Global Speech and Voice Recognition Market size was valued at US$ 7.21 Bn in 2017 and is expected to reach US$ 29.62 Bn by 2026 to exhibit a CAGR of 19.32 % during the forecast period.
Global Speech and Voice Recognition Market
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, application-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding speech and voice recognition market dynamics, structure by identifying and analyzing the market segments and project the global market size.
Further, the report also focuses on the competitive analysis of key players by type, price, financial position, type portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in speech and voice recognition market.
The technology is serving the demand in security for accomplishing flexible & efficient communications with some features like simple pattern matching, where spoken words are recorded and recognized in the system completely along with artificial neural network. In addition, improved adaptability and developments in automated technology are projected to spur the speech & voice recognition market size.
Rapid proliferation of multifunctional devices, high growth potential in healthcare application, increased demand for speech-based biometric systems, rising demand for voice authentication in mobile banking applications, increasing impact of artificial intelligence on the accuracy of speech and voice recognition and progress in the number of voice control-based smart assistive devices in consumer and enterprise verticals are factors behind the growth of the market.
Lack of accuracy in speech and voice recognition systems in noisy and harsh environments and oligopoly in the improvement of the speech and voice recognition technology using neural networks restricting its usage for cloud-based services are the key factors restraining the growth of the market.
The possibility of increased errors with a change in the quality of voice samples due to fluctuations in the physical state, lack of a standardized platform for the development of modified speech and voice recognition software products, low internet penetration and slow network speed in some regions are the major challenge to the growth of the market.
Development of speech and voice recognition software for micro-linguistics and local languages, increasing use in robotics, growing uses in the education of temporarily and permanently disabled students, rising applications of this technology in autonomous cars and growing consumer acceptance for technically advanced products generate ample many opportunities for the speech and voice recognition market.
Consumer vertical is expected to hold the largest market share during the forecast period owing to increasing demand for speech and voice recognition in smartphones, tablets and various consumer electronics products. Also, rising demand for intelligent virtual assistant smart speakers with vocal abilities is anticipated to be the key driver for the speech and voice recognition. IVA smart speakers like Amazon Eco, Google Home, and Apple HomePod have witnessed triple-digit progress in North America and Europe over the last 2 years. Also, the speech and voice recognition is estimated to witness major growth in personal robotics market like robotics pets, cleaning robots, and robot companion.
Speech recognition segment by function dominated the global speech recognition market during the forecast period owing to speech recognition is gradually gaining grip with a number of collaborative speech applications available in the market. Also, rising need for embedded computing and demand for developing embedded platforms are required the speech recognition systems. Furthermore, rising demand for speech-enabled consumer electronics devices like smart home devices, mobile devices, and wearable devices is projected to the fast growth of the speech recognition market during the forecast period.
Voice recognition function segment is also a core technology usually used in the healthcare sector to improve the electronic health record systems by providing ease to doctors to speak and preserve records instead of manual typing or writing. AI-based voice and speech recognition software is anticipated to witness a high CAGR in the forecast period due to continual improvement of machine learning techniques and incorporation of connected devices with personal assistants. The healthcare sector held the major share in the for voice and speech recognition software market in 2017.
The artificial intelligence is expected to grow at highest rate during the forecast period owing to its unique capability of recognizing the pattern of speech precisely. Also, artificial intelligence is categorized into speaker independent and speaker dependent segments. The speaker independent systems can recognize any voice or speech, despite several deviations in characteristics from one speaker to another. Furthermore, speaker-dependent systems work by learning the unique features of an individual’s voice creating the system more reliable. Due to these features, the artificial intelligence segment is anticipated to show a high development over the forecast period.
Americas is expected to hold the largest market share during the forecast period owing to a large number of voice biometric systems installed to confirm the high level of security along with the production of speech technologies in consumer electronics and enterprises. This region is the center in terms of implementing biometric systems for improving safety measures and security. The strong economy of the US is the key driving factor for the progress of the speech and voice recognition market in the Americas.
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Scope of the Global Speech and Voice Recognition Market
Global Speech and Voice Recognition Market, by Function
• Speech Recognition
• Voice Recognition
Global Speech and Voice Recognition Market, by Technology
• Artificial Intelligence Based
• Non-Artificial Intelligence Based
Global Speech and Voice Recognition Market, by Deployment
• On Cloud
Global Speech and Voice Recognition Market, by Vertical
Global Speech and Voice Recognition Market, by Region
• North America
• Middle East & Africa
• South America
Key Players operating in the Speech and Voice Recognition Market
• Nuance Communication
• Cantab Research
• Raytheon BBN Technologies
• Acapela Group
• Biotrust Id
• Uniphore Software
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