Speech and voice recognition technologies enable hands-free control of various equipment and devices, facilitating automatic transcription and generating print-ready dictation. These devices can respond to voice commands and incorporate several security measures and techniques, including template-on-token, match-on-token, multimodal systems, data-hiding procedures, and cancellable systems. These measures ensure the protection and privacy of user data while enhancing the functionality and usability of speech and voice recognition systems.
According to Data Bridge Market Research, the Speech and Voice Recognition Market accounted for USD 2,512.74 million in 2022 and is expected to reach USD 11,125.35 million by 2030. The market is expected to grow with a CAGR of 20.44% in the forecast period of 2023 to 2030.
“Growing demand of speech and voice recognition in automotive vertical”
The speech and voice recognition market benefits from the automotive sector's substantial market share. Advancements in automotive technologies, such as connected systems, enable drivers to receive real-time updates on traffic conditions and alternate routes. In the forecast period, speech and voice recognition technologies are expected to find extensive applications in retail and consumer sectors, particularly in the Asia-Pacific region. This is due to the growing adoption of connected devices and the increasing prevalence of personal assistants like Amazon Alexa and Google Home. Therefore, driving the market’s growth.
What restraints the growth of the speech and voice recognition market?
“High cost of speech and voice recognition”
The high cost of speech and voice recognition technologies can be attributed to various factors. These include the complexity of the underlying algorithms and systems, the need for robust hardware and software infrastructure, and the research and development investments required to improve these technologies' accuracy and performance continually. Additionally, specialized training and customization for specific applications or industries contribute to the overall cost, further restraining the market’s growth.
Segmentation: Asia-Pacific Speech and Voice Recognition Market
The speech and voice recognition market is segmented on the basis of technology, product type, component, deployment, and vertical.
- On the basis of technology, the speech and voice recognition market is segmented into Artificial Intelligence (AI) based and non-artificial intelligence based.
- On the basis of product type, the speech and voice recognition market is segmented into speech recognition software, automatic speech recognition, text-to-speech, speaker identification, speaker verification and voice recognition software.
- On the basis of component, the speech and voice recognition market is segmented into solution, services.
- On the basis of deployment, the speech and voice recognition market is segmented into cloud based and on premise.
- On the basis of vertical, the speech and voice recognition market is segmented into entertainment and mobile apps, banking, financial services, and insurance (BFSI), healthcare, automotive, analytics, military and security, education and academics, and others.
Regional Insights: China Dominates the Speech and Voice Recognition Market
China has witnessed the largest market share in the Asia-Pacific speech and voice recognition market due to technological advancements which are taking place in artificial intelligence-based software.
Japan has witnessed the second-largest market share in Asia-Pacific due to the rise in the demand for artificial intelligence-based speech and voice recognition devices.
South Korea has witnessed the third largest market share because there is a rise in awareness and usage of speech and voice recognition devices in the profiled market.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/asia-pacific-speech-voice-recognition-market
Recent Developments
- In May 2021, Nuance Communications collaborated with Athena health, to integrate visual assistant and Nuance discourse technology into Athena health’s mobile applications and electronic health records. With this integration, clients can use voice-driven power to reduce time and improve the patient experience.
- In April 2021, Baidu collaborated with Logitech to improve performance, improve efficiency and streamline communication with language barriers through Voice and artificial intelligence (Al). The partnership goals to empower Baidu Al to increase the accuracy and speed of recognition for Logitech customers.
The Prominent Key Players Operating in the Speech and Voice Recognition Market Include:
- 24]7.ai, Inc (U.S.)
- 3M (U.S.)
- Acapela Group
- Advanced Voice Recognition Systems, Inc. (U.S.)
- Apple, Inc.(U.S.)
- Genesta Property Nordic AB (Sweden)
- Genesys (U.S.)
- Google (U.S.)
- Honeywell International, Inc.(U.S.)
- IBM (U.S.)
- LumenVox (U.S.)
- Microsoft (U.S.)
- Nuance Communications, Inc. (U.S.)
- Open Text Corporation (Canada)
- Sensory, Inc. (U.S.)
- SESTEK (Turkey)
- Voxware, (U.S.)
- Wizzard Speech LLC (Germany)
Above are the key players covered in the report, to know about more and exhaustive list of speech and voice recognition market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Asia-Pacific Speech and Voice Recognition Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Asia-Pacific vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
