Europe Speech and Voice Recognition Market – Industry Trends and Forecast to 2030

Europe Speech and Voice Recognition Market, By Delivery Mode (Artificial Intelligence Based and Non- Artificial Intelligence Based), Technology (Voice Recognition and Speech Recognition), Deployment Mode (On-Cloud and On-Premises and Embedded), Vertical (Automotive, Enterprise, Consumer, Banking, Financial Services and Insurance, Government, Retail, Healthcare, Military, Legal, Education and Others) – Industry Trends and Forecast to 2030.

Europe Speech and Voice Recognition Market Analysis and Size

The rise in acceptance of advanced technology across the region acts as one of the major factors driving the growth of the Europe speech and voice recognition market. The increase in penetration of speech and voice recognition technology in smart appliances and the use of Artificial Intelligence (AI) to enhance the accuracy of speech and voice recognition systems accelerate the market growth. The surge in demand for speech-based biometric systems for multifactor authentication and the use of speech and voice recognition technology for transcription further influence the market. Additionally, the rise in digitization, expansion of end-use industries, rapid urbanization, application of speech and voice recognition in service robotics, and high demand for voice authentication in mobile banking applications positively affect the Europe speech and voice recognition market. Furthermore, the creation of a more personalized experience for users and the integration of speech and voice recognition technology with mobile applications extend profitable opportunities to the market players in the forecast period of 2023 to 2030.

Data Bridge Market Research analyses that Europe speech and voice recognition market, valued at USD 1,484.7 million in 2022, is expected to reach USD 4,221.3 million by 2030, growing at a CAGR of 16.2% during the forecast period of 2023 to 2030. “Speech recognition” segment dominates the market and has gained significant traction in recent times due to the growing demand for fast-converting spoken language into written text. 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.

Europe Speech and Voice Recognition Market Scope and Segmentation

Market Definition

Voice and speech recognition is considered a small part of biometric systems. Speech recognition is defined as a process of converting spoken words into digitally modified and stored sets of words by utilizing microphones and telephones. Two parameters that access the quality of speech recognition include the speed which measures how well the software matches with human speakers.

Europe Speech and Voice Recognition Market 

Drivers

• Increasing Technological Advancements

Rapid advancements in technology, such as artificial intelligence (AI) and natural language processing (NLP), have significantly improved the accuracy and reliability of speech and voice recognition systems. These advancements enable better speech understanding, voice authentication, and real-time language translation, driving the adoption of these technologies in various industries.

• Increasing Demand for Voice-Enabled Devices

The rising popularity of voice-controlled smart speakers, virtual assistants, and mobile applications has created a strong demand for speech and voice recognition technologies. Consumers increasingly use voice commands to interact with their devices, access information, and perform tasks, leading to the widespread adoption of speech and voice recognition solutions.

Opportunity

• Technological Advancements and Innovation

The increasing adoption of virtual assistants and smart speakers in various industries creates a demand for advanced speech recognition technologies. The continuous advancements in technology, including artificial intelligence, machine learning, and sensor technologies, present significant opportunities for the Europe speech and voice recognition market. These innovations enable robots to become more intelligent, versatile, and capable of handling complex tasks, expanding their application possibilities across various industries.

Restraint/Challenge

• Limited Vocabulary and Contextual Understanding

Speech and voice recognition systems often struggle with understanding and interpreting complex vocabulary, industry-specific jargon, or context-specific information. They may encounter difficulties comprehending subtle nuances, slang, or domain-specific terms. Expanding the vocabulary and enhancing contextual understanding pose challenges that need to be overcome for speech and voice recognition systems to be widely applicable across various industries and use cases.

This Europe speech and voice recognition market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the 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 Europe speech and voice recognition market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Development

• In April 2022, Verint launched Verint Virtual Assistant (IVA), a low-code conversational Al offering, which can rapidly turn the existing conversation data into automated self-service experiences. It allows business professionals to quickly deploy a production-ready chatbot to deflect calls and support customers. Verint IVA enables businesses to expand capabilities across the enterprise with boundless intelligence for both voice and digital
• In September 2021, Microsoft and Nuance Communications introduced Nuance Dragon Ambient experience (DAX), an ambient clinical intelligence (ACI) solution, to integrate it into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes

Europe Speech and Voice Recognition Market Scope

The Europe speech and voice recognition market is segmented on the basis of delivery mode, technology, deployment mode, and vertical. The growth amongst these segments will help you analyse 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.

Delivery Mode

• Artificial Intelligence Based
• Non- Artificial Intelligence Based

Technology

• Voice Recognition
• Speech Recognition

Deployment Mode

• On-Cloud
• On-Premises and Embedded

Vertical

• Automotive
• Enterprise
• Consumer
• Banking
• Financial Services and Insurance
• Government
• Retail
• Healthcare
• Military
• Legal
• Education
• Others

Europe Speech and Voice Recognition Market Regional Analysis/Insights

The Europe speech and voice recognition market is analyzed and market size insights and trends are provided by delivery mode, technology, deployment mode, and vertical as referenced above.

The countries covered in the Europe speech and voice recognition market report are Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia and Rest of Europe.

Germany dominates the market owing to factor such as the growing popularity of smart speakers, smartphones, and other connected devices was driving the demand for speech and voice recognition technology. These devices often use voice assistants such as Amazon's Alexa, Google Assistant, or Apple's Siri, which rely on voice recognition technology.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as 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 regional 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.

Speech and Voice Recognition Infrastructure Growth Installed Base and New Technology Penetration

The Europe speech and voice recognition market also provides you with detailed market analysis for every country growth in technology expenditure for capital equipment, installed base of different kind of products for Europe speech and voice recognition market, impact of technology using life line curves and changes in ultra-wideband regulatory scenarios and their impact on the Europe speech and voice recognition market. The data is available for historic period 2015-2020.

Competitive Landscape and Europe Speech and Voice Recognition Market Share Analysis

The Europe 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 Europe speech and voice recognition market.

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

• HOYA Corporation (Japan)
• Raytheon (U.S.)
• Advanced Voice Recognition Systems, Inc. (U.S.)
• Pareteum (U.S.)
• Sensory, Inc. (U.S.)
• VoiceVault Inc. (U.K.)
• LumenVox, LLC. (U.S.)
• Acapela Group SA (Belgium)
• VocalZoom (Israel)
• BioTrust (Singapore)
• Uniphore (U.S.)
• Voicebox Technologies Corporation (U.S.)
• Cantab Research Limited (U.K.)
• Microsoft (U.S.)
• Nuance Communications Inc. (U.S.)
• FLYTEK CO. LTD. (China)