According to a new market research report “Speech and Voice Recognition Market by Type (Speech and Voice Recognition), End User (Automotive, Healthcare, BFSI, Education, Legal), Technology (Artificial Intelligence and Non-Artificial Intelligence), and Geography – Global Forecast to 2025”, published by Meticulous Research®, the global speech and voice recognition market is expected to grow at a CAGR of 17.2% from 2019 to reach $26.79 billion by 2025.
Speech recognition technologies are increasingly being recognized as cost-effective and convenient mechanisms to control several types of connected devices that are part of smart homes, connected cars, and other smart technologies. Growing consumer interest towards adoption of advanced voice-enabled devices is driving the interest of several established players and start-ups towards developing consumer-centric solutions for this market. Increasing demand for voice-enabled security systems, specifically in the BFSI sector is driving the growth in the voice recognition technologies market. However, high price of smart devices and reluctance towards technology adoption, specifically in elderly population may hinder the market growth to a certain extent.
Global speech and voice recognition market is majorly segmented by function, technology, end-user, and geography. Based on the function, the overall speech and voice recognition market is further classified into voice recognition and speech recognition technologies. The speech recognition technologies segment is spearheading in terms of growth rate and market share and is anticipated to grow even further in approaching years. Growing integration of voice-enabled software and hardware in next-generation of smart devices is helping speech recognition technology to uphold its growth.
Based on the end-user, the overall speech and voice recognition market is segmented into automotive, healthcare, BFSI, Education, hospitality, government and public services, manufacturing/enterprises, retail and e-commerce, legal, consumer electronics, and military and defense. The application of voice and speech recognition technologies in the automotive sector accounts for the largest share of the overall speech and voice recognition market. Further, advancements in autonomous and connected cars and growing integration of voice activated in-car entertainment and advertorial systems are expected to drive the growth of the overall voice and speech recognition technologies market in the automotive industry.
Based on the technology, the overall voice and speech recognition market is majorly segmented into Artificial Intelligence (AI) and Non-Artificial Intelligence (Non-AI) solutions. Technological developments in the field of artificial intelligence (AI) are fabricating hyper-personalized customer experiences that will dominate the growth of voice-activated devices in the coming years. The widespread acceptance of AI technology, especially in education, e-commerce, healthcare, BFSI, and enterprises among other industries, globally is also contributing to the overall growth of the AI-enabled technology market. Consequently, artificial intelligence (AI) holds the largest share of the overall voice and speech recognition market.
Geographically, the global voice and speech recognition market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America holds a leading position in the global voice and speech recognition market, owing to the greater adoption of advanced technologies and easy availability of new technologies in this region. Majority of the key players in the global market are from the U.S. These include Nuance Communication, Google Inc., Apple, Microsoft, and IBM among others.
The global voice and speech recognition market is consolidated in nature, dominated by several major players namely, Nuance Communications (U.S.), Google LLC (U.S.), Apple, Inc. (U.S.)., Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), iFlytek (China), Baidu (China), LumenVox LLC (U.S.), Sensory, Inc. (U.S.), Sestek (Turkey), and Dolbey Systems, Inc. (OH), along with several local and regional players.