Select Language
The latest report by IMARC Group titled “Voice and Speech Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global voice and speech recognition market reached a value of US$ 8.3 Billion in 2021. Voice and speech recognition is a technology used in various devices such as smartphones, cars, and computers to receive and interpret the human voice and carry out spoken commands. It determines the identity of the speaker behind the voice and converts the commands into electrical signals, which are then transformed into coding patterns and sent back to the device in a digital format for final execution. At present, there are numerous virtual assistants that rely on speech recognition technologies like Amazon Alexa, Google Assistant, Apple Siri, and Microsoft Cortana.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Voice and Speech Recognition Market Trends:
The market is primarily driven by the increasing sales of electronic devices, such as tablets, laptops and smartphones, with voice and speech recognition software capabilities. Besides this, various developers are introducing innovative products with upgraded speech and voice recognition software, representing another growth-inducing factor. For instance, Google has announced the launch of Google Duplex, which can conduct a natural conversation with users and help them book their reservations. Moreover, as governments of numerous countries have implemented stringent road safety regulations prohibiting the usage of mobile phones while driving to prevent road accidents, users are inclined toward the utilization of voice commands for carrying out different tasks on their mobile devices. This, along with changing lifestyles and rising internet penetration, is creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market to grow at a CAGR of 18.25% during the forecast period (2022-2027).
Market Summary:
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us
IMARC Group
USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter : @imarcglobal
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91-120-433-0800 )
Drop us an email at
sales@imarcgroup.com