The Global Voice and Speech Recognition Market are projected to grow at a CAGR of more than 20% during the forecast period, i.e., 2023-28, cites MarkNtel Advisors in the recent research report. The prime factor driving the growth the market is the technological advancements in existing electronic devices, coupled with choices for new gadgets. The global trend of turning houses into smart ones, installed with new gadgets, and digitalized versions of conventional essentials, is another factor driving the market. Furthermore, the arrival of the in-car speech recognition system in the automobile industry has diminished the urge to look at one’s device while driving, thereby preventing distractions and subsequent crashes. Therefore, the installation of voice-enabled in-car infotainment systems has created a massive demand and progressed the market further.
Further, the tech giants are adding voice recognition features to every possible device, including installations of AI and IoT. For instance, Google Home and Alexa have increased exponentially, and home appliance manufacturers like Whirlpool and Philips have offered voice assistance with their products. Thus, the steady adoption of voice and speech recognition in navigation, home appliances, disability assistance, healthcare, hands-free communication, and documentation is providing remunerative prospects for the growth of the market in the coming years, further states the research report, “Global Voice and Speech Recognition Market Analysis, 2023.”
The market is broadly fragmented based on function, technology, and end-user. On the basis of function, the market is segmented into voice recognition and speech recognition. And Based on technology, the market is segmented into artificial intelligence-based, and non-artificial intelligence based. Based on the end-user, the market is segmented into automotive, banking financial services and insurance (BFSI), education, enterprise, government, healthcare, legal, military, retail, and others.
Curious Need for Modifications in Smart Devices Fuels the Speech Recognition Segment
The speech recognition segment is likely to gain traction due to the expanding demand for modifications in automobiles, mobile phones, and smart home devices that are specifically suitable for speech recognition systems. Broadly, the curious need to access the latest technologies and rapid digitalization fundamentally drives the speech recognition segment. Recently, South Korean researchers have developed a new speech recognition system that uses facial movement to identify words. Hence, these factors are leading to positive fluctuations and primarily driving the speech recognition segment.
Technological Evolution in Asia-Pacific Propels the Market Ascension Across the Region
The Asia-Pacific region is expected to experience significant growth in the forecasted time frame. This is due to the continuous technological evolution in several industries, including electronics, healthcare, military, education, banking, financial services, insurance (BFSI), automotive, entertainment, and retail. Furthermore, the growing use of smart devices and new gadgets among the youth population and the adoption of teaching aids and evaluation systems in China have had a significant impact on the market across the region. Additionally, continuous research and development, as well as language translation facilitations, are driving the growth of voice and speech recognition systems in Asia-Pacific.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players including Advanced Voice Recognition Systems, Inc., Agnitio S.L. (subsidiary of Nuance Communications Inc.), Amazon.com, Inc., Anhui USTC iFlytek Co., Ltd., Apple Inc., Baidu, Inc, BioTrust ID B.V., Google LLC, International Business Machines Corporation, M2Sys LLC., LumenVox LLC, Microsoft Corporation, M*Modal, Inc., Nuance Communication, Inc, Raytheon Company.
Key Questions Answered in the Research Report