Voice and Speech Recognition Market to Exhibit Sustained Growth at a CAGR of 20% By 2028| MarkNtel Advisors

Report Overview:

The following report titled “Global Voice and Speech Recognition Market: By Function (Voice Recognition (Speaker identification, Speaker verification), Speech Recognition (Automatic speech recognition, Text to speech)), By Technology (Artificial Intelligence Based, Non-Artificial Intelligence Based) and other forecast 2023-2028” provides a comprehensive analysis of the market, focusing on key details such as market size, growth trends, determinants of growth, segments covered, and the role of leading players in the industry.

Global Voice and Speech Recognition Market Summary

The Global Voice and Speech Recognition Market is projected to grow at a CAGR of more than 20% during the forecast period, i.e., 2023-28. With technological advancement in existing electronic devices accompanying flourishing options for new gadgets, the global market for speech & voice recognition is anticipated to thrive. Besides, the steady adoption of speech & voice recognition in navigation software, disability assistance, healthcare, hands-free communication, and documentation is opening up new avenues for the market players in the coming years. Moreover, with the growth of IoT, the need for security and privacy has arisen, resulting in better alternatives, such as voice-activated biometrics, for privacy and security purposes.

Report Coverage & Details

Forecast Period: 2023-2028
Base Year: 2022
CAGR: 20%

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Voice and Speech Recognition Market Trend:

Augmenting Consumer Preferences for Smart Homes and Workplaces – There has been a global trend of turning houses into smart ones, filled with gadgets and digitalized versions of traditional essentials. Due to rapid technological advancements, the growing internet presence of individuals, and the growing urge for secure homes and workplaces, there is a demand to turn spaces automated in terms of their functionality. Besides, smart devices, including speech and voice-recognizing devices, have become indispensable to daily lives, especially after the Pandemic. Given this, tech giants are adding voice recognition features to every possible device, enabling consumers to control and command the appliances. As such, the demand for AI-based products, such as Google Home and Alexa, has increased over time. Likewise, home appliance manufacturers like Whirlpool and Philips, providing voice assistance with their products, further encourage market expansion.

Segmentation Analysis: Voice and Speech Recognition Market

By Function

Voice Recognition
- Speaker identification
- Speaker verification
Speech Recognition
- Automatic speech recognition
- Text to speech

By Technology

Artificial Intelligence Based
Non-Artificial Intelligence Based

By End-Users

Automotive
Banking Finance Services & Insurance (BFSI)
Education
Enterprise
Government
Healthcare
Legal
Military
Retail
Other

By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

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Region: Asia-Pacific Holds a Major Market Share

Among them, Here, Asia-Pacific is currently going through notable growth within several industries, including AI, consumer electronics, gadgets, healthcare, military, education, BFSI, automotive, entertainment, and retail.

Leading Players Analysis: Voice and Speech Recognition Market

The report provides detailed analysis of key players in the global Voice and Speech Recognition market, highlighting their strategies and competitive scenario.

Advanced Voice Recognition Systems, Inc.
Agnitio S.L. (subsidiary of Nuance Communications Inc.)
Amazon.com, Inc.
Anhui USTC iFlytek Co., Ltd.
Apple Inc.
Baidu, Inc
BioTrust ID B.V.
Google LLC
International Business Machines Corporation
M2Sys LLC.
LumenVox LLC
Microsoft Corporation
M*Modal, Inc.
Nuance Communication, Inc
Raytheon Company

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