Asia-Pacific Speech and Voice Recognition Market – Industry Trends and Forecast to 2030

Asia-Pacific Speech and Voice Recognition Market, By Technology (Artificial Intelligence (AI) Based and Non-Artificial Intelligence Based), Product Type (Speech Recognition Software, Automatic Speech Recognition, Text-To-Speech, Speaker Identification, Speaker verification, and Voice Recognition Software), Component (Solution, Services), Deployment (Cloud Based and On-Premise), Vertical (Entertainment & Mobile Apps, Banking, Financial Services, & Insurance (BFSI), Healthcare, Automotive, Analytics, Military & Security, Education & Academics, Others) – Industry Trends and Forecast to 2030.

Asia-Pacific Speech and Voice Recognition Market Analysis and Size

The speech and voice recognition system is now adopting local and multi-linguistics languages. The speech and voice recognition systems are highly used in the education of disabled students, autonomous cars, and service robotics, enhancing market growth. Moreover, a growing number of market players from the banking sectors are deploying voice assistants for several applications. For instance, Capita One, a pioneer in espousing voice recognition technology, has launched an Amazon Alexa Skill that allows users to access account information and complete their transactions with precise, fast, and secure means through voice commands.

Data Bridge Market Research analyses that the speech and voice recognition market was valued at USD 2512.74 million in 2022 and is expected to reach USD 11125.35 million by 2030, registering a CAGR of 20.44% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Asia-Pacific Speech and Voice Recognition Market Scope and Segmentation

Market Definition

Speech and voice recognition technologies allow contactless control of numerous equipment and devices that provide automatic translation input and create print-ready dictation. The speech and voice recognition devices can respond to voice commands. These are safeguarded by a number of provisions and techniques: template-on-token, match-on-token, multimodal systems, data-hiding techniques and cancellable systems.

Speech and Voice Recognition Market Dynamics

Drivers

• Growing demand of speech and voice recognition in automotive vertical

The automotive sector has a significant market share in speech and voice recognition market. The development of automotive technologies, for instance connected systems would update the driver with traffic situations on the route and another routes. Speech and voice recognition technologies are anticipated to have an extensive scope of application in retail and consumer verticals during the forecast period on account of the increasing adoption of connected devices and rising penetration of personal assistants, such as Amazon Alexa and Google Home in the Asia-Pacific regions.

• Rising  demand of speech and voice recognition due to unique features

Speech and voice recognition devices is high in demand owing to its high uniqueness and reliability, Voice is unique for every individual user, as it can be illustrious to everyone. Therefore, the possibility of fraudulence in the speech and voice recognition system is much less than other recognition systems, which is projected to considerably increase the usage of Speech and voice recognition systems.

Opportunities

• Increasing usage of speech and voice recognition in healthcare sector

Speech and voice recognition technology delivers a precise and cost-effective identity verification solution. It can simply be integrated with different healthcare platforms and equipment to allow secure authentication. Also, speech and voice recognition technologies also allow doctors to translate their voice into text, which is then recognized in advanced electronic health record system. Presently, a number of corporations are working towards evolving voice-enabled devices for the healthcare sector. This, along with the increasing adoption of speech or voice-enabled EMRs is anticipated to drive the healthcare sector to register the fastest growth in the market over the coming years.

• Technological advancements

Advancements in voice and speech recognition technology are progressively driving their applications for voice shopping. Enterprises are working with tech platforms, such as Amazon Alexa and Google Assistant, to develop appropriate solutions for the market, thus encouraging market growth. Some of the prevailing applications of voice and speech assistants in this area include purchasing groceries, homecare, apparel and electronic appliances, and ordering foods from restaurants, among others.

Restraints/ Challenges

• High cost

The high price for the installation and high cost of the product act as major market restraints and obstruct the market's growth rate in the abovementioned forecasted period.

• Threat of hackers

The risk of cyber-attacks and hackers also hinders the consumers' perception of the dependability oon speech and voice recognition systems which is expected to the major factor for challenging the market growth.

This speech and voice recognition market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the speech and voice recognition market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Covid-19 Impact on Speech and Voice Recognition Market

The outbreak of COVID-19 pandemic has impacted the speech and voice recognition market considerably. The speech and voice recognition market has been accounting for considerable growth due to the growing demand for a voice and speech-based biometric system. The pandemic has affected the market positively and negatively. The demand for smart appliances has augmented by most of the people which were working from home. This has create immense opportunities for the market growth. However, many people also focussed on mainlining basic lifestyle, so they avoided purchasing non-essential products during pandemic for a short period.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• 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 change 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.

Asia-Pacific Speech and Voice Recognition Market Scope

The speech and voice recognition market is segmented on the basis technology, product type, component, deployment and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Artificial Intelligence (AI) Based
• Non-Artificial Intelligence Based

Product Type

• Speech Recognition Software
• Automatic Speech Recognition
• Text-To-Speech
• Speaker Identification
• Speaker verification
• Voice Recognition Software

Component

• Solution
• Services

Deployment

• Cloud Based
• On Premise

Vertical

• Entertainment & Mobile App
• Banking, Financial Services & Insurance (BFSI)
• Healthcare
• Automotive
• Analytics
• Military & Security
• Education & Academics,
• Others

Speech and Voice Recognition Market Regional Analysis/Insights

The speech and voice recognition market is analyzed and market size insights and trends are provided by country, technology, product type, component, deployment and vertical as referenced above.

The countries covered in the speech and voice recognition market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).

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 for the second largest market share in Asia-Pacific region owing to the rise in the demand of artificial intelligence based speech and voice recognition devices. Moreover, South Korea has been witnessed for the third largest market share because there is rise in awareness and usage of speech and voice recognition devices in the profiled market.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Speech and Voice Recognition Market Share Analysis

The speech and voice recognition market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to speech and voice recognition market.

Some of the major players operating in the speech and voice recognition market are:

• 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)

Research Methodology: Asia-Pacific Speech and Voice Recognition Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

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, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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