Speech and Voice Recognition Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Speech and Voice Recognition Market
The Speech and Voice Recognition market size was valued at USD 12.62 billion in 2023, and the market is now projected to grow from USD 15.46 billion in 2024 to USD 84.97 billion by 2032, exhibiting a CAGR of 23.7% during the forecast period of 2024-2032.
The COVID-19 widespread expanded the improvement of different advances that fortify security and social separating, from telemedicine to contactless installments. Speech and voice recognition software played a crucial part amid the COVID-19 widespread.
The advancement of artificial intelligence is making potential openings for the digitalization of various businesses. The dominance of AI-powered gadgets shows that search algorithms and frameworks have advanced to move forward machine learning and its applications in everyday life. Google's RankBrain may be a pivotal illustration outlined to recognize expressions and words to memorize, understand, and better predict results. In addition, web conferencing devices have picked up ubiquity within the industry. Discourse and voice acknowledgment innovation can advance move forward web conferencing by giving post-call transcripts through real-time captioning from calls.
Superior adoption of rising advances, such as IoT, AI, and machine learning, fuels the speech and voice recognition market development. Voice-based authentications in smartphone applications have expanded the demand for voice and discourse biometric frameworks. In addition, the utilization of profound learning and neural systems in applications, such as audio-visual speech recognition, isolated word acknowledgment, speaker adjustment, and digital speaker recognition, is moving the demand for voice technologies and propelling the Speech and Voice Recognition market growth.
Comprehensive Analysis Of Speech and Voice Recognition Market
On the basis of technology, the market is partitioned into speech recognition and voice recognition. Speech recognition section holds the biggest market share and is evaluated to proceed its dominance over the estimate period. On the basis of deployment, the market is categorized into on-premise and cloud. The cloud fragment is anticipated to rise with the most noteworthy CAGR, owing to raising demand for cloud solutions. By end-user, the market is classified into healthcare, IT & telecommunications, BFSI, automotive, government & legal, education, retail & e-commerce, media & entertainment, and others. The demand for speech and voice recognition program has expanded radically among healthcare and BFSI, owing to the COVID-19 outbreak.
The Speech and Voice Recognition market share in North America stood at USD 84.97 billion in 2032. In 2023, North America held the most elevated market share. The nearness of prominent market players such as Amazon Web Administrations, Inc., IBM, Google LLC, and Microsoft Corporation, among others contributes to market development. The developing adoption of smart domestic appliances with voice collaborators is anticipated to spur market expansion.
The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players listed as: Alphabet Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Apple Inc. (U.S.), Baidu, Inc. (China), iFLYTEK Co., Ltd. (China), SESTEK (Turkey), LumenVox (U.S.), Sensory Inc. (U.S.).
In January 2023 the company iFLYTEK propelled its pre-trained mechanical AI models at the iFLYTEK Worldwide 1024 Developers' Day, 2022. The pre-trained AI model can be sent for a extend of administrations such as emotion recognition, speech recognition, and others. The pre-trained AI-based speech recognition demonstrate is planning to provide total speech recognition administrations.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019–2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024–2032
Historical Period 2019–2022
Growth Rate CAGR of 23.7% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Technology
Voice Recognition
Speech Recognition
- Automatic Speech Recognition (ASR)
- Speech-to-Text
By Deployment
Cloud
On-Premise
By End-user
Healthcare
IT and Telecommunications
Automotive
BFSI
Government & Legal
Education
Retail & E-commerce
Media & Entertainment
Others (Travel & Hospitality and Others)
By Region
North America (By Technology, By Deployment, By End-user, and By Country)
- U.S.
- Canada
- Mexico
South America (By Technology, By Deployment, By End-user, and By Country)
- Brazil
- Argentina
- Rest of South America
Europe (By Technology, By Deployment, By End-user, and By Country)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
Middle East & Africa (By Technology, By Deployment, By End-user, and By Country)
- Turkey
- Israel
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Asia Pacific (By Technology, By Deployment, By End-user, and By Country)
- China
- India
- Japan
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of COVID-19
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Speech and Voice Recognition Key Players Market Share/Ranking, 2023
- 5. Global Speech and Voice Recognition Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Technology (USD)
- 5.2.1. Voice Recognition
- 5.2.2. Speech Recognition
- 5.2.2.1. Automatic Speech Recognition (ASR)
- 5.2.2.2. Speech-to-Text
- 5.3. By Deployment (USD)
- 5.3.1. Cloud
- 5.3.2. On-Premise
- 5.4. By End-user (USD)
- 5.4.1. Healthcare
- 5.4.2. IT and Telecommunications
- 5.4.3. Automotive
- 5.4.4. BFSI
- 5.4.5. Government & Legal
- 5.4.6. Education
- 5.4.7. Retail & eCommerce
- 5.4.8. Media & Entertainment
- 5.4.9. Others (Travel & Hospitality, etc.)
