The Global Voice and Speech Recognition Software Market size is estimated to be USD 8.88 billion in 2019 and is predicted to reach USD 57.45 billion by 2030 with a CAGR of 18.5% from 2020-2030. Voice and Speech Recognition is a small part of biometric system. By the help of this software the spoken words can be digitally modified with the help of microphone or telephone. This software is also used in the smart devices for security, command, and increased use of hands free. The voice recognition system analyses the speaker behind the particular voice.
Market Dynamics and Trends
The rapidly developing technology and technological advancement over the period of time has promoted the growth of voice and speech recognition market. Moreover, increased adoption of smart devices and increased of IoT and artificial intelligence coupled with changing lifestyle of people is expected to contribute the growth of voice and speech recognition software market.
The other factors such as research and development, wide applications and increase in demand for consumer electronics are further expected to augment the growth of voice and speech recognition software market. However, lack of accuracy, impaired speech, error in data processing and others are expected to hamper the growth of voice and speech recognition software market. On the other hand further development in the technology with wide adoption and upgrades are expected to create ample opportunities in the voice and speech recognition software market in the near future.
Market Segmentations and Scope of the Study:
The global voice and speech recognition software market share is analyzed on the basis of technology, deployment, function, vertical and geography. On the basis of technology, the market is segmented into AI based and Non-AI based. On the basis of function, the market is divided into speech recognition and voice recognition. The speech recognition is further sub segmented into automatic speech recognition and text to speech. The voice recognition is further sub segmented into Speaker identification and Speaker verification. Based on deployment, the market is segmented into on-premises and on cloud. Based on vertical, the market is segmented into automotive, BFSI, consumer, education, enterprise, government, healthcare, legal, military, retail, others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
North America denotes a higher adoption of the voice and speech recognition and is anticipated hold the highest market share during the forecast period. This is attributable to the factors including presence of advanced technology coupled with the increased use of smart devices and R&D activities.
It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to changing lifestyle, higher adoption of advanced technology and increased demand of smart devices.
The voice and speech recognition market is highly competitive and fragmented in nature with the presence of various market players contributing the overall market size. Some of the key players are Nuance Communications, Microsoft Inc., Advanced Voice Recognition Systems, M2SyS LLC, MMODAL Inc., Sensory Inc., VoiceBox Technologies Corp., LumenVox LLC., Biotrust, Agnitio S.L, and ValidSoft UK Limited among others
There have been various developments taken place into the voice and speech recognition market. For instance, in June 2019, IBM and Adweek, LLC has announced the creation of the Institute for Brand Marketing, a program for marketers designed in partnership with IBM Watson Advertising and Adweek. Offering marketers the skills to help advance in a disruptive marketplace, the initiative will provide complimentary, interactive courses, custom research, thought leadership and live educational experiences at industry events across the country.
- The voice and speech recognition market report provides the quantitative analysis of the current Voice and Speech Recognition Software Market Trend and estimations through 2020-2030 that assists in identifying the prevailing market opportunities to capitalize on.
- The study comprises a deep dive analysis of the voice and speech recognition market trend including the current and future trends for depicting the prevalent investment pockets in the market.
- The information related to key drivers, restraints and opportunities and their impact on the voice and speech recognition market is provided in the report.
- The competitive analysis of the market players along with their market share in the global voice and speech recognition market.
- The SWOT analysis and Porters Five Forces model is elaborated in the study.
- Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
KEY MARKET SEGMENTS:
- Global Voice and Speech Recognition market – By Technology
- AI Based
- Non-AI Based
- Global Voice and Speech Recognition market – By Function
- Speech Recognition
- Automatic Speech Recognition
- Text To Speech
- Voice Recognition
- Speaker Identification
- Speaker Verification
- Speech Recognition
- Global Voice and Speech Recognition market – By Deployment
- AI based
- Non AI Based
- Global Voice and Speech Recognition market – By Vertical
- Global Voice and Speech Recognition market –By Geography
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of RoW
- North America