Overview

Speech and Voice Recognition Market Overview

Speech and voice recognition market value over USD 24 Billion by 2027 end and register a CAGR of over 17% from 2020 to 2027.

Voice and Speech recognition captures the human voice by a microphone and then translates it into digital words. It also helps in identifying the speaker. Apple's Siri and Amazon's Alexa are prime examples of speech and voice recognition applications.
The gloabl market is segmented into technology, vertical, deployment, and region. Based on technology, the market is bifurcated into voice recognition and speech recognition. An increasing number of cyber attacks has led to accelerated adoption of voice recognition technology. Voice recognition reduces the chances of security breaches. On the basis of deployment, the market is bifurcated into embedded and on-premises & on cloud . Advancements in cloud technology have resulted in end users opting for on-premises & on cloud. Based on vertical, the market is classified into government, healthcare, automotive, retail, education, BFSI, Consumer and Enterprise.

The rise of e-commerce industry has led to the urgent requirement of safety to ensure safer transactions. Banks have increased the level of authentication to prevent cyber crimes and have safe transactions. BFSI is estimated to dominate the market during the forecast period. The ANZ Bank in Australia has deployed Voice ID to ensure safe transactions.

Extensive growth of cloud-based technology and the Internet of things have led to a vast number of end-users adopting speech and voice recognition. The healthcare industry has extensively utilized speech and voice recognition to generate and maintain health records. The rising demand for speech and voice-based biometric systems is driving the growth of the market. The rapid expansion of the internet of things is expected to play an essential role in accelerating the growth of the market. Manufacturers are considering of deploying speech and voice recognition in service robots which would boost the growth of the market.

However, inaccuracy in recognizing different accents, impaired speech resulting in improper encoding are some of the factors which are anticipated to hinder the growth of the market.

North America leads the speech and voice recognition market. Asia-Pacific region is the most lucrative region for the speech and voice recognition market.

Some of the established players of the market are:

Raytheon BBN Technologies, Nuance Communications, MMODAL Inc., Microsoft Inc., Pareteum, BioTrust, Apple Inc. and HOYA Corporation.

Speech and Voice Recognition Market Segmentation:
By Technology:
• Voice Recognition
• Speech Recognition

By Vertical:
• Government
• Healthcare
• Automotive
• Education
• BFSI
• Consumer & Retail
• Enterprise

By Deployment:
• Embedded
• On-Premises & On Cloud

By Region
• Europe
• North America
• APAC
• Latin America
• Rest of World

Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants

FutureWise Takeaways:
• Growth prospects
• SWOT analysis
• Key trends
• Key data points affecting market growth

Objectives of the Study:
• To provide with an exhaustive analysis on speech and voice recognition market based on the technology, vertical, deployment and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and core competencies