- 5.5. By Region (USD)
- 5.5.1. North America
- 5.5.2. South America
- 5.5.3. Europe
- 5.5.4. Middle East & Africa
- 5.5.5. Asia Pacific
- 6. North America Speech and Voice Recognition Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Technology (USD)
- 6.2.1. Voice Recognition
- 6.2.2. Speech Recognition
- 6.2.2.1. Automatic Speech Recognition (ASR)
- 6.2.2.2. Speech-to-Text
- 6.3. By Deployment (USD)
- 6.3.1. Cloud
- 6.3.2. On-Premise
- 6.4. By End-user (USD)
- 6.4.1. Healthcare
- 6.4.2. IT and Telecommunications
- 6.4.3. Automotive
- 6.4.4. BFSI
- 6.4.5. Government & Legal
- 6.4.6. Education
- 6.4.7. Retail & eCommerce
- 6.4.8. Media & Entertainment
- 6.4.9. Others (Travel & Hospitality, etc.)
- 6.5. By Country (USD)
- 6.5.1. United States
- 6.5.2. Canada
- 6.5.3. Mexico
- 7. South America Speech and Voice Recognition Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Technology (USD)
- 7.2.1. Voice Recognition
- 7.2.2. Speech Recognition
- 7.2.2.1. Automatic Speech Recognition (ASR)
- 7.2.2.2. Speech-to-Text
- 7.3. By Deployment (USD)
- 7.3.1. Cloud
- 7.3.2. On-Premise
- 7.4. By End-user (USD)
- 7.4.1. Healthcare
- 7.4.2. IT and Telecommunications
- 7.4.3. Automotive
- 7.4.4. BFSI
- 7.4.5. Government & Legal
- 7.4.6. Education
- 7.4.7. Retail & eCommerce
- 7.4.8. Media & Entertainment
- 7.4.9. Others (Travel & Hospitality, etc.)
- 7.5. By Country (USD)
- 7.5.1. Brazil
- 7.5.2. Argentina
- 7.5.3. Rest of South America
- 8. Europe Speech and Voice Recognition Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Technology (USD)
- 8.2.1. Voice Recognition
- 8.2.2. Speech Recognition
- 8.2.2.1. Automatic Speech Recognition (ASR)
- 8.2.2.2. Speech-to-Text
- 8.3. By Deployment (USD)
- 8.3.1. Cloud
- 8.3.2. On-Premise
- 8.4. By End-user (USD)
- 8.4.1. Healthcare
- 8.4.2. IT and Telecommunications
- 8.4.3. Automotive
- 8.4.4. BFSI
- 8.4.5. Government & Legal
- 8.4.6. Education
- 8.4.7. Retail & eCommerce
- 8.4.8. Media & Entertainment
- 8.4.9. Others (Travel & Hospitality, etc.)
- 8.5. By Country (USD)
- 8.5.1. United Kingdom
- 8.5.2. Germany
- 8.5.3. France
- 8.5.4. Italy
- 8.5.5. Spain
- 8.5.6. Russia
- 8.5.7. Benelux
- 8.5.8. Nordics
- 8.5.9. Rest of Europe
- 9. Middle East & Africa Speech and Voice Recognition Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Technology (USD)
- 9.2.1. Voice Recognition
- 9.2.2. Speech Recognition
- 9.2.2.1. Automatic Speech Recognition (ASR)
- 9.2.2.2. Speech-to-Text
- 9.3. By Deployment (USD)
- 9.3.1. Cloud
- 9.3.2. On-Premise
- 9.4. By End-user (USD)
- 9.4.1. Healthcare
- 9.4.2. IT and Telecommunications
- 9.4.3. Automotive
- 9.4.4. BFSI
- 9.4.5. Government & Legal
- 9.4.6. Education
- 9.4.7. Retail & eCommerce
- 9.4.8. Media & Entertainment
- 9.4.9. Others (Travel & Hospitality, etc.)
- 9.5. By Country (USD)
- 9.5.1. Turkey
- 9.5.2. Israel
- 9.5.3. GCC
- 9.5.4. North Africa
- 9.5.5. South Africa
- 9.5.6. Rest of MEA
- 10. Asia Pacific Speech and Voice Recognition Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Technology (USD)
- 10.2.1. Voice Recognition
- 10.2.2. Speech Recognition
- 10.2.2.1. Automatic Speech Recognition (ASR)
- 10.2.2.2. Speech-to-Text
- 10.3. By Deployment (USD)
- 10.3.1. Cloud
- 10.3.2. On-Premise
- 10.4. By End-user (USD)
- 10.4.1. Healthcare
- 10.4.2. IT and Telecommunications
- 10.4.3. Automotive
- 10.4.4. BFSI
- 10.4.5. Government & Legal
- 10.4.6. Education
- 10.4.7. Retail & eCommerce
- 10.4.8. Media & Entertainment
- 10.4.9. Others (Travel & Hospitality, etc.)
- 10.5. By Country (USD)
- 10.5.1. China
- 10.5.2. India
- 10.5.3. Japan
- 10.5.4. South Korea
- 10.5.5. ASEAN
- 10.5.6. Oceania
- 10.5.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Alphabet Inc.
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Amazon Web Services, Inc.
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Microsoft Corporation
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. IBM Corporation
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Apple Inc.
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Baidu Inc.
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. iFLYTEK Co., Ltd.
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. SESTEK
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. LumenVox
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Sensory Inc.
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
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