Speech and Voice Recognition Market By Delivery methods (Artificial intelligence based, Non-artificial intelligence based), Technology (Voice recognition, Speech recognition), Deployment mode (On cloud, On-premises/embedded), Vertical (Automotive, Enterprise, Consumer, Banking, financial services, & insurance, Government, Retail, Healthcare, Military, Legal, Education, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Speech and Voice Recognition Market is expected to reach USD 42.75 billion by 2029 in the forecasted period of 2020-2029 with a substantial CAGR of 19.01%. The growth in speaker and voice recognition market is due to the high potential growth of healthcare apps, increasing demand for voice verification in mobile banking applications, accelerated multifunctional interface expansion or smart speakers and the increasing influence of AI on the accuracy of speech and voice recognition device
The key factor which is driving the market in the forecasted period is a technological improvement in non-destructive testing. In addition, the growing industrialization and urbanization trend and the fast IoT deployment fuel demand. The increasing complexity of NDT systems, however, will impede market growth. Nonetheless, potential convergence of new technologies will expand the demand in the coming years.
Speech recognition and voice recognition has been a major feature in natural language processing. Speech is the primary communication tool for human beings. People use a certain language to express their ideas and thoughts. The computer uses voice and speech recognition to understand human language. The identification of expression and language is the mechanism by which the sound / speech features are identified and the pre-recorded dataset classifies them. As automatic speech and voice recognition, it also recognizes words or phrases and transforms them into a machine-ready format as automatic speech recognition and voice recognition. By changing audio and text digitally, it would allow users to control the devices via speech and voice, rather than using conventional input devices such as a keyboard, mouse and other devices.
Speech and Voice Recognition Market Scope and Market Size
Speech and Voice Recognition Market has been segmented on the basis of delivery methods, technology, deployment mode, vertical.
- On the basis of delivery methods, the Speech and Voice Recognition Market is segmented into Artificial intelligence based, Non-artificial intelligence based.
- Based on technology, Speech and Voice Recognition Market is segmented into Voice recognition, Speech recognition. Voice recognition is further segmented into speaker identification, speaker verification and speech recognition is further segmented into automatic speech recognition, text to speech. Voice recognition is expected to grow at higher CAGR during the forecast period due to increasing use of voice recognition in the multifactor authentication systems in BFSI, government, and defence verticals.
- Basis of deployment mode, the Speech and Voice Recognition Market is segmented into on-cloud, On-premises/embedded. On-cloud segment of deployment mode is expected to hold a larger share of the speech and voice recognition market throughout the forecast period. On-cloud based mode provides organizations to reduce CAPEX and OPEX, and permitting them to accomplish a significantly high level of productivity at nominal charge.
- On the basis of vertical the Speech and Voice Recognition Market is segmented into Automotive, Enterprise, Consumer, Banking, financial services, & insurance, Government, Retail, Healthcare, Military, Legal, Education, Others.
Country Level Analysis of Speech and Voice Recognition Market
- On the basis of region, the Speech and Voice Recognition Market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- North America will be projected to have the largest market share in the forecast period. Factors that drive the growth of speech and voice recognition market in North American region during the forecasted period are due to early growth and groundbreaking such as artificial intelligence (AI), machine learning (ML) and voice and speech recognition. High funding capacity, large client base, environment-friendly creativity and the availability of skilled workforce resulted to the growth of the market in the North America region in the forecasted period.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
Key Developments in the Market:
- In January 2020, What3words and Speechmatics initiated speech and post-processing API recognition. The API allows the user to say three words in any application or service, to return the address of what3words and A quick API query, with the associated GPS coords. Integrating Speechmatics provides speech recognition and master learning capabilities which make it possible to develop on demand new languages in what3words. The companies said the pledge of speech applications for more consumers should be released around the globe.
- In December 2019, Amazon Web Services, Inc. launched an automatic speech recognition service to enable Amazon Transcribe Medical to convert clinician and patient speech to text. Transcribe Medical is a machine-learning medical transcription device, used to provide effective, accurate medical note-taking experience for automated speech recognition applications. With this launch company is rapidly expanding its reach in the healthcare industry.
Competitive Analysis and Speech and Voice Recognition Market Share Analysis:
Speech and voice recognition market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of speech and voice recognition market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Speech and Voice Recognition Market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated, and global presence. Speech and Voice Recognition Market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in the speech and voice recognition market are Alphabet Inc., Amazon.com, Inc., Baidu, Inc., Speechmatics, IBM CORPORATION, HKUST Xunfei Co., Ltd, M2SYS Technology, Microsoft, LumenVox., MModal IP LLC, Nuance Communications, Inc., Raytheon Company., Sensory Inc., speak2web, Uniphore, Acapela Group and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved