Speech Recognition Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
Speech recognition technology identifies words and phrases in spoken language and translates them to a machine-readable format. It uses algorithms via acoustic and language modeling, which signifies the relationship between linguistic units of speech and audio signals. AI-based speech recognition software is likely to witness a high CAGR during the forecast period due to the continuous development of machine learning techniques and the incorporation of connected devices with
MARKET DYNAMICS
The swift proliferation of multifunctional devices or smart speakers is driving the demand for speech recognition. However, the high initial investment may restrain the growth of the speech recognition market. Furthermore, the application of speech recognition in service robotics is likely to raise the
MARKET SCOPE
The "Global Speech Recognition Market Analysis to 2028" is a specialized and in-depth study of the speech recognition market with a special focus on the global market trend analysis. The report aims to provide an overview of speech recognition market with detailed market segmentation by deployment type, application, and geography. The global speech recognition market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading speech recognition market players and offers key trends and opportunities in the speech recognition market.
MARKET SEGMENTATION
The global speech recognition market is segmented on the basis of deployment type and application. On the basis of deployment type, the market is segmented as cloud and on-premise. On the basis of application, the market is segmented as automotive, consumer, government, healthcare, BFSI, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global speech recognition market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The speech recognition market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting speech recognition market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the speech recognition market in these regions.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global speech recognition market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The speech recognition market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting speech recognition market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the speech recognition market in these regions.
MARKET PLAYERS
The reports cover key developments in the speech recognition market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from speech recognition market are anticipated to lucrative growth opportunities in the future with the rising demand for speech recognition market. Below mentioned is the list of few companies engaged in the speech recognition market.
The report also includes the profiles of key speech recognition market companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Acapela Group
- AT&T Inc.
- Fluent.ai.
- Google Inc.
- LumenVox
- Microsoft Corporation
- Nuance Communications, Inc.
- Raytheon Technologies
- ReadSpeaker Holding B.V.
- Sensory Inc.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Speech Recognition Market - By Deployment Type
1.3.2 Speech Recognition Market - By Application
1.3.3 Speech Recognition Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SPEECH RECOGNITION MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. SPEECH RECOGNITION MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. SPEECH RECOGNITION MARKET - GLOBAL MARKET ANALYSIS
6.1. SPEECH RECOGNITION - GLOBAL MARKET OVERVIEW
6.2. SPEECH RECOGNITION - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SPEECH RECOGNITION MARKET - REVENUE AND FORECASTS TO 2028 - DEPLOYMENT TYPE
7.1. OVERVIEW
7.2. DEPLOYMENT TYPE MARKET FORECASTS AND ANALYSIS
7.3. CLOUD
7.3.1. Overview
7.3.2. Cloud Market Forecast and Analysis
7.4. ON-PREMISE
7.4.1. Overview
7.4.2. On-Premise Market Forecast and Analysis
8. SPEECH RECOGNITION MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. AUTOMOTIVE
8.3.1. Overview
8.3.2. Automotive Market Forecast and Analysis
8.4. CONSUMER
8.4.1. Overview
8.4.2. Consumer Market Forecast and Analysis
8.5. GOVERNMENT
8.5.1. Overview
8.5.2. Government Market Forecast and Analysis
8.6. HEALTHCARE
8.6.1. Overview
8.6.2. Healthcare Market Forecast and Analysis
8.7. BFSI
8.7.1. Overview
8.7.2. BFSI Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. SPEECH RECOGNITION MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Speech Recognition Market Overview
9.1.2 North America Speech Recognition Market Forecasts and Analysis
9.1.3 North America Speech Recognition Market Forecasts and Analysis - By Deployment Type
9.1.4 North America Speech Recognition Market Forecasts and Analysis - By Application
9.1.5 North America Speech Recognition Market Forecasts and Analysis - By Countries
9.1.5.1 United States Speech Recognition Market
9.1.5.1.1 United States Speech Recognition Market by Deployment Type
9.1.5.1.2 United States Speech Recognition Market by Application
9.1.5.2 Canada Speech Recognition Market
9.1.5.2.1 Canada Speech Recognition Market by Deployment Type
9.1.5.2.2 Canada Speech Recognition Market by Application
9.1.5.3 Mexico Speech Recognition Market
9.1.5.3.1 Mexico Speech Recognition Market by Deployment Type
9.1.5.3.2 Mexico Speech Recognition Market by Application
9.2. EUROPE
9.2.1 Europe Speech Recognition Market Overview
9.2.2 Europe Speech Recognition Market Forecasts and Analysis
9.2.3 Europe Speech Recognition Market Forecasts and Analysis - By Deployment Type
9.2.4 Europe Speech Recognition Market Forecasts and Analysis - By Application
