Speech and Voice Recognition Market Is Expected To Generate US$ 43 Billion Revenue By 2030, Globally
The Global Speech and Voice Recognition Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Speech and Voice Recognition Market was valued at US$ 7.8 billion and expected to reach US$ 43 billion by 2030. Speech and voice recognition software is built on NLP algorithms to detect voice commands, speeches, and then it converts voice commands to an electronic form that can be further saved for other applications. Increasing penetration of smartphones coupled with advancement in technological infrastructure is driving the speech and voice recognition market. Voice and speech recognition is witnessing high demand in the healthcare sector owing to a rise in usage of voice command to record the patient’s details through voice. The voice and speech recognition is also used in the R&D center and medical labs to check the authenticity of the employee and also they make sure no clinical data is breached. The rising number of small and medium enterprises across North America and the Asia Pacific is creating new opportunities in the speech and voice recognition market. The leading players operating in the market are focusing on business expansions through strategic partnerships in the form of mergers and acquisitions, which is anticipated to expedite competition in the market.
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Increasing investment in R&D activities to develop the NLP algorithm is anticipated to dominate speech and voice recognition consumption in coming years
The global speech and voice recognition market is segmented on the basis of function, technology, end-user and geography. Based on function, the global speech and voice recognition market is segmented into speech recognition and voice recognition. Based on technology, the global speech and voice recognition market is segmented into artificial intelligence and non-artificial intelligence. Based on end-user, the global speech and voice recognition market is segmented into automotive, healthcare, BFSI, education, government services, retail, military and defense and others. The artificial intelligence of speech and voice recognition in technology contributed the largest share of 43.5% to the global speech and voice recognition market in terms of volume in 2019 and is anticipated to be a dominating segment throughout the forecast period. Speech and voice recognition is used in military facilities to activate drones, aircraft and other systems. These voice recognition systems have advanced technologies that measures the pitch of the voice, muscle activity and others. These advanced features have driven the voice recognition technology in defense sector.
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The wireless is anticipated to be the fastest growing application of speech and voice recognition during the forecast period growing at a CAGR of 20.50% during the forecast period in terms of revenue. The application of speech and voice recognition in automotive industry contributed more than US$ 1.5 billion to the global speech and voice recognition market in 2019 and is anticipated to witness prominent growth during the forecast period.
Based on geography, the global speech and voice recognition market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, the United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Australia, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
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