Voice and Speech Recognition Industry Overview
The global voice and speech recognition market size is anticipated to reach USD 53.66 billion by 2030, registering a CAGR of 14.9% over the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to witness an upsurge in the adoption of voice-activated systems, voice-enabled devices, and voice-enabled virtual assistant systems owing to the rising applications in the banking and automobile sectors. The escalating need to counter fraudulent activities and enhance security in the banking sector is boosting the adoption of voice biometrics for the authentication of users. The automobile sector is expected to gain momentum owing to advances in technology emergence of innovative concepts, such as autonomous and connected cars.
The integration of the voice-activated software in future cars is anticipated to adopt technologies, such as noise abatement for selectively ignoring driving passenger noises for providing an error-free and seamless experience to the operator. Voice recognition is also a core technology that is widely used in the healthcare sector to enhance the Electronic Health Record (HER) systems by providing an ease to the doctor to speak and keep the records instead of manual typing or writing. In 2018, the healthcare vertical held the largest market share and it is expected to grow significantly over the forecast period. AI-based voice and speech recognition software is expected to grow at the fastest CAGR from 2023 to 2030.
This is due to the continuous development of machine learning techniques and the integration of connected devices with personal assistants. For instance, Dragon Drive is a personal assistant developed by Nuance Communication Inc. that integrates various household appliances, cars, and smartphones that can be connected to a hub through the internet. Thus, an individual can get alerts about daily chores, work schedules, traffic updates, and many more alerts through the Dragon Drive. In addition, sentiment analysis using the changes in the pitch of the voice is anticipated to provide an opportunity to the market. However, the lack of accuracy of these technologies in recognizing the regional accents and dialects is expected to limit the market growth.
Voice And Speech Recognition Market Segmentation
Grand View Research has segmented the global voice and speech recognition market based on function, technology, vertical, and region:
Based on the Function, the market is segmented into Voice Recognition, and Speech Recognition.
- Automobiles and mobile phones are suitable for speech recognition implementations. The increasing mobility of society requires accessibility to data and services anytime and anywhere. Cloud and client-based speech recognition employments can significantly augment the customer experience and provide optimization in cost-saving for companies.
- The integration of speech recognition with Virtual Reality (VR) is expected to lead to enhanced market demand. For instance, in February 2017, Facebook enhanced its VR platform, Oculus rift, by adding speech recognition to the VR gear of the oculus rift. On the other hand, the voice recognition segment is projected to record the fastest CAGR during the forecast period.
Based on the Technology, the market is segmented into Artificial Intelligence Based, and Non-Artificial Intelligence Based.
- The global market has been further bifurcated into Artificial Intelligence based and non-artificial intelligence based. The non-Artificial intelligence based technology segment accounted for a dominant share of more than 71.7% of the global revenue in 2022. The segment is estimated to retain the leading position growing at a steady CAGR from 2023 to 2030.
- Artificial intelligence exceptionally converts speech into well-structured algorithms by undergoing certain stages, including the representation of speech units, formulation, and development of recognition algorithms along with the demonstration of correct inputs.
Based on the Vertical, the market is segmented into Automotive, Enterprise, Consumer, BFSI, Government, Retail, Healthcare, Military, Legal, Education, and Others.
- The global market has been further divided into the automotive, enterprise, consumer, BFSI, government, retail, healthcare, military, legal, education, and others. In terms of revenue, the healthcare segment accounted for the highest share of more than 28.9% in 2022.
- The automotive vertical also has a significant market share. The enhancement of automotive technologies, such as connected devices would update the driver with traffic conditions on the route and alternative routes.
Key Companies Market Share Insights
Vendors in the market are focusing on increasing the customer base to gain a competitive edge. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions and partnerships. In September 2020, Cantab Research entered into a partnership with Nuix, the creator of innovative software that transforms data into actionable intelligence. Together, Speechmatics and Nuix are bringing highly accurate, secure speech recognition technology to businesses through an end-to-end software solution.
Industry players are heavily investing in RD for the development of voice speech recognition-integrated AI technology. For instance, in September 2020, Microsoft and Nuance Communications introduced Nuance Dragon Ambient eXperience (DAX), an Ambient Clinical Intelligence (ACI) solution, now integrated into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes. In March 2018, IBM launched Watson Assistant, a smart enterprise voice recognition and the assistant system powered by AI, cloud, and IoT. Some of the prominent players in the global voice and speech recognition market include:
- Advanced Voice Recognition Systems, Inc.
- Agnitio S.L.
- com, Inc.
- ai
- Apple, Inc.
- Anhui USTC iFlytek, Ltd.
- Baidu, Inc.
- BioTrust ID B.V.
- CastleOS Software, LLC
- Facebook, Inc.
- Google, Inc.
- International Business Machines Corp.
- Microsoft Corp.
- MModal, Inc.
- Nortek Holdings, Inc.
- Nuance Communications, Inc.
- Raytheon Company
- SemVox GmbH
- Sensory, Inc.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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