Global Voice and Speech Recognition Market

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. 

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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:

•  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.

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