The global voice and speech recognition market size is projected to value at USD 31.82 billion by 2025, as per a new report published by Million Insights, with a CAGR of 17.2% from 2018 to 2025. The need for voice-enabled systems, virtual assistant equipment and devices are expected to accelerate in the near future due to their increasing applications in the automobile and BFSI sectors. The rising need to control fraudulent activities and strengthen security in the banking sector demands the use of voice biometrics for users.
The automobile sector is projected to gain traction over the years due to technological advancements and the rise of innovations such as connected and autonomous cars. The incorporation of voice-activated software in new car models is expected to surge market growth by 2025.
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Voice recognition, regarded as a mainstream technology is extensively used in the healthcare industry to propel the electronic health tracking systems by offering ease to doctors to maintain records by speaking rather than writing manually. The healthcare sector accounted for the largest market share in 2017 and is expected to exhibit significant growth by 2025.
AI-enabled voice and speech recognition software is expected to register a high CAGR by 2025 due to the constant development in connected devices with personal assistants and machine learning techniques. For example, Dragon Drive is a personal assistant created by Nuance Communication Inc., which integrates several cars, smartphones, and household appliances that can be connected via the internet to a hub. Therefore, the user can be informed about work schedules, daily chores, traffic updates, and other alerts via Dragon Drive.
However, shortfall of the accuracy of these technologies in the recognition of dialects and regional accents is expected to hinder the market growth. Moreover, sentiment analysis through pitch changes and voice improvisations can aid growth opportunities in the market.
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Further key findings from the report suggest:
• Increasing emphasis on the development of AI-based systems is expected to impel speech and voice recognition market growth over the projected period.
• The proliferation of speech recognition solutions in the retail and consumer verticals is expected to surge the overall market. Lifestyle changes and patterns in different countries like Germany, U.K., and U.S. are increasing the adoption of voice and speech recognition software.
• Increasing use of smart electronics in China, Brazil, Japan, and India is further expected to surge the demand for this software. Providing a deep learning algorithm in speech and voice solutions for accuracy is predicted to have a favorable impact on the market.
• North America held the largest share of over 35.0% in 2017 based on revenue.
• Key players like Facebook, Inc., Apple, Inc., Baidu, Inc., Alphabet, Inc., and Amazon, Inc., are poising the regional growth of China and U.S.
• The major industry participants include Apple, Inc., Advanced Voice Recognition Systems, Inc.; Baidu, Inc., Api.ai; Alphabet, Inc., BioTrust ID B.V.; Amazon, Inc., International Business Machines Corporation; Microsoft Corporation, and M2SYSLLC.
• The key participants emphasize on the integration of AI with voice and speech recognition to develop advance products to acquire a higher customer base.
Million Insights has segmented the global speech and voice recognition market based on function, technology, vertical, and region:
Speech And Voice Recognition Function Outlook (Revenue, USD Million, 2014 – 2025)
• Voice recognition
• Speaker identification
• Speaker verification
• Speech recognition
• Automatic speech recognition
• Text to speech
Speech And Voice Recognition Technology Outlook (Revenue, USD Million, 2014 – 2025)
• Non-AI based
Speech And Voice Recognition Vertical Outlook (Revenue, USD Million, 2014 – 2025)
Speech And Voice Recognition Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• South Korea
• Hong Kong
• South America
• Middle East & Africa
• Saudi Arabia
• South Africa
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