The global Speech and Voice Recognition Technologies Market size accrued earnings worth approximately USD 20.33 Billion in 2023 and is predicted to gain revenue of about USD 71.95 Billion by 2032, is set to record a CAGR of nearly 15.2% over the period from 2024 to 2032.
Zion Market Research has published a new report titled “Speech and Voice Recognition Technologies Market by Technology (Speaker Identification, Speaker Verification, Speech Recognition, Automatic Speech Recognition, Text to Speech, and Others), by Application (Automotive, Consumer electronics, BFSI, Government, Retail, Healthcare, Military, Legal, Education, and Other Applications): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024-2032’’.
Speech and voice recognition are bulging innovative technologies that basically works on identifying the words or phrases and later convert them to a machine-readable format by reducing human interference. With the speech and voice recognition technologies users can effectively manage their security dubiety, safety concerns, and privacy that are governed by regulations. Automatic speech and voice recognition along with text-to-speech software work all together in numerous voice-enabled applications.
In 2015, the healthcare transcriptions segment attained substantial size in speech and voice recognition technologies market and accounted for the remarkable market share of greater than 30%. Major driving factors of the technologies are accelerating urge of speech-based biometric systems required for accurate authentication. Furthermore, the rising requirement of voice authentication in numerous e-banking applications contributes to the growth of the market. There is a remarkable impact of AI (Artificial Intelligence) technology in this market; the reason is many consumer electronic devices are operating on the principle of voice control technology. However, in critical environmental conditions, the technology lags to provide accurate results. Further, technological advancement on the basis of the neural network is hindering its implementation for online web-based services. However, diversified applications of the market in service robots among others are anticipated to create numerous opportunities. Speech and voice recognition solutions play a prime role in educating disabled students. Its software is implemented for numerous applications such as autonomous cars and multilingual language application.
Speech and voice recognition technologies market are bifurcated on the basis of technology, application, and region. Technology wise segmentation is bifurcated into two categories namely speech recognition and voice recognition. Speech recognition is observed to hold remarkable market share due to its implementation in detecting speech patterns in artificial intelligence-based solutions. Numerous applications of these technologies are in consumer electronics, banking, financial services, & insurance, legal, government, retail, healthcare, automotive, military, education, and others. Among various application sectors of the market, consumer electronics holds significant share because of rising adoption of the technology in laptops, tablets, smartphones, and other connecting devices. Boosting demand for IoT (Internet of Things) based consumer electronics devices act as an add-on. Based on regional analysis it includes an overview of policies opted in each region of Europe, Asia Pacific, North America, Latin America, and MEA. Geographically, surging demand for biometric in the U.S. has led North America to be the significant shareholder of the speech and voice recognition technologies market. In the forecast period, Asia Pacific is anticipated to be the most growing region due to the rising consumer electronics sector.
Noticeable players included in the report are
- Microsoft Corporation
- Alphabet Inc.
- Acapela Group SA
- Sensory, Inc.
- Read Speaker Holding B.V.
- Iflytek Co., Ltd.
- Nuance Communications, Inc.
- Cantab Research Limited
- Pareteum Corporation
- VoiceBox Technologies Corp.
- LumenVox, LLC
- and VoiceVault Inc., among others
The report segments speech and voice recognition technologies market as follows:
Global Speech and Voice Recognition Technologies Market: Technology Segment Analysis
- Voice Recognition Speaker IdentificationSpeaker Verification
- Speech Recognition Automatic Speech RecognitionText to Speech
Global Speech and Voice Recognition Technologies Market: Application Segment Analysis
- BFSI
- Automotive
- Education
- Consumer electronics
- Healthcare
- Government
- Retail
- Military
- Legal
- Others
Global Speech and Voice Recognition Technologies Market: Regional Segment Analysis
- North AmericaThe U.S.
- EuropeUKFranceGermany
- Asia PacificChinaJapanIndia
- Latin AmericaBrazil
- The Middle East and Africa
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