Global Speech and Voice Recognition Technology Market Size More Than Doubles to Reach USD 39.42 Billion by 2029

Published | 16 May 2023

The global speech and voice recognition technology market is gaining traction because of the increasing demand for voice assistants in healthcare industry and growing adoption of artificial intelligence (AI) and natural language processing (NLP) technologies.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global speech and voice recognition technology market size at USD 14.19 billion in 2022. During the forecast period between 2023 and 2029, the global speech and voice recognition technology market size is projected to grow at a robust CAGR of 18.56% reaching a value of USD 39.42 billion by 2029. The widespread acceptance of new technologies is one of the key drivers for the global speech and voice recognition technology market. The expanding requirement for improved productivity in the healthcare sector and the rising popularity of smart appliances are also expected to be major growth factors for the global speech and voice recognition technology market during the period in analysis.

Global Speech and Voice Recognition Technology Market – Overview

The capacity of a machine or software to receive and interpret dictation or to comprehend and carry out the spoken commands is known as voice or speaker recognition. In sophisticated voice recognition software, AI and ML techniques like deep learning and neural networks are prevalent. To process speech, these systems analyze the grammar, syntax, structure, and audio and voice signal composition. Voice recognition is based on "template matching," which records a user's voice as a template. For software to recognize a user's voice, it must be "trained".

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Global Speech and Voice Recognition Technology Market – By End User

Based on end user, the global speech and voice recognition technology market is segmented into mobile apps, BFSI, healthcare, automotive, and others. The mobile apps segment accounts for the highest market share. Voice recognition software has the advantage of allowing faster non-typing writing on a computer, tablet, or smartphone. The words are shown on the screen as text when the speaker talks through an external, built-in, or headset microphone. They are prominently being used in digital assistants, such as Google, Siri, and Alexa, which plays a major factor in propelling the market growth.

Impact of COVID-19 on Global Speech and Voice Recognition Technology Market

The global speech and voice recognition technology market witnessed immense growth opportunities post the COVID-19 outbreak. The technology gained huge traction in the healthcare sector and was widely adopted for the successful identification of COVID-19 patients from their voice, cough, and breathing. For many who were confined to their homes during the pandemic, speech technologies and conversational AI made healthcare services available. The adoption of speech and voice recognition technologies by small and medium-sized businesses increased as they want to expand their markets and improve customer experiences, which also proliferated the market growth during the period.

Competitive Landscape

Major players operating in the global speech and voice recognition technology market include Amazon Web Services, Apple Inc., Baidu, Dolby Laboratories, Inc., Google LLC, IBM Corporation, Inbenta Technologies Inc., LumenVox LLC, Microsoft Corporation, Nuance Communications, Inc., Sensory, Inc., Speechmatics Ltd., Uniphore Software Systems, VoiceBox Technologies Corp., and Voicegain LLC.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Speech and Voice Recognition Technology Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global Speech and Voice Recognition Technology Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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