Speech and Voice Recognition Market Scope by 2031
The market is projected to grow from US$ 9.21 billion in 2023 to US$ 54.69 billion by 2031; it is expected to expand at a CAGR of 24.9% from 2023 to 2031. Speech and voice recognition in robotic control is expected to grow during the forecast period. Robots can understand and control commands spoken in a natural mode and implement the corresponding action. Such mobile robots have the potential for application in somewhere voice and speech recognition plays an important role. Thus, speech and voice recognition in robotics is expected to grow during the forecast period.
Speech and Voice Recognition Market Analysis
The field of speech and voice recognition has observed noteworthy developments in the past few years, spurred on by advancements in algorithms, signal processing, hardware, and computational architectures. These developments include the extensive implementation of a statistical pattern recognition paradigm, a data-driven technique that makes use of speech utterances from a large population of speakers, the use of language modeling and stochastic acoustic, and the use of dynamic programming-based search methods. Thus, technological advancement in the market is expected to drive the market growth.
Speech and Voice Recognition Market Industry Overview
- The difference between speech recognition and voice recognition may seem subjective, but they are two important functions of virtual assistants. Fundamentally, voice recognition includes technology that recognizes the voice of the speaker. On the other hand, speech recognition is the technology that identifies the actual words.
- This dissimilarity is important as they both have different functions. For instance, voice recognition allows for security features such as voice biometrics. Speech recognition is a tool that generates accurate commands and automatic transcriptions.
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Speech and Voice Recognition Market: Strategic Insights
Market Size Value in US$ 8.90 billion in 2022 Market Size Value by US$ 47.24 billion by 2030 Growth rate CAGR of 23.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Speech and Voice Recognition Market: Strategic Insights
| Market Size Value in | US$ 8.90 billion in 2022 |
| Market Size Value by | US$ 47.24 billion by 2030 |
| Growth rate | CAGR of 23.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Speech and Voice Recognition Market Driver and Opportunities
Increasing Usage of Voice and Speech Recognition in Healthcare Industry to Drive Market Growth
- One of the most substantial practices of speech recognition technology in the healthcare sector is the automation of the medical documentation procedure. Healthcare professionals are deploying the technology to speed up the transcription of patient data and information. The technology converts words into text in real time.
- Speech recognition aids healthcare professionals in attaining productivity. It assists healthcare professionals in taking care of more patients at a time. It also supports healthcare institutions to save money as well as it makes inter-department communication more competent and efficient by decreasing the turnaround time. Thus, demand for voice and speech recognition in the healthcare sector is expected to rise during the forecast period.
Integration of Voice and Speech Recognition Technology with Mobile Applications to Create Lucrative Market Opportunities
- Voice and speech recognition technology is transforming the mode users interact with their mobile devices and applications. Instead of typing and tapping, users can speak requests and commands, making interactions quicker and hands-free. One of the most substantial benefits of voice recognition in mobile applications is its ability to enhance accessibility and inclusivity for users with impairments or disabilities.
- Voice commands offer an alternative input technique for individuals with visual impairments or mobility issues, allowing them to send messages, navigate apps, and accomplish tasks with ease. Thus, the integration of voice and speech recognition technology in mobile applications is expected to create lucrative growth opportunities during the forecast period.
Speech and Voice Recognition Market Report Segmentation Analysis
The key segments that contributed to the derivation of the speech and voice recognition market analysis are technology and vertical.
- By technology, the market is segmented into speech recognition and voice recognition.
- Speech recognition technology is expected to hold a significant share of the market in 2023. Benefits offered by speech recognition technology, such as decreased billable hours and improved productivity, among others, are expected to boost the segment growth during the forecast period.
- Based on vertical, the market is segmented into automotive, enterprise, consumer, BFSI, government, retail, healthcare, military, legal, and education.
Speech and Voice Recognition Market Share Analysis By Geography
- Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
- North America is expected to hold a principal share in 2023. This growth may be attributed to the presence of numerous key market players and early technological adoption in this region.
- Increasing application of voice and speech recognition in numerous industry verticals, such as healthcare and BFSI, among others, is expected to boost regional growth during the forecast period.
Speech and Voice Recognition Market Report Scope
Speech and Voice Recognition Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the speech and voice recognition market. Some of the recent key market developments are listed below:
- In December 2022, Speech recognition technology company Voiceitt announced it scored US$ 4.7 million in funding. The startup will extend the round to meet a new goal of US$ 10 million. Voiceitt offers an AI-based speech recognition app for individuals with speech impairments to communicate, translating unintelligible and atypical speech in real-time. The company will use these funds to scale its platform, accelerate commercialization, and expand its proprietary speech database. [Source: Voiceitt, Company Website]
Speech and Voice Recognition Market Report Coverage & Deliverables
The speech and voice recognition market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Speech and Voice Recognition Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Asia Pacific is anticipated to grow with a high growth rate during the forecast period.
The major players holding majority shares are Apple, Microsoft, IBM, Alphabet Inc., and Baidu Inc.
Technological advancements and the integration of voice and speech recognition with mobile applications are the major trends in the market.
The increasing popularity of voice & speech recognition in the healthcare sector and partnerships amongst major market players are the major factors that propel the global speech and voice recognition market.
The global speech and voice recognition market was estimated to grow at a CAGR of 24.9% during 2023 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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