Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography - Global Forecast to 2030

Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography - Global Forecast to 2030

The research report titled ‘Speech and Voice Recognition Market by Function (Speech, Voice Recognition), Technology (AI and Non-AI), Deployment Mode (Cloud, On-premise), End User (Consumer Electronics, Automotive, BFSI, Other End Users), and Geography—Forecast to 2030’ published by Meticulous Research® provides an in-depth analysis of the speech and voice recognition market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2030.

The speech and voice recognition market is projected to reach $56.07 billion by 2030, at a CAGR of 19.1% during the forecast period 2023–2030. The growth of the speech and voice recognition market is driven by the surging use of voice biometrics, the integration of voice-enabled devices into car infotainment systems, and the proliferation of voice-enabled devices. However, speech and voice recognition devices' lack of accuracy in recognizing regional accents and dialects and low awareness about speech and voice recognition technologies restrain the growth of this market.

The high potential of AI-enabled voice assistants in the healthcare industry and technological advancements, coupled with the rising acceptance of connected devices, are expected to create growth opportunities for the players operating in the speech and voice recognition market. However, performance issues with speech and voice recognition-enabled devices due to ambient noise is a major challenge for market growth.

Based on function, the speech and voice recognition market is segmented into speech recognition and voice recognition. In 2023, the speech recognition segment is expected to account for the larger share of the speech and voice recognition market. The large market share of this segment is attributed to the consistent proliferation of advanced technologies such as artificial intelligence and machine learning across various sectors and the rapid growth of the smart devices market. Moreover, the speech recognition segment is also projected to record the higher CAGR during the forecast period.

Based on technology, the speech and voice recognition market is segmented into artificial intelligence and non-artificial intelligence. In 2023, the artificial intelligence segment is expected to account for the larger share of the speech and voice recognition market. The large market share of this segment is attributed to the increasing usage of voice assistants for applications, including smart home systems, smart speakers, autonomous and connected cars, voice biometric authentication, smart wearable gadgets, and smartphones.

Moreover, the artificial intelligence segment is also projected to record the higher CAGR during the forecast period. The growing use of AI-based technologies, particularly in education, BFSI, hospitality, automotive, e-commerce, healthcare, tourism, and enterprise applications, contributes to the growth of the AI segment.

Based on deployment mode, the speech and voice recognition market is segmented into on-premise deployments and cloud-based deployments. In 2023, the cloud-based deployments segment is expected to account for the larger share of the speech and voice recognition market. The large share of this segment is attributed to the increasing avenues for cloud-based deployments, the superior flexibility and affordability offered by cloud-based deployments, and the increasing adoption of cloud-based solutions among small & medium-sized enterprises.

Moreover, the cloud-based deployments segment is also projected to record the higher CAGR during the forecast period. The rapid evolution of new security avenues for cloud-based deployments drives the growth of this segment.

Based on end user, the speech and voice recognition market is segmented into IT & telecommunications, media & entertainment, consumer electronics, automotive, healthcare, BFSI, education, government and public services, manufacturing/enterprises, retail and e-commerce, and other end users. In 2023, the IT & telecommunications segment is expected to account for the largest share of the speech and voice recognition market. The large market share of this segment is attributed to the rising demand for speech and voice recognition solutions among call centers and the growing need to gather actionable information more quickly.

However, the consumer electronics segment is projected to record the highest CAGR during the forecast period. The growth of this segment is driven by the increasing adoption of smart technologies such as smart speakers, smart home appliances, smartphones, and smart wearable gadgets.

Based on geography, the speech and voice recognition market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the speech and voice recognition market. The presence of a large number of speech and voice recognition technology providers across the region and telecommunications companies’ increasing focus on improving their first-call resolution rates support the large share of this regional market.

However, Asia-Pacific is projected to record the highest CAGR during the forecast period. The growth of this market is driven by China, India, and Japan’s growing focus on speech and voice recognition technologies, the growing demand for speech and voice recognition solutions embedded with the latest technologies and increasing government initiatives supporting digital transformation.

Key Players:

Some of the key players operating in the speech and voice recognition market are Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), Baidu, Inc. (China), Apple Inc. (U.S.), Speechmatics (U.K.), Sensory, Inc. (U.S.), AssemblyAI, Inc. (U.S.), iFLYTEK Co., Ltd. (China), LumenVox (U.S.), SESTEK (Turkey), and Dolbey Systems, Inc. (U.S.).

Key Questions Answered in the Report:

Which are the high-growth market segments based on function, technology, deployment mode, and end user?
What was the historical market size for speech and voice recognition?
What are the market forecasts and estimates for the period 2023–2030?
What are the major drivers, restraints, and opportunities in the speech and voice recognition market?
Who are the major players, and what shares do they hold in the speech and voice recognition market?
How is the competitive landscape in the speech and voice recognition market?
What are the recent developments in the speech and voice recognition market?
What are the different strategies adopted by major players in the speech and voice recognition market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global speech and voice recognition market, and how do they compete with the other players?