9.2.5 Europe Speech Recognition Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Speech Recognition Market
9.2.5.1.1 Germany Speech Recognition Market by Deployment Type
9.2.5.1.2 Germany Speech Recognition Market by Application
9.2.5.2 France Speech Recognition Market
9.2.5.2.1 France Speech Recognition Market by Deployment Type
9.2.5.2.2 France Speech Recognition Market by Application
9.2.5.3 Italy Speech Recognition Market
9.2.5.3.1 Italy Speech Recognition Market by Deployment Type
9.2.5.3.2 Italy Speech Recognition Market by Application
9.2.5.4 United Kingdom Speech Recognition Market
9.2.5.4.1 United Kingdom Speech Recognition Market by Deployment Type
9.2.5.4.2 United Kingdom Speech Recognition Market by Application
9.2.5.5 Russia Speech Recognition Market
9.2.5.5.1 Russia Speech Recognition Market by Deployment Type
9.2.5.5.2 Russia Speech Recognition Market by Application
9.2.5.6 Rest of Europe Speech Recognition Market
9.2.5.6.1 Rest of Europe Speech Recognition Market by Deployment Type
9.2.5.6.2 Rest of Europe Speech Recognition Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Speech Recognition Market Overview
9.3.2 Asia-Pacific Speech Recognition Market Forecasts and Analysis
9.3.3 Asia-Pacific Speech Recognition Market Forecasts and Analysis - By Deployment Type
9.3.4 Asia-Pacific Speech Recognition Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Speech Recognition Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Speech Recognition Market
9.3.5.1.1 Australia Speech Recognition Market by Deployment Type
9.3.5.1.2 Australia Speech Recognition Market by Application
9.3.5.2 China Speech Recognition Market
9.3.5.2.1 China Speech Recognition Market by Deployment Type
9.3.5.2.2 China Speech Recognition Market by Application
9.3.5.3 India Speech Recognition Market
9.3.5.3.1 India Speech Recognition Market by Deployment Type
9.3.5.3.2 India Speech Recognition Market by Application
9.3.5.4 Japan Speech Recognition Market
9.3.5.4.1 Japan Speech Recognition Market by Deployment Type
9.3.5.4.2 Japan Speech Recognition Market by Application
9.3.5.5 South Korea Speech Recognition Market
9.3.5.5.1 South Korea Speech Recognition Market by Deployment Type
9.3.5.5.2 South Korea Speech Recognition Market by Application
9.3.5.6 Rest of Asia-Pacific Speech Recognition Market
9.3.5.6.1 Rest of Asia-Pacific Speech Recognition Market by Deployment Type
9.3.5.6.2 Rest of Asia-Pacific Speech Recognition Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Speech Recognition Market Overview
9.4.2 Middle East and Africa Speech Recognition Market Forecasts and Analysis
9.4.3 Middle East and Africa Speech Recognition Market Forecasts and Analysis - By Deployment Type
9.4.4 Middle East and Africa Speech Recognition Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Speech Recognition Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Speech Recognition Market
9.4.5.1.1 South Africa Speech Recognition Market by Deployment Type
9.4.5.1.2 South Africa Speech Recognition Market by Application
9.4.5.2 Saudi Arabia Speech Recognition Market
9.4.5.2.1 Saudi Arabia Speech Recognition Market by Deployment Type
9.4.5.2.2 Saudi Arabia Speech Recognition Market by Application
9.4.5.3 U.A.E Speech Recognition Market
9.4.5.3.1 U.A.E Speech Recognition Market by Deployment Type
9.4.5.3.2 U.A.E Speech Recognition Market by Application
9.4.5.4 Rest of Middle East and Africa Speech Recognition Market
9.4.5.4.1 Rest of Middle East and Africa Speech Recognition Market by Deployment Type
9.4.5.4.2 Rest of Middle East and Africa Speech Recognition Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Speech Recognition Market Overview
9.5.2 South and Central America Speech Recognition Market Forecasts and Analysis
9.5.3 South and Central America Speech Recognition Market Forecasts and Analysis - By Deployment Type
9.5.4 South and Central America Speech Recognition Market Forecasts and Analysis - By Application
9.5.5 South and Central America Speech Recognition Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Speech Recognition Market
9.5.5.1.1 Brazil Speech Recognition Market by Deployment Type
9.5.5.1.2 Brazil Speech Recognition Market by Application
9.5.5.2 Argentina Speech Recognition Market
9.5.5.2.1 Argentina Speech Recognition Market by Deployment Type
9.5.5.2.2 Argentina Speech Recognition Market by Application
9.5.5.3 Rest of South and Central America Speech Recognition Market
9.5.5.3.1 Rest of South and Central America Speech Recognition Market by Deployment Type
9.5.5.3.2 Rest of South and Central America Speech Recognition Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. SPEECH RECOGNITION MARKET, KEY COMPANY PROFILES
11.1. ACAPELA GROUP
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. AT AND T INC.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. FLUENT.AI.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. GOOGLE INC.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. LUMENVOX
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. MICROSOFT CORPORATION
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. NUANCE COMMUNICATIONS, INC.
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. RAYTHEON TECHNOLOGIES
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. READSPEAKER HOLDING B.V.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. SENSORY INC.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Acapela Group
2. AT and T Inc.
3. Fluent.ai.
4. Google Inc.
5. LumenVox
6. Microsoft Corporation
7. Nuance Communications, Inc.
8. Raytheon Technologies
9. ReadSpeaker Holding B.V.
10. Sensory Inc.
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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