Speech and Voice Recognition Market Sales to Top US$ 83 Billion by 2032; Market.us

The growing popularity of mobile banking applications as a convenient and accessible means of conducting financial transactions has led to significant demand for voice authentication. Mobile banking offers a range of services, including account management, fund transfers, bill payments, and more, all of which require secure and reliable authentication methods, such as voice authentication.

New York, May 10, 2023 (GLOBE NEWSWIRE) -- The Speech and Voice Recognition Market size accounted for USD 14 billion in 2022 and it will expand to USD 83 billion by 2032, accelerating at a CAGR of 20%.

Speech and voice recognition is considered a small part of biometric systems. Voice recognition is a biometric technology for identifying an individual's voice, whereas speech recognition is used to recognize words in spoken language.

Speech and Voice Recognition Market

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Key Takeaway:

  • By Technology, the speech recognition segment generated a revenue share of 65% in 2022.
  • By Deployment Mode, the cloud segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
  • By End-User, the healthcare segment held the highest market share for biopsy devices.
  • In 2022, North America dominated the market with the highest revenue share of 32%.
  • Europe will grow at a significant CAGR from 2023-2032.

A few factors that contribute to the market's growth include the rise in digitalization, speech-based biometric systems, the demand for voice authentication in mobile banking applications, the improvement of end-use industries, the rise in speech and voice recognition technology penetration in smart appliances, and the use of AI to improve the accuracy of speech and voice recognition systems.

Factors affecting the growth of the speech and voice recognition market

There are several factors that can affect the growth of the speech and voice recognition market. Some of these factors include:

  • Increase in Demand for Speech-Based Biometric Systems: The demand for speech-based biometric systems will likely facilitate the growth of the global biopsy device market.
  • The Huge Demand for Voice Authentication in Mobile Banking Applications: The main factor driving the market's growth is the huge demand for voice authentication in mobile banking applications.
  • The Increase in Digitalization: The increase in digitalization boosts market growth.
  • Increasing Popularity of Online Shopping: The increasing popularity of online shopping is expected to boost the market's growth further.
  • The Dominance of AI-Powered Devices: The dominance of AI-Powered devices in the market results in the market's growth.

Top Trends in Global Speech and Voice Recognition Market

In the market, the growth of artificial intelligence is generating the potential for digitalization. The systems and search algorithms were advanced to develop machine learning, including its applications in everyday life, showing the dominance of AI-powered devices. For instance, Google’s RankBrain was designed to recognize phrases and words to learn, understand, and predict outcomes. It uses natural learning processing technologies and machine learning to transcript voice searches. Additionally, the appreciation was acquired by web conferencing tools in the market. Providing post-call transcripts with the help of real-time captioning from speed, calls, and voice recognition technology can develop more advanced.

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Market Growth

The advancement in artificial intelligence technology is estimated to increase the growth of the market at a faster rate during the forecast period 2023-2032. There is an increased demand for artificial intelligence technology, as the system accurately recognizes speech patterns. This will likely enhance the growth of the global speech and voice recognition market.

Regional Analysis

North America held the highest revenue share at 32% of the market. The region is expected to develop at a stable CAGR and remains dominant throughout the forecast period. The surge in the implementation of voice-enabled smartphone applications and the enhanced use of speech & voice recognition in consumer electronics, mobile banking, and IoT devices are estimated to propel the market growth in NA.

In Europe, it is projected that speech & voice recognition technologies will likely witness growth in consumer electronics as well as the retail sectors because of the growing trend of connected devices in home automation. In APAC, there will be an increase in demand for speech & voice recognition in Japan, Singapore, and China, which will improve the market's growth. The market will likely register a faster CAGR in this region during 2023-2032. The growing penetration of voice-enables devices in healthcare, as well as in automotive segments, is expected to boost the growth of the market in APAC.

Competitive Landscape

To obtain a competitive edge, vendors in the market are concentrating on enhancing the customer base. Hence, major market players are undertaking various strategies such as partnerships and, mergers & acquisitions. For instance, Cantab Research and Nuix entered a partnership in September 2020. Nuix is the creator of advanced software. It converts data into actionable intelligence. Similarly, Nuix and Speechmatics bring highly secure and accurate speech recognition technology to businesses through an end-to-end software solution.