Scope of the Report:

Speech and Voice Recognition Market, by Function

Speech Recognition
Automatic Speech Recognition
Text-to-speech
Voice Recognition
Speaker Identification
Speaker Verification

Speech and Voice Recognition Market, by Technology

Artificial Intelligence
Non-artificial Intelligence

Speech and Voice Recognition Market, by Deployment Mode

Cloud-based Deployments
On-premise Deployments

Speech and Voice Recognition Market, by End User

IT & Telecommunications
Media & Entertainment
BFSI
Healthcare
Manufacturing/Enterprises
Education
Government and Public Services
Retail and E-commerce
Automotive
Consumer Electronics
Other End Users

Speech and Voice Recognition Market, by Geography

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Switzerland
Netherlands
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Australia & New Zealand
Singapore
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Israel
Rest of the Middle East & Africa

Global Speech and Voice Recognition Market - Report Summary

Report Metrics	Details
Years Considered	2021 - 2030
Base Year	2022
Forecast Period	2023-2030
Page Count	232
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Function, Market by Technology, Market by Deployment Mode, Market by End User, and Market by Geography
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa
Key Companies Mentioned	Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), Baidu, Inc. (China), Apple Inc. (U.S.), Speechmatics (U.K.), Sensory, Inc. (U.S.), AssemblyAI, Inc. (U.S.), iFLYTEK Co., Ltd. (China), LumenVox (U.S.), SESTEK (Turkey), and Dolbey Systems, Inc. (U.S.)

FAQs About the Report

What is the revenue generated from the sales of speech and voice recognition solutions across the globe? At what rate is the demand expected to grow for the next 5–7 years?

The speech and voice recognition market is expected to reach $56.07 billion by 2030, at a CAGR of 19.1% during the forecast period (2023–2030).

Which function segment is projected to gain more traction in the speech and voice recognition market?

Based on function, the speech and voice recognition market is segmented into speech recognition and voice recognition. In 2023, the speech recognition segment is expected to account for the larger share of the speech and voice recognition market. The large market share of this segment is attributed to the consistent proliferation of advanced technologies such as artificial intelligence and machine learning across various sectors and the rapid growth of the smart devices market. Moreover, the speech recognition segment is also projected to record the higher CAGR during the forecast period.

Which technology segment is projected to gain more traction in the speech and voice recognition market?

Based on technology, in 2023, the artificial intelligence segment is expected to account for the larger share of the speech and voice recognition market.

Moreover, the artificial intelligence segment is also projected to record the higher CAGR during the forecast period. The extensive acceptance of AI-based technology, particularly in education, BFSI, hospitality, automotive, e-commerce, healthcare, tourism, and enterprise applications, contributes to the growth of the speech and voice recognition market.

Which deployment mode segment is projected to gain more traction in the speech and voice recognition market?

Based on deployment mode, in 2023, the cloud-based deployments segment is expected to account for the larger share of the speech and voice recognition market. Moreover, the segment is also projected to record higher CAGR during the forecast period.

Which end user segment is projected to gain more traction in the speech and voice recognition market?

Based on end user, in 2023, the IT & telecommunications segment is expected to account for the largest share of the speech and voice recognition market. However, the consumer electronics segment is projected to record the highest CAGR during the forecast period.

What are the key factors driving the growth of the speech and voice recognition market? What are the major opportunities for existing market players and new entrants?

The growth of the speech and voice recognition market is driven by the surging use of voice biometrics, the integration of voice-enabled devices in car infotainment systems, and the proliferation of voice-enabled devices. The high potential of AI-enabled voice assistants in the healthcare industry and technological advancements, coupled with the rising acceptance of connected devices, are expected to create growth opportunities for the players operating in the speech and voice recognition market.

Who are the major players operating in the global speech and voice recognition market?

The key players operating in the speech and voice recognition market are Microsoft Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Google LLC (U.S.), IBM Corporation (U.S.), Verint Systems Inc. (U.S.), Baidu, Inc. (China), Apple Inc. (U.S.), Speechmatics (U.K.), Sensory, Inc. (U.S.), AssemblyAI, Inc. (U.S.), iFLYTEK Co., Ltd. (China), LumenVox (U.S.), SESTEK (Turkey), and Dolbey Systems, Inc. (U.S.).

Which regions/countries are expected to witness significant demand for speech and voice recognition technologies in the coming years?

Asia-Pacific is projected to register the highest growth rate over the forecast period.