Global Voice and Speech Recognition Market to Grow at 15.9% During 2024-2032, Spurred by Rising Internet Penetration

December 13, 2021 | Technology & Media

The latest report by IMARC Group titled “Voice and Speech Recognition Market Report by Technology (Voice Recognition, Speech Recognition), Deployment Mode (On Cloud, On-Premises/Embedded), Delivery Methods (Artificial Intelligence (AI) Based, Non-Artificial Intelligence Based), End-Use (Automotive, Enterprise, Consumer, Banking, Financial Services, and Insurance (BFSI), Government, Retail, Healthcare, and Others), and Region 2024-2032,” finds that the global voice and speech recognition market reached a value of US$ 11.4 Billion in 2023. 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.

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 15.9% during the forecast period (2024-2032).

Market Summary:

Based on the technology, the market has been bifurcated into voice and speech recognition.
On the basis of the deployment mode, the market has been categorized into on-cloud and on-premises/embedded.
Based on the delivery methods, the market has been classified into artificial intelligence (AI) and non-artificial intelligence-based methods.
The market has been segmented based on the end-use into automotive, enterprise, consumer, banking, financial services, and insurance (BFSI), government, retail, healthcare, and others.
Region-wise, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
The competitive landscape of the market has been analyzed, with some of the key players being Nuance Communication, Microsoft Corporation, Google, Inc., International Business Machines (IBM) Corporation, Baidu, Inc., Facebook, Inc., Apple, Inc., Amazon, Inc., Advanced Voice Recognition Systems, M2SYSLLC, Sensory, BioTrust ID B.V., and Voicebox Technologies.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Technology, Deployment Mode, Delivery Methods, End-Use, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	Nuance Communication, Microsoft, Google, Inc., IBM, Baidu, Inc., Facebook, Inc., Apple, Inc., Amazon, Inc., Advanced Voice Recognition Systems, M2SYSLLC, Sensory, BioTrust ID B.V. and Voicebox Technologies
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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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.

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Global Voice and Speech Recognition Market to Grow at 15.9% During 2024-2032, Spurred by Rising Internet Penetration

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