Speech Recognition Market Size to Record an Impressive Growth $16 Bn by 2023 with 16% of CAGR

“Speech Recognition Market”
Global Speech Recognition Market, By Type (Speaker Dependent, Speaker Independent), Technology (AI Based, Non-AI Based), Verticals (Military, Automotive, Healthcare) – Forecast Till 2023

Market Highlights

North America dominates the speech recognition market. The growing demand for smart devices is increasing the growth of the global speech recognition market.  In October 2016, Acapela Group SA released its new Acapela TTS version for new voices and audio boost capability. The new version was released to enhance spelling mode and linguistic improvements. This is accessible on Windows, Mac OSX, iOS, Android, Linux Embedded, Win CE, Windows, and Linux Server. The increasing demand for integration of voice authentication in mobile banking is propelling the growth of the speech recognition market. In March 2017, iFlytek Co., Ltd. went into a partnership agreement with Amnet Group to develop its advanced programmatic technology, which includes big data and artificial intelligence. With this agreement, the company enables access to machine learning, voice recognition, and big data analytics of iFlytek Co., Ltd.


The North American region is experiencing the higher demand due to the increasing demand for big data. The prominent companies such as Nuance Communications, Inc. (U.S), Microsoft Corporation (U.S.), VoiceVault (U.S.), VoiceBox Technologies Corp. (U.S.), Google Inc. (U.S), LumenVox LLC. (U.S), Raytheon BBN Technologies (U.S), Advanced Voice Recognition Systems (U.S.), Sensory, Inc. (U.S.), are providing speech recognition solutions in the market. These major players are investing in speech recognition solution providing across the world.


The global speech recognition market is expected to reach USD ~ 16 billion at a CAGR of over 16% by the end of the forecast period.


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Speech Recognition Market Segmentation

The global speech recognition market is segmented into type, technology, verticals, and region. The type is speaker dependent, speaker independent, and others. The technology is segmented into non- artificial intelligence based and artificial intelligence based. The verticals are segmented into military, automotive, healthcare, consumer, finance, media & entertainment, government, and others. The market is spanned across regions including North America, Europe, Asia Pacific, and rest of the world.


The prominent players in the global Speech Recognition Market are Nuance Communications, Inc. (the U.S), Microsoft Corporation (U.S), Agnitio SL (Spain), VoiceVault (U.S.), VoiceBox Technologies Corp. (U.S), Google Inc. (U.S), LumenVox LLC.(U.S), Raytheon BBN Technologies (U.S), Advanced Voice Recognition Systems (U.S.), Sensory, Inc. (U.S.), ReadSpeaker Holding B.V. (Netherlands), Iflytek Co., Ltd. (China), Acapela Group SA (Belgium) among others.


Market Research Analysis:

The global speech recognition market consists of the Americas, Europe, Asia Pacific, and Rest of world. North America is dominating the global speech recognition market. The speech recognition market is witnessing a high growth due to a huge demand from various sectors such as consumer, finance, media & entertainment, government, and others. Europe is projected to hold the second largest share of the speech recognition market during the forecast period. Asia Pacific is expected to witness the highest CAGR in the coming years.


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Intended Audience

Speech recognition companies

Speech recognition providers

Technical universities

System integrators

Managed Security Service Providers

Professional service providers

Research and development companies

Market research and consulting firms

Solution providers

Technology standards organizations

Technology investors

System Integrators


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