Voice and Speech Recognition Market 2022-2027: Industry Size, Growth and Forecast

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Voice and Speech Recognition Market

Voice and Speech Recognition Market Report:

As per the latest report by IMARC Group, titled “Voice and Speech Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on voice and speech recognition market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global voice and speech recognition market reached a value of US$ 8.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2027, exhibiting at a CAGR of 18.25% during 2022-2027.

Voice and speech recognition authorize contactless control to several devices and equipment that delivers input for automatic translation and generates print-ready dictation. These devices have the capability to respond to voice commands and convert spoken words into digitally modified and stored set of words by utilizing microphones and telephones. Voice and speech recognition systems in the healthcare sector are emerging as an efficient alternative in devices where typing is difficult owing to small screens.

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Market Trends:

The global market is majorly driven by the increasing demand for biometric solutions in identity verification. In line with this, the rising number of fraudulent activities in several sectors, along with the growing number of smartphone devices, and the usage of mobile computing, is expected to drive the growth of the voice and speech recognition market. Furthermore, enhanced adaptability and advancements in automated technology are positively influencing the market. Moreover, the accelerating demand for voice-driven navigation systems and workstations is propelling the market growth. Besides this, 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, thus significantly contributing to the global demand. Additionally, the penetration of voice-enabled IoT devices in smart home automation is creating a positive outlook for the market.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

  • Nuance Communication
  • Microsoft
  • Google, Inc
  • IBM
  • Baidu, Inc
  • Facebook, Inc.
  • Apple, Inc.
  • Amazon, Inc.
  • Advanced Voice Recognition Systems
  • Sensory
  • BioTrust ID B.V.
  • Voicebox Technologies

Voice and Speech Recognition Market Segmentation:

Our report has categorized the market based on region, technology, deployment mode, delivery methods and end-use.

Breakup by Technology:
  • Voice Recognition
  • Speech Recognition
Breakup by Deployment Mode:
  • On Cloud
  • On-Premises/Embedded

Breakup by Delivery Methods:

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

Breakup by End-Use:

  • Automotive
  • Enterprise
  • Consumer
  • Banking, Financial Services, and Insurance (BFSI)
  • Government
  • Retail
  • Healthcare
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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