Dublin, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The "Speech and Voice Recognition Market by Function, Technology, Deployment Mode, End User, and Geography - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The speech and voice recognition market is projected to reach $56.07 billion by 2030, at a CAGR of 19.1% during the forecast period 2023-2030
The dynamics behind this ascent are manifold, encompassing the escalating adoption of voice biometrics, seamless integration of voice-enabled functionalities in car infotainment systems, and the widespread proliferation of devices endowed with voice capabilities.
However, it's not without its hurdles - the market grapples with challenges including the challenge of accurately recognizing regional accents and dialects, as well as a limited awareness surrounding the potential of speech and voice recognition technologies. Amid these nuances, there emerges a range of opportunities, particularly in the healthcare sector where AI-powered voice assistants hold high promise.
The landscape also beckons players with an appetite for innovation, as technological strides and the growing embrace of connected devices carve out new avenues for growth. However, the journey is not without its pitfalls, as the performance of speech and voice recognition devices contends with the hurdle of ambient noise.
In 2023, the speech recognition segment is expected to account for the larger share of the speech and voice recognition market.
The large market share of this segment is attributed to the consistent proliferation of advanced technologies such as artificial intelligence and machine learning across various sectors and the rapid growth of the smart devices market. Moreover, the speech recognition segment is also projected to record the higher CAGR during the forecast period.
In 2023, the artificial intelligence segment is expected to account for the larger share of the speech and voice recognition market.
The large market share of this segment is attributed to the increasing usage of voice assistants for applications, including smart home systems, smart speakers, autonomous and connected cars, voice biometric authentication, smart wearable gadgets, and smartphones.
Moreover, the artificial intelligence segment is also projected to record the higher CAGR during the forecast period. The growing use of AI-based technologies, particularly in education, BFSI, hospitality, automotive, e-commerce, healthcare, tourism, and enterprise applications, contributes to the growth of the AI segment.
In 2023, the cloud-based deployments segment is expected to account for the larger share of the speech and voice recognition market.
The large share of this segment is attributed to the increasing avenues for cloud-based deployments, the superior flexibility and affordability offered by cloud-based deployments, and the increasing adoption of cloud-based solutions among small & medium-sized enterprises.
Moreover, the cloud-based deployments segment is also projected to record the higher CAGR during the forecast period. The rapid evolution of new security avenues for cloud-based deployments drives the growth of this segment.
In 2023, the IT & telecommunications segment is expected to account for the largest share of the speech and voice recognition market.
The large market share of this segment is attributed to the rising demand for speech and voice recognition solutions among call centers and the growing need to gather actionable information more quickly.
However, the consumer electronics segment is projected to record the highest CAGR during the forecast period. The growth of this segment is driven by the increasing adoption of smart technologies such as smart speakers, smart home appliances, smartphones, and smart wearable gadgets.
In 2023, North America is expected to account for the largest share of the speech and voice recognition market.
The presence of a large number of speech and voice recognition technology providers across the region and telecommunications companies' increasing focus on improving their first-call resolution rates support the large share of this regional market.
However, Asia-Pacific is projected to record the highest CAGR during the forecast period. The growth of this market is driven by China, India, and Japan's growing focus on speech and voice recognition technologies, the growing demand for speech and voice recognition solutions embedded with the latest technologies and increasing government initiatives supporting digital transformation.
Key Questions Answered in the Report:
- Which are the high-growth market segments based on function, technology, deployment mode, and end user?
- What was the historical market size for speech and voice recognition?
- What are the market forecasts and estimates for the period 2023-2030?
- What are the major drivers, restraints, and opportunities in the speech and voice recognition market?
- Who are the major players, and what shares do they hold in the speech and voice recognition market?
- How is the competitive landscape in the speech and voice recognition market?
- What are the recent developments in the speech and voice recognition market?
- What are the different strategies adopted by major players in the speech and voice recognition market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global speech and voice recognition market, and how do they compete with the other players?
Market Insights
Factors Affecting Market Growth
- Growing Adoption of Voice Biometrics for User Authentication in the BFSI Sector
- Integration of Voice Assistants into Car Infotainment Systems Slowly Becoming a Market Standard
- Voice-enabled Smart AI Devices Using Speech and Voice Recognition Technologies
- Lack of Accuracy in the Detection of Rare and Regional Accents Restraining the Market's Growth
- Hurdle for Consumers: Exploring the Full Potential of Speech and Voice Recognition Technology
- Healthcare Management to Offer an Array of Opportunities for Players in the Speech and Voice Recognition Market
- Ambient Noise: A Concern for Market Players
Trends
- Growing Demand for Voice Authentication in Mobile Banking Applications
- Increasing Integration of AL & ML with Speech Recognition Technology
- Rising Demand for Speech-based Biometric Systems
- Growing Use of Speech Recognition Technology for Translating Rare & Local Languages
Company Profiles (Company Overview, Financial Overview, Product Portfolio, SWOT Analysis, and Strategic Developments)
- Microsoft Corporation
- Amazon Web Services Inc.
- Google LLC
- IBM Corporation
- Verint Systems Inc.
- Baidu Inc.
- Apple Inc.
- Speechmatics
- Sensory Inc.
- AssemblyAI Inc.
- iFLYTEK Co. Ltd.
- LumenVox
- SESTEK
- Dolbey Systems Inc. .
Scope of the Report:
Speech and Voice Recognition Market, by Function
- Speech Recognition
- Automatic Speech Recognition
- Text-to-speech
- Voice Recognition
- Speaker Identification
- Speaker Verification
Speech and Voice Recognition Market, by Technology
- Artificial Intelligence
- Non-artificial Intelligence
Speech and Voice Recognition Market, by Deployment Mode
- Cloud-based Deployments
- On-premise Deployments
Speech and Voice Recognition Market, by End User
- IT & Telecommunications
- Media & Entertainment
- BFSI
- Healthcare
- Manufacturing/Enterprises
- Education
- Government and Public Services
- Retail and E-commerce
- Automotive
- Consumer Electronics
- Other End Users
For more information about this report visit https://www.researchandmarkets.com/r/8ysxwv
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