Global Voice and Speech Recognition Market Research Report: Forecast (2023-2028)

Market Definition

Voice and speech recognition comes under computer science and linguistics, which enables machines and systems to recognize, understand and translate spoken languages into text. Automatic Speech Recognition (ASR) is the ability of a system to convert words spoken aloud into algorithms that the machine would understand and convert them into readable text.

Market Insights & Analysis: Global Voice and Speech Recognition Market (2023-28)

The Global Voice and Speech Recognition Market is projected to grow at a CAGR of more than 20% during the forecast period, i.e., 2023-28. With technological advancement in existing electronic devices accompanying flourishing options for new gadgets, the global market for speech & voice recognition is anticipated to thrive. Besides, the steady adoption of speech & voice recognition in navigation software, disability assistance, healthcare, hands-free communication, and documentation is opening up new avenues for the market players in the coming years. Moreover, with the growth of IoT, the need for security and privacy has arisen, resulting in better alternatives, such as voice-activated biometrics, for privacy and security purposes.

Further, the advent of the in-car speech recognition system in the automobile industry has truly minimized the urge to look at one's device while driving, thereby eliminating distracted driving and subsequent crashes. Thus, the consolidation of voice-enabled in-car infotainment systems is in more demand. Moreover, speech and voice recognition software is smartly slithering its way into daily gadgets and innovations, thus contributing to industry expansion over the forecast years. Besides, voice recognition technology has joined hands with the healthcare system, smart home devices, and personal gadgets taking it a step further from the traditional setup of buttons and touch-enabled options to now commands and follow-up through voice and speech recognition, thus maximizing the market revenue in the long run.

Moreover, the rapid increase of mischievous fraud and cyberattacks amongst different industries, especially banking, is instigating the authorities to incur strict and innovative detection and prevention systems, thus leading to the emergence of voice biometrics, which warrants the growth of the Global Voice and Speech recognition market. Besides, the rising adoption of technology in growing countries, rapid digitalization in public sectors, and interactive systems in the metro would push market ascension in the forecast period. Furthermore, the acknowledgment over time regarding the benefits of interaction with devices through voice commands would provide remunerative prospects for the global voice and speech recognition industry in the coming years.

Global Voice and Speech Recognition Market Key Trend:

Augmenting Consumer Preferences for Smart Homes and Workplaces - There has been a global trend of turning houses into smart ones, filled with gadgets and digitalized versions of traditional essentials. Due to rapid technological advancements, the growing internet presence of individuals, and the growing urge for secure homes and workplaces, there is a demand to turn spaces automated in terms of their functionality. Besides, smart devices, including speech and voice-recognizing devices, have become indispensable to daily lives, especially after the Pandemic. Given this, tech giants are adding voice recognition features to every possible device, enabling consumers to control and command the appliances. As such, the demand for AI-based products, such as Google Home and Alexa, has increased over time. Likewise, home appliance manufacturers like Whirlpool and Philips, providing voice assistance with their products, further encourage market expansion.

Global Voice and Speech Recognition Market (2023-28): Segmentation Analysis

The Global Voice and Speech Recognition Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the Function, and Technology the market has been further classified as:

Based on Function,

• Voice Recognition
  • Speaker identification
  • Speaker verification
• Speech Recognition
  • Automatic speech recognition
  • Text to speech

Between the two, Speech Recognition is expected to witness prevailing growth in the forecasting period. It owes to the higher demand for modification and functions in automobiles, mobile phones, and smart home devices, which are the most suitable for the installation of speech recognition. As the world advances towards further digitalization, the need for better access to technology is yearned for, which can be fulfilled through this innovative technology. Recently, South Korean researchers have developed a new speech recognition tech that uses facial movement to identify words. This tech could revolutionize the healthcare and military industry, leading to further positive fluctuations in the speech recognition market growth. Because of its extensive benefits, speech recognition has already been introduced to numerous industries, including banking finance services & insurance (BFSI), healthcare, education, retail, and the military. Further integration of speech recognition into the core functions of various industries is expected to heighten market growth.

Based on Technology,

• Artificial Intelligence Based
• Non-Artificial Intelligence Based

Between the two, the Artificial Intelligence-Based Voice and Speech Recognition segment is expected to attain faster growth during the forecast period. It primarily attributes to the accuracy exhibited by Artificial Intelligence in understanding and recognizing different speech patterns by converting speech into speech unit algorithms, formulation, and demonstration. Besides, the development of Artificial intelligence has brought along the scope for machine learning and language processing. As such, the rise and acceptance of AI-based smart devices like Google-Home, and Alexa is foreshadowing a demand and rise in the speech and voice recognition market in the forecast period.

Global Voice and Speech Recognition Market Regional Projection

Geographically, the Global Voice and Speech Recognition Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Here, Asia-Pacific is currently going through notable growth within several industries, including AI, consumer electronics, gadgets, healthcare, military, education, BFSI, automotive, entertainment, and retail. Economic growth and heavy spending habits are contributing to the technological evolution of the Asia-Pacific region. Further, the growing use of smart devices and gadgets by young consumers, and the adoption of teaching aid and evaluation systems, especially in China, have positively influenced the industry across the region. Besides, the expanding tourism industry in South Korea due to the Korean wave has called for continuous language translation. Additionally, the demand for smart cars and high-level authentications is elevating the Asia Pacific region's growth in the Global voice and speech recognition market over the forecast years.

On the other hand, North America is projected to acquire a prominent share in the forecast period. It owes principally to the growing adoption of voice-enabled services, especially in smart home appliances, thereby boosting the use of voice and speech recognition in mobile banking, consumer electronics, and IoT devices with the presence of prominent market players such as Amazon.com Inc., Google LLC, and Microsoft corporations.

Global Voice and Speech Recognition Industry Recent Developments 

• In November 2022, M*Modal, Inc. launched 3MTM M*Modal Fluency Direct, AI-powered speech recognition technology to accelerate digital health transformation at the 2022 HIMSS Middle East Health Conference & Exhibition in Riyadh. The technology will help clinicians in all care settings to capture the complete and accurate patient story while simultaneously focusing on delivering high-quality patient care.

Global Voice and Speech Recognition Market Key Driver:

Successive Use of Voice and Speech Recognition in Healthcare Setups - Typing reports, making notes, data entry, and maintaining records have become smooth with the introduction of voice and speech recognition in the medical industry. Thus, healthcare professionals are leaning more toward Natural Language Processing (NLP) algorithm-based voice recognition software solutions. With such solutions, doctors and other healthcare professionals can dedicate more time to patient care instead of writing notes manually since such software makes it easier for doctors to synchronize their notes with electrical health records (HER). Given such benefits, the acknowledgment of the need for voice and speech recognition software is anticipated to boost in the future, thus influencing the industry's growth.

Global Voice and Speech Recognition Market Possible Restraint:

Software Limitation in Recognizing Homophones or Heteronyms Correctly - Homophones are words that sound alike but possess different spellings and meanings. Speech recognition AI might struggle to identify such homophones in the same sentence without a modified language model. Voice and speech recognition might also face difficulty in the presence of external noise. Also, sometimes the same word may portray different meanings according to the context. For example, fall means autumn, drop, loss of virtue, or decrease, an example of a heteronