Speech and Voice Recognition Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

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

Speech and Voice Recognition Market

• Market Size 2023
  US$ 9.21 billion
• Market Size 2031
  US$ 54.69 billion

Market Dynamics

GROWTH DRIVERS

• Increasing Usage of Voice and Speech Recognition in Healthcare Industry to Market Growth

FUTURE TRENDS

• Technological Advacements

OPPORTUNITIES

• Integration of Voice and Speech Recognition with Mobile Applications

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Technology

• Speech Recognition and Voice Recognition

Vertical

• Automotive
• Enterprise
• Consumer
• BFSI
• Government
• Retail
• Healthcare
• Military
• Legal
• Education

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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 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.