Voice Recognition Market is Projected to Reach US$ 9.79 Billion in 2028

Voice Recognition Market is expected to reach US$ 9.79 Billion in 2028, growing at a CAGR of 15.23% during 2022-2028, reports Stratview Research.

Raipur, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Voice Recognition Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.

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How is the Report Helpful?

The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.

Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.

What are the Top Market Drivers?

According to the report, the Voice Recognition Market is driven by a host of factors, some of which are noted below:

  • Growing demand for easier, faster, and safer user authentication among various sectors.
  • Stringent government policies associated with user data security.
  • Growing fraudulent activities in several industry verticals.
  • Increasing adoption of AI-based voice recognition systems.

The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.

Voice Recognition Market Segmentation:

Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.

  • By Deployment Model Type (On-premise, Cloud),
  • By Technology Type (AI-based, Non-AI based).
  • By End-Use Type (Aerospace, Automotive, BFSI, Consumer Electronics, Government & Defense, Healthcare, and Others).
  • By Region (North America, Europe, Asia-Pacific, and the Rest of the World).

Voice Recognition Market Insights

Market Trends by Deployment Model Type

The market is segmented as on-premise and cloud. The cloud-based deployment model is expected to register higher growth during the forecast period. It offers various gainful features, such as IT security, scalability, high speed, and 24*7 services, and requires only a proper internet connection which minimizes the physical infrastructural costs, boosting the segment’s growth over the forecast period.

Market Trends by Technology Type

The market is segmented as AI-based and non-AI based. AI-based technology is estimated to hold the major share of the market during the forecast period. Factors such as the capability of AI models to process larger datasets with more accuracy compared to traditional models, to adapt to changes in language on their own and enhance their accuracy level through their self-learning abilities, to identify various components such as semantics, accent, context, and words from foreign languages, are expected to fuel the product demand in the market during the forecast period.

Market Trends by End-Use Type

The market is segmented as aerospace, automotive, BFSI, consumer electronics, government & defense, healthcare, and others. The BFSI sector is projected to witness significant growth during the forecast period on account of rapidly growing digital banking coupled with an increase in the number of identity frauds. Increasing identity fraud activities can lead to enormous losses for financial institutions, thus banks are focusing on implementing technologies, such as voice recognition technology to authenticate users’ identity and process a secure transfer of their information from remote locations, increasing the accuracy of detecting a person with fraudulent behavior, fueling the market growth during the forecast period.

Which region offers the best opportunity and growth?

Asia-Pacific accounted for the largest market share of more than 16% in 2021, owing to the increasing adoption of smart electronic devices in the region during the forecast period. Factors such as consumer electronics devices being integrated with biometric-based voice recognition technology which offers hands-free activation and interactive actions using voice commands and growing production and consumption of electronic devices in the region are expected to accelerate the growth of the regional market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

COVID-19 Impact on the Voice Recognition Market

COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.

To know more about the covid-19 impact, get a free sample report, here:


Who are the Top Market Players?

After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players -

  • Aculab PLC
  • Agnitio S.L.
  • Auraya Systems
  • Aware, Inc.
  • Daon, Inc.
  • ID R&D, Inc.
  • Mobvoi Information Technology Company Limited
  • NEC Corporation
  • Nuance Communications, Inc.
  • OneVault.

What deliverables will you get in this report?

  • In-depth analysis of the Voice Recognition Market
  • Detailed market segmentation.
  • Competitive-landscape analysis.
  • Historical, present, and future market size analysis.
  • Industry trends, technologies, and advancements.
  • Growth and operation strategies adopted by key players.
  • Potential segments/regions offering promising growth.
  • Geographical presence of the key players.

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