Voice and Speech Recognition Market Growth is fuelled by Increasing Demand for Voice-Driven Navigation Systems

Voice and Speech Recognition Industry Overview

The global voice and speech recognition market size was valued at USD 14.42 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 15.3% from 2022 to 2030. The market is anticipated to be driven by technological advancements and the rising adoption of advanced electronic devices.

Voice-activated biometrics used for security purposes help in providing access to authenticated users for performing a transaction. The growing use of voice biometrics is among the major factors driving the market growth. The increasing demand for voice-driven navigation systems and workstations is impelling growth in the hardware and software segments.

Gather more insights about the market drivers, restraints, and growth of the Global Voice and Speech Recognition Market

The integration of voice-enabled in-car infotainment systems is gaining popularity across the globe as several countries initiate “hands-free” regulations that govern the use of mobile phones while driving. The developers of voice and speech products are focusing on innovations, which are expected to accelerate the market growth over the forecast period. The use of voice recognition technology in smartphones enables doctors and clinicians to translate their voice into a rich, detailed clinical description, which is recorded in the Electronic Health Record (EHR) system. The increasing penetration of voice-enabled IoT devices in smart home automation is expected to drive the market in the near future. IoT-enabled devices would benefit a number of traditionally offline devices with innovative means of user interactions in addition to traditional means, such as touch screens and buttons.

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Voice and Speech Recognition Industry Segmentation

Grand View Research has segmented the global voice and speech recognition market based on function, technology, vertical, and region:

Voice & Speech Recognition Function Outlook (Revenue, USD Million, 2017 - 2030)

• Voice Recognition
• Speech Recognition

Voice & Speech Recognition Technology Outlook (Revenue, USD Million, 2017 - 2030)

• Artificial Intelligence Based
• Non-Artificial Intelligence Based

Voice & Speech Recognition Vertical Outlook (Revenue, USD Million, 2017 - 2030)

• Automotive
• Enterprise
• Consumer
• BFSI
• Government
• Retail
• Healthcare
• Military
• Legal
• Education
• Others

Voice and Speech Recognition Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• South America
• MEA (Middle East & Africa)

Market Share Insights:

September 2020: Cantab Research entered into a partnership with Nuix, the creator of innovative software that transforms data into actionable intelligence. Together, Speechmatics and Nuix are bringing highly accurate, secure speech recognition technology to businesses through an end-to-end software solution.

September 2020: Microsoft and Nuance Communications introduced Nuance Dragon Ambient eXperience (DAX), an Ambient Clinical Intelligence (ACI) solution, now integrated into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes.

Key Companies profiled:

Some prominent players in the global Voice and Speech Recognition Industry include

• Advanced Voice Recognition Systems, Inc.
• Agnitio S.L.
• Amazon, Inc.
• Api.ai
• Apple, Inc.
• Anhui USTC iFlytek, Ltd.
• Baidu, Inc.
• BioTrust ID B.V.
• CastleOS Software, LLC
• Facebook, Inc.
• Google, Inc.
• International Business Machines Corp.
• Microsoft Corp.
• MModal, Inc.
• Nortek Holdings, Inc.
• Nuance Communications, Inc.
• Raytheon Company
• SemVox GmbH
• Sensory, Inc.

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