The overall voice and speech recognition market is expected to grow at a CAGR of 17.2% from 2019 to 2025 to reach $26.8 billion by 2025. The growth in the speech and voice recognition market can be attributed to the rising acceptance of advanced technology together with increasing consumer demand for smart devices, a growing sense of personal data safety and security, and increasing usage of voice-enabled payments and shopping by retailers.
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The global voice and speech recognition market is segmented by function type (speech recognition, and voice recognition), end-user (automotive, healthcare, BFSI, education, hospitality, government and public services, manufacturing/enterprise, retail and e-commerce, legal, consumer electronics, and military and defense), and technology type (artificial intelligence, and non-artificial intelligence).
Speech recognition technology is expected to command a larger share of the overall voice and speech recognition market
Based on function, the overall voice and speech recognition market is segmented into voice recognition and speech recognition technologies. Voice recognition platforms offer the ability to decode the humanoid voice; whereas, the speech recognition has the ability to recognize verbal words or phrases and then convert them into a machine-readable format. Speech recognition technology commanded the largest share of the overall voice and speech recognition market in 2019, owing to increasing demand for voice-enabled devices along with growing customer confidence in smart technologies, increasing usage of voice assistants particularly for purchasing products online, and consistent proliferation of advanced technologies.
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Scope of the Report:
Market by Function
- Speech Recognition
- Automatic Speech Recognition
- Text to Speech
- Voice Recognition
- Speaker Identification
- Speaker Verification
Market by End-User
- Government and Public Services
- Retail and E-Commerce
- Consumer Electronics
- Military and Defense
Market by Technology
- Artificial Intelligence
- Non-Artificial Intelligence
Market by Geography:
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Middle East and Africa
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Artificial Intelligence (AI) enabled voice and speech recognition solutions market to grow at higher CAGR during the forecast period
Based on technology, the overall voice and speech recognition market is segmented into artificial intelligence (AI) and non-artificial intelligence (Non-AI) based solutions. Artificial intelligence (AI) commanded the largest share of the overall speech and voice recognition market in 2019 owing to increasing adoption of AI-powered voice-enabled applications in several industries such as BFSI, automotive, healthcare, education, and hospitality among others. The artificial intelligence (AI) enabled vice and speech recognition solutions market is also slated to grow at the fastest CAGR during the forecast period due to increasing demand for AI-based devices particularly in the field of BFSI and healthcare.
Asia-Pacific region is likely to continue providing immense growth opportunities during the forecast period
The high growth rate for speech and voice recognition market in this region is attributed to the rapidly developing economies, presence of young population coupled with the rising disposable income, rising demand for high-level security systems, and increasing availability of speech and voice-enabled devices in this region. The explosion of speech recognition technologies primarily in the healthcare, autonomous and connected cars, and consumer electronics applications is also expected to support the growth of the voice and speech recognition technologies market in the APAC region over the coming years.
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Industry dynamics and key market players
The global voice and speech recognition market is fragmented in nature and is characterized by the presence of several low, mid, and high-level companies. Some of the leading companies operating in the global voice and speech recognition market are from the core technology background. These include Nuance Communications, Inc. (U.S.), Google LLC (U.S.), Apple Inc. (U.S.)., Amazon (U.S.), iFlytek (China), LumenVox LLC (U.S.), Sensory (U.S.), and Sestek (Turkey) among others. These companies are leading the market owing to their strong brand recognition, diverse product basket, strong distribution and sales network, and strong organic and inorganic growth strategies. The other key players operating in the global voice and speech recognition market are Microsoft (U.S.), IBM (U.S.), Baidu (China), Dolbey (OH), Raytheon (U.S.), Harman International (U.S.), Speechmatics (U.K.), EML European Media Laboratory GmbH (Germany), Toshiba (Japan), NTT Docomo Inc. (Japan), Yahoo Japan Corp. (Japan), AI Inc. (Japan), Alibaba Group (China), and Voiceware (Korea), among many other local and regional players.
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