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Scope of the Report

Report AttributeDetails
Market Value (2022)USD 14 Billion
Market Size (2032)USD 83 Billion
CAGR (from 2023 to 2032)20.0%
North America Revenue Share32.0%
Historic Period2016 to 2022
Base Year2022
Forecast Year2023 to 2032

Market Drivers

Enormous implementation of developing technologies such as machine learning, AL, and IoT increases global speech and voice recognition market growth. Due to voice-based authentications, the demand for voice and speech biometric systems was increased. Furthermore, using neural networks and deep learning in applications, such as audio-video speech recognition, speaker adaptation, isolated word recognition, and digital speaker recognition, will likely upsurge the demand for voice technologies. To enhance their businesses long-term, prominent players are concentrating on such developing advancements.

Market Restraints

As voice technology continues to grow, engineers and developers are trying to beat challenges related to speech systems. Punctuation, fluency, accent technical problems, background noise, and speaker identification are the factors that were frequently hampering speech recognition solutions. Moreover, another challenge is the breakthrough in accuracy for languages excluding American English.

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Market Opportunities

In emerging countries, consumer buying behavior is shifting because people are focusing on online shopping. Customers can shop and enquire about features & prices by staying at home. Online shopping allows customers to automate their usual shopping operations. Also, they can even receive personalized recommendations based on their previous purchases, and with the use of voice assistants, this experience can be more participatory & frictionless. As per the Survey done in 2017 named Conversational Commerce Survey, undertaken by Capgemini, 41% of consumers prefer a voice assistant to an app or website at the time of shopping online.

Report Segmentation of the Speech and Voice Recognition Market

Technology Insight

The speech recognition segment accounted for the largest share of 65% of the total market, and over the forecast period, the segment's dominance will likely continue. The factors such as frequent developments in AI and the advancements in smart appliances with the accessibility of faster internet connectivity will likely boost the growth of the global speech and voice recognition market.
Also, during the forecast period, voice recognition is likely to have the highest CAGR due to increasing its adoption in healthcare institutes, contact centers, and banking & finance institutes to reduce illegal activities. The speech patterns of users' and speakers' voices can be recognized with the help of AI-based speech and voice recognition software.

Deployment Mode Insight

The cloud segment accounted for 59% of the market's largest share. The segment is projected to improve with the fastest CAGR as there is a huge demand for cloud solutions. The rise in cloud implementation among organizations is estimated to boost cloud deployments during the forecast period. The on-premise segment is projected to have a slow demand during the forecast period due to the expanding implementation of cloud-based solutions in the market.

End-User Insight

The healthcare segment held the largest revenue share of the market. Due to the outbreak of COVID-19, the demand for speech and voice recognition software has elevated considerably in healthcare as well as BFSI.

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Market Segmentation

Based on Technology

  • Speech Recognition
    • Automatic Speech Recognition
    • Speech-to-Text
  • Voice Recognition
    • Speaker Identification
    • Speaker Verification
  • Other Technologies

Based on the Deployment Mode

  • On-premise
  • Cloud

Based on End-User

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Market Key Players:

  • Amazon.com Inc.
  • Apple Inc.
  • Google Inc.
  • Nortek Holdings Inc
  • Baidu Inc.
  • Alphabet Inc.
  • Sensory Inc.
  • Raytheon Company
  • Meta Platforms Inc.
  • Microsoft Corporation
  • International Business Machines Corporation
  • Nuance Communications Inc.

Recent Development of the Speech and Voice Recognition Market

  • In April 2022- Imagine Learning declared a collaboration with SoapBox Labs. Imagine learning is an education solution utilized by millions of children in the US. This Dublin-based voice recognition startup drives playing experiences and delightful learning for children.
  • In April 2022- A Yorkshire hospital’s trust launched a speech recognition technology. An NHS healthcare technology professional is developing this technology. The Calderdale and Huddersfield NHS Foundation Trust (CHFT) is the technology implemented by The Health Informatics Services (THIS) to aid its hosting trust. This technology supervises the Calderdale Royal Hospital, Huddersfield Royal Infirmary in Halifax, and community engagement programs.

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