Speech and Voice Recognition Technologies Market Size, Share, Trends, Growth Report 2032

Speech and Voice Recognition Technologies Market: Size

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.

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Speech and Voice Recognition Technologies Market Overview

Speech and voice recognition is the process wherein a machine or an inbuilt program receives, interprets, as well as understands the dictation and carries out the spoken command by converting them to a machine-readable format. Speech and voice recognition both appear to be similar but there is a slight difference between them. In speech recognition, process words are recognized in the spoken language whereas voice recognition is used to identify person’s or speaker's voice. Automatic voice recognition, speech recognition, and text-to-speech software work all together in many voice-enabled applications including both consumer and commercial applications.

Speech and Voice Recognition Technologies Market Growth Dynamics

Global speech and voice recognition technologies market is highly competitive owing to the presence of a large number of providers. Since the market is expanding tremendously it will have an immensely positive effect on both the large and small scale vendors. The demand for biometrics is immensely increasing worldwide in numerous sectors due to rising awareness of security concerns. The biometric featured with voice assistance is currently attracting enormous consumers. Among all sectors, there is rapid growth observed in the adoption of voice-based biometric in banking. Today’s young generation not only avoids old pin code methods of banking but gives utmost preference to facial recognition, voice-based and fingerprint technology. Furthermore, raising awareness of security concerns have led to a rise in demand for multifactor authentication. This has led to a rise in demand for biometrics operating on the principle of speech and voice recognition.Request Free Sample

However, there are instances were these systems commit errors due to unwanted recognition such as children screaming, dogs barking, or loud external conversations can restrain market growth. Numerous emerging end-user segment including consumer centers, automotive vehicles centers, telecommunications, enterprise contact, and mobile electronic devices are further enhancing the market demand globally. Further, it is predicted that many leading companies will enter into agreements with speech and voice recognition technologies in augmented reality and artificial intelligence.

This report offers comprehensive coverage of global speech and voice recognition technologies market along with, market trends, drivers, and restraints of the speech and voice recognition technologies market. This report included a detailed competitive scenario and the product portfolio of key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the speech and voice recognition technologies market has also been included. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness. This report is prepared using data sourced from in-house databases, secondary and primary research team of industry experts.

Speech and Voice Recognition Technologies Market: Segmentation Analysis

The study provides a decisive view of the speech and voice recognition technologies market by segmenting the market based on technology, application, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Based on technology, the market is bifurcated under two section voice recognition and speech recognition. In the forecast period, voice recognition segment is observed to grow remarkably. The rising need for biometrics globally has resulted in an acceleration in demand for voice recognition integration technology. Voice recognition is further classified as speaker identification and speaker verification. Also, speech recognition is further classified as automatic speech recognition and text to speech.

Based on Application, the speech and voice recognition technologies market includes consumer electronics, healthcare, automotive, retail, enterprise, BFSI, government, military, legal, and education. Rising demand for automation in emerging countries like India and China has led to increased demand for consumer electronics application sector which anticipates being the significant shareholder of the market. 

Speech and Voice Recognition Technologies Market: Report Scope

Speech and Voice Recognition Technologies Market: Regional Analysis

Speech and voice recognition technologies market in the Asia Pacific is expected to grow at the highest rate during the forecast period. Geographically it includes the overview of policies opted in each region of Europe, Asia Pacific, North America, Latin America, and MEA. Presence of urging security awareness has led North America to be the largest market shareholder. The Asia Pacific is observed to grow tremendously in the upcoming years due to emerging demand of consumer electronics segment.

Speech and Voice Recognition Technologies Market: Competitive Analysis

The competitive profiling of noticeable players of speech and voice recognition market includes company and financial overview, business strategies adopted by them, their recent developments and products offered by them which can help in assessing competition in the market. 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
• VoiceVault Inc.

The report segments speech and voice recognition technologies market as follows:

Global Speech and Voice Recognition Technologies Market: Technology Type Segments

• Voice Recognition 
  • Speaker Identification
  • Speaker Verification
• Speech Recognition 
  • Automatic Speech Recognition
  • Text to Speech

 Global Speech and Voice Recognition Technologies Market: Application Segments

• BFSI
• Automotive 
• Education 
• Consumer electronics
• Healthcare 
• Government 
• Retail
• Military 
• Legal
• Others 

Global Speech and Voice Recognition Technologies Market: Regional Segments

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa