Speech And Voice Recognition Market - Forecast(2023 - 2028)

Report Code: ESR 56416 Report Format: PDF + Excel

Speech and Voice Recognition Market Overview

The global Speech and Voice Recognition market is estimated to surpass $29.4 billion mark by 2026, growing at an estimated CAGR of more than 14.9% during the forecast period 2021 to 2026. Speech and Voice Recognition technology used to authorize to several devices with voice as the input. These speech recognition devices have the capability to respond to the inputs given in the form of voice. Rising adoption of advanced technologies such as smart devices and rising awareness about the personal data and its security, and other advanced usage of voice enabled fans, televisions and payment methods are few factors that drive the market. Increased advancements in the field of artificial intelligence and machine learning are also some factors driving the market growth. Rising awareness and willingness to implement voice assistants both in online and physical stores are attributed to the growth of speech and voice recognition market. These factors are set to boosts the market growth for Speech and Voice Recognition during the forecast period 2021-2026.

Report Coverage

The report: “Speech and Voice Recognition Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Speech and Voice Recognition market.
By Function – Speech recognition and Voice recognition 
By Method – Artificial Intelligence (Speaker Dependent and Speaker Independent) and Non- Artificial intelligence
By End User Industry– Automotive, Consumer electronics, BFSI, Healthcare, Military, IT, Legal, Education, Retail and others
By Geography - North America (U.S, Canada), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South Korea, Aus and Others), and RoW (Middle east and Africa)

Key Takeaways

  • The Speech and Voice Recognition market is estimated to witness substantial growth over the forecast period primarily due to the Increasing usage of Speech and Voice recognition in banking and payments. Demand in the healthcare devices is driving the growth of the market.
  • Consumer electronics sector is expected to increase the demand during the forecasted period with high usage of Smart Phones, Smart gadgets and smart wearable.
  • North America holds the largest share of the market and will grow substantially during the forecasted period.

Speech and Voice Recognition Market, By Region, 2020

Speech and Voice Recognition Market

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Speech and Voice Recognition Market Segment Analysis- By Method

Speech and Voice recognition Market is segmented based on the model of delivering into Artificial intelligence and non- artificial intelligence. Artificial intelligence based speech and voice recognition is estimated to grow at highest rate of 22.9% during the forecast period. This is due to development of machine learning and deploying it in the devices for personal assistance. Artificial intelligence is further classified to speaker dependent and speaker independent. These technologies use high accuracy and identify the voice. The speaker dependent technology is thus utilised in smartphones to wake up the gadget with the pre-registered voice. This AI further improves the quality and identifies the pattern in the voice for accuracy which drives the market growth.

Speech and Voice Recognition Market Segment Analysis- By End user industry

Speech and Voice recognition Market is segmented based on End user industry into Automotive, Consumer electronics, BFSI, Healthcare, Military, IT, Legal, Education, Retail and others. Healthcare and consumer electronics are expected to have the highest growth in the market for the forecasted period with healthcare registering 19.4% CAGR through 2026. Documentation becomes easy for the doctors for voice to text in the health record system with the speech and voice recognition. Voice recognition is cost effective and can be easily integrated into any healthcare equipment thus driving adoption.

Speech and Voice Recognition Market Segment Analysis- By Geography

North America dominates the market in 2020 with share of 34.2%. APAC is expected to grow and will have the highest share in the forecasted period. Increased usage of smart devices such as smartphones, smart speakers as the growing population in China, India and other Asian countries are increasing. Europe witness increased applications in the consumer electronics and retail sectors owing to rising trends of connected devices in automotive and home automation.

Speech and Voice Recognition Market Drivers

Technological Advancement in Retail and E-commerce

Advancement of technologies such as voice recognition for voice shopping is one driving factors propelling growth of the market. Home automation with voice recognition and Virtual assistance in the smart gadgets are some of the factors driving market growth in the forecast period. Increasing demand for high secured technologies, and the BFSI sector adopting voice biometric technologies for the secured banking are the major driving factors for the growth of Speech and voice recognition market.

Growing adoption of speech recognition in BFSI and Telecommunications

Speech recognition has significant adoption in BFSI and Telecommunication owing to the increasing use of this solutions in order to enhance customer satisfaction, and ensure regulatory compliances. There are around 6000 contact centres in the UK, with new centres being established, with each passing year. Contact companies are increasingly using speech recognition to improve the customer service experience. In Germany, there are a large number of banks using speech recognition solutions to maximize customer satisfaction while minimizing the cost of delivering an outstanding customer experience. The retail and banking sectors have also been at the forefront of adoption of speech recognition based solutions mainly due to the growing need to improve customer retention, in a highly contested market space.

Speech and Voice Recognition Market Challenges

Accuracy issues

Major challenging factor are lack of accuracy in identifying voice, impaired speech, processing error which leads in improper encoding and decoding the data. Also the cost of the devices which comes with speech and voice recognition technology is increasing with the updates in the processing speed such as computers, mobile phones and laptops. These are some factors that hinder the market growth. 

Speech and Voice Recognition Market Landscape

Speech and Voice Recognition companies use the strategies like acquisition, expansion, collaboration, partnerships and R&D for the market growth. Speech and Voice Recognition consists of few major players in the market Google Inc.,Naunce Communication, IBM, Baidu, Amazon, Microsoft, Raytheon, BBN Technologies, Sensory, Iflyte, Speak2web 

Acquisitions/Technology Launches/Partnerships

  • In January, 2021, Spotify is developing the speech recognition technology to detect the mood of a person and suggest music according to it.
  •  In January, 2021, Indian speech biometrics company Uniphore acquired Emotion Research Lab, a video and emotion artificial intelligence outfit increasing and enhancing its speech and voice recognition and conversational automation system while also facilitating market growth.

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1. Speech and Voice Recognition Market Overview
    1.1 Definitions and Scope
2. Speech and Voice Recognition Market   - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends By End Use Industry
    2.3 Key trends segmented by Geography
3. Speech and Voice Recognition Market – Market Landscape
    3.1 Comparative Analysis
       3.1.1 Product/Company Benchmarking-Top 5 Companies
       3.1.2 Top 5 Financial Analysis
       3.1.3 Market Value Split by Top 5 Companies
       3.1.4 Patent Analysis
       3.1.5 Pricing Analysis (Comparison of General Price of Industry Solutions)
4. Speech and Voice Recognition Market – Industry Market Entry Scenario Premium (Premium)
    4.1 Regulatory Scenario
    4.2 Ease of Doing Business Index
    4.3 Case Studies
    4.4 Customer Analysis
5. Speech and Voice Recognition Market – Startup Company Scenario (Premium)
    5.1 Venture Capital and Funding Scenario
    5.2 Startup Company Analysis
6. Speech and Voice Recognition Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Speech and Voice Recognition Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle/Market Life Cycle Analysis
8. Speech and Voice Recognition Market – By Function (Market Size -$Million/Billion)
    8.1 Speech Recognition
    8.2 Voice Recognition
9. Speech and Voice Recognition Market – By End Use Industry (Market Size -$Million/Billion)
    9.1 Automotive
    9.2 Consumer Electronics 
    9.3 Healthcare
    9.4 Military
    9.5 IT
    9.6 Legal
    9.7 Education
    9.8 Retail
    9.9 BFSI
    9.10 Others
10. Speech and Voice Recognition Market – By Method (Market Size -$Million/Billion)
    10.1 Artificial Intelligence
        10.1.1 Speaker Dependent
        10.1.2 Non-Speaker Dependent
    10.2 Non-Artificial Intelligence
12. Speech and Voice Recognition Market - By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 U.S
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 Germany
        12.2.2 France
        12.2.3 UK
        12.2.4 Italy
        12.2.5 Spain
        12.2.6 Russia
        12.2.7 Netherlands
        12.2.8 Others
    12.3 APAC
        12.3.1 China
        12.3.2 Japan
        12.3.3 South Korea
        12.3.4 India
        12.3.5 Australia
        12.3.6 Indonesia
        12.3.7 Malaysia
        12.3.8 Others
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Chile
        12.4.4 Colombia
        12.4.5 Others
    12.5 RoW
        12.5.1 Middle East
        12.5.2 Africa
13. Speech and Voice Recognition Market - Market Entropy
    13.1 New product launches
    13.2 M&A's, collaborations, JVs and partnerships
14. Speech and Voice Recognition Market – Industry Competitive Landscape (Premium)
    14.1 Market Share – Global
    14.2 Market Share by Region
    14.3 Market Share By End Use Industry
15. Speech and Voice Recognition Market – Key Company List by Country Premium (Premium)
16. Speech and Voice Recognition Market - Company Analysis
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10