London, June 18, 2020 (GLOBE NEWSWIRE) -- Technological advancements in AI are increasingly disrupting various functions across industries, including automotive, healthcare, consumer electronics, and so on. Emergence of smart technologies for various applications in these industries are increasingly creating opportunities for integration of voice or speech recognition tools as a part of smart solutions, to further improve user experience.
Widespread adoption of smart gadgets and smart devices among consumers is increasingly driving the adoption of various speech and voice enabled tools. Thus, the growing demand for voice-enabled applications in the devices including smart speakers, consumer electronics, and smart wearable gadgets; connected cars; smart home devices, and in the healthcare industry is expected to contribute to the growth of the speech and voice recognition market over the coming years.
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Speech recognition technologies are increasingly being recognized as cost-effective and convenient mechanisms to control different types of connected devices that are vital part of smart homes, connected cars, and other smart technologies. Growing consumer interest towards adoption of advanced voice-enabled devices is driving the interest of several established players and start-ups towards developing consumer-centric solutions for this market.
The speech and voice recognition market is expected to grow at a CAGR of 17.2% from 2019 to 2025 to reach $26.8 billion by 2025. The market growth is primarily driven by factors, such as rising acceptance of advanced technology together with increasing consumer demand for smart devices, a growing sense of personal data safety and security, and increasing usage of voice-enabled payments and shopping by retailers. Furthermore, consistent proliferation of advanced technologies, such as artificial intelligence, and machine learning, speedy expansion of smart devices market, and increasing willingness to employ voice assistants at websites or physical shops are also encouraging consumers to adopt voice-enabled devices. However, although the adoption of voice-enabled devices is one a rise, there is still a certain level of reluctance towards adopting new technologies, mainly due to high cost of smart devices, low awareness for different functionalities of speech and voice enabled devices, and lack of accuracy of voice-enabled devices in recognizing regional accents and dialects, which may restrain the growth of the speech and voice recognition market to some extent.
Emerging economies such as Asia-Pacific and Latin America are likely to offer high growth opportunities for players operating in the voice-enabled devices market. Further, rising demand for voice biometric devices to ensure high-level security with the explosion of speech technologies primarily in the healthcare, autonomous and connected cars, and consumer electronics applications are offering new growth avenues for the Speech and voice recognition market. Technological collaborations between service providers and smart devices manufacturers for better interconnectivity are also expected to drive the market growth during the forecast period.
The global speech and voice recognition market is segmented by function type (speech recognition, and voice recognition), end-user (automotive, healthcare, BFSI, education, hospitality, government and public services, manufacturing/enterprise, retail and e-commerce, legal, consumer electronics, and military and defense), technology type (artificial intelligence, and non-artificial intelligence), and geography.
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Based on the function type, speech recognition technology commanded the largest share of the overall speech and voice recognition market in 2019; whereas, on the basis of end-user, healthcare industry commanded the largest share of the overall speech and voice recognition market in 2019.
On the basis of technology type, artificial intelligence powered solutions commanded the largest share of the overall speech and voice recognition market in 2019. Technological advancements in the field of artificial intelligence are fabricating hyper-personalized customer experiences; thus, dominating the growth of voice-activated devices. The extensive acceptance of AI-based technology, particularly in education, BFSI, hospitality, automotive, e-commerce, healthcare, tourism, and enterprises industries worldwide are also contributing to the overall growth of the AI-enabled speech and voice recognition technology market.
Geographically, the global speech and voice recognition market is segmented into North America (the U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and Middle East & Africa. North America region dominated the global speech and voice recognition market in 2019, followed by Asia-Pacific and Europe. Asia-Pacific region is expected to witness the fastest CAGR during the forecast period. Growing demand for connected cars, smart technologies, high-level secured authentication devices; increasing adoption of teaching aid and evaluation system, especially in China; and increasing usage of smart devices such as smartphones, smart speaker by young consumer groups in the region are driving the growth of the speech and voice recognition market in the APAC region.
The global speech and voice recognition market is fragmented in nature and is characterized by the presence of several low, mid, and high-level companies competing for the market share. Some of the leading companies operating in the global speech and voice recognition market are from the core technology background. These include Nuance Communications, Inc. (U.S.), Google LLC (U.S.), Apple Inc. (U.S.)., Amazon (U.S.), iFlytek (China), LumenVox LLC (U.S.), Sensory (U.S.), and Sestek (Turkey). These companies are leading the market owing to their strong brand recognition, diverse product basket, strong distribution and sales network, and strong organic and inorganic growth strategies. The other key players operating in the global Speech and voice recognition market are Microsoft (U.S.), IBM (U.S.), Baidu (China), Dolbey (OH), Raytheon (U.S.), Harman International (U.S.), Speechmatics (U.K.), EML European Media Laboratory GmbH (Germany), Toshiba (Japan), NTT Docomo Inc. (Japan), Yahoo Japan Corp. (Japan), AI Inc. (Japan), Alibaba Group (China), and Voiceware (Korea), among many other local and regional players.
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Scope of the Report:
Market by Function
Market by End-User
Market by Technology
Market by Geography:
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