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Global Speech and Voice Recognition Market – Industry Trends and Forecast to 2028

  • Semiconductors and Electronics
  • Upcoming Report
  • Nov 2021
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60
  • Semiconductors and Electronics
  • Upcoming Report
  • Nov 2021
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Speech and Voice Recognition Market, By Technology (Voice Recognition, Speech Recognition), Delivery Method (Artificial Intelligence AI-Based, Non-Artificial Intelligence Based), Deployment Mode (On Cloud, On-Premises/Embedded), Vertical (Automotive, BFSI, Consumer, Education, Enterprise, Government, Healthcare, Legal, Military, Retails, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028

Speech and Voice Recognition Market Market Analysis and Insights : Global Speech and Voice Recognition Market

The speech and voice recognition market is expected to witness market in the forecast period of 2021 to 2028 and is expected to reach the value of USD 13,564.40 million by 2028. Data Bridge Market Research report on speech and voice recognition market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The rise in per capita income globally is escalating the growth of speech and voice recognition market.

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

The rise in acceptance of advanced technology across the globe acts as one of the major factors driving the growth of speech and voice recognition market. The increase in penetration of speech and voice recognition technology in smart appliances and use of Artificial Intelligence (AI) to enhance accuracy of speech and voice recognition systems accelerate the market growth. The surge in demand for speech-based biometric systems for multifactor authentication and use of speech and voice recognition technology for transcription further influence the market. Additionally, 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 speech and voice recognition market. Furthermore, creation of a more personalized experience for users and Integration of speech and voice recognition technology with mobile applications extend profitable opportunities to the market players in the forecast period of 2021 to 2028.

On the other hand, high cost associated with the high-end voice recognition systems and concerns regarding data privacy and security are expected to obstruct the market growth. Increased errors due to background noise and lack of standardized platform for development of customized products are projected to challenge the speech and voice recognition market in the forecast period of 2021-2028.

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 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. 

Global Speech and Voice Recognition Market Scope and Market Size

The speech and voice recognition market is segmented on the basis of technology, delivery method, deployment mode and vertical. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets. 

  • On the basis of product, the speech and voice recognition market is segmented into voice recognition and speech recognition. Voice recognition is segmented into speaker identification and speaker verification. Speech recognition is segmented into automatic speech recognition and text to speech.
  • On the basis of delivery method, the speech and voice recognition market is segmented into artificial intelligence AI-based and non-artificial intelligence based.
  • On the basis of deployment mode, the speech and voice recognition market is segmented into on cloud and on-premises/embedded.
  • On the basis of vertical, the speech and voice recognition market is segmented into automotive, BFSI, consumer, education, enterprise, government, healthcare, legal, military, retails and others.

Speech and Voice Recognition Market Country Level Analysis

The speech and voice recognition market is analyzed and market size, volume information is provided by country, technology, delivery method, deployment mode and vertical as referenced above.   

The countries covered in the speech and voice recognition market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).  

North America dominates the speech and voice recognition market due to the high digitalization and technological innovations within the region. Asia-Pacific is expected to witness significant growth during the forecast period of 2021 to 2028 because of the government policies favoring digitalization in the region.

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 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, regional presence, 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 report are Advanced Voice Recognition Systems Inc., Agnitio S.L, Amazon, Inc., Apple, Inc., iFlytek Co., Ltd, Baidu, Inc., BioTrust ID B.V, Castle Software, LLC., Facebook, Inc., Google, Inc., IBM, LumenVox, M2SYS Technology, Microsoft Corporation, MModal Inc., Nortex Holdings Inc., Nuance Communications, Inc., SemVox GmbH, Raytheon Technologies Corporation, Sensory Inc., Voice Technologies Corporation and VoiceVault Inc., among others.


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Speech and Voice Recognition Market growth at a rate of 25.00% CAGR by 2028
Speech and Voice Recognition Market value of USD 13,564.40 million by 2028
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.
The major players operating in the speech and voice recognition market report are Advanced Voice Recognition Systems Inc., Agnitio S.L, Amazon, Inc., Apple, Inc., iFlytek Co., Ltd, Baidu, Inc., BioTrust ID B.V, Castle Software, LLC., Facebook, Inc., Google, Inc., IBM, LumenVox, M2SYS Technology, Microsoft Corporation, MModal Inc., Nortex Holdings Inc., Nuance Communications, Inc., SemVox GmbH, Raytheon Technologies Corporation, Sensory Inc., Voice Technologies Corporation and VoiceVault Inc., among others.