Amazon.com Inc. - Key news
• Exhibit 139: Amazon.com Inc. - Key offerings
• Exhibit 140: Amazon.com Inc. - Segment focus

• 12.7 Apple Inc. 
• Exhibit 141: Apple Inc. - Overview
• Exhibit 142: Apple Inc. - Business segments
• Exhibit 143: Apple Inc. - Key news
• Exhibit 144: Apple Inc. - Key offerings
• Exhibit 145: Apple Inc. - Segment focus

• 12.8 Baidu Inc. 
• Exhibit 146: Baidu Inc. - Overview
• Exhibit 147: Baidu Inc. - Business segments
• Exhibit 148: Baidu Inc. - Key offerings
• Exhibit 149: Baidu Inc. - Segment focus

• 12.9 CastleOS Software LLC 
• Exhibit 150: CastleOS Software LLC - Overview
• Exhibit 151: CastleOS Software LLC - Product / Service
• Exhibit 152: CastleOS Software LLC - Key offerings

• 12.10 iFLYTEK Co. Ltd. 
• Exhibit 153: iFLYTEK Co. Ltd. - Overview
• Exhibit 154: iFLYTEK Co. Ltd. - Product / Service
• Exhibit 155: iFLYTEK Co. Ltd. - Key offerings

• 12.11 International Business Machines Corp.
• Exhibit 156: International Business Machines Corp. - Overview
• Exhibit 157: International Business Machines Corp. - Business segments
• Exhibit 158: International Business Machines Corp. - Key news
• Exhibit 159: International Business Machines Corp. - Key offerings
• Exhibit 160: International Business Machines Corp. - Segment focus

• 12.12 Meta Platforms Inc. 
• Exhibit 161: Meta Platforms Inc. - Overview
• Exhibit 162: Meta Platforms Inc. - Business segments
• Exhibit 163: Meta Platforms Inc. - Key offerings
• Exhibit 164: Meta Platforms Inc. - Segment focus

• 12.13 Microsoft Corp. 
• Exhibit 165: Microsoft Corp. - Overview
• Exhibit 166: Microsoft Corp. - Business segments
• Exhibit 167: Microsoft Corp. - Key news
• Exhibit 168: Microsoft Corp. - Key offerings
• Exhibit 169: Microsoft Corp. - Segment focus

• 12.14 Optimal Technology Solutions LLC 
• Exhibit 170: Optimal Technology Solutions LLC - Overview
• Exhibit 171: Optimal Technology Solutions LLC - Product / Service
• Exhibit 172: Optimal Technology Solutions LLC - Key offerings

• 12.15 paragon GmbH and Co. KGaA 
• Exhibit 173: paragon GmbH and Co. KGaA - Overview
• Exhibit 174: paragon GmbH and Co. KGaA - Business segments
• Exhibit 175: paragon GmbH and Co. KGaA - Key offerings
• Exhibit 176: paragon GmbH and Co. KGaA - Segment focus

• 12.16 Raytheon Technologies Corp. 
• Exhibit 177: Raytheon Technologies Corp. - Overview
• Exhibit 178: Raytheon Technologies Corp. - Business segments
• Exhibit 179: Raytheon Technologies Corp. - Key news
• Exhibit 180: Raytheon Technologies Corp. - Key offerings
• Exhibit 181: Raytheon Technologies Corp. - Segment focus

• 12.17 Sensory Inc. 
• Exhibit 182: Sensory Inc. - Overview
• Exhibit 183: Sensory Inc. - Product / Service
• Exhibit 184: Sensory Inc. - Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 185: Inclusions checklist
• Exhibit 186: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 187: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 188: Research methodology
• Exhibit 189: Validation techniques employed for market sizing
• Exhibit 190: Information sources

• 13.5 List of abbreviations 
• Exhibit 191: List of abbreviations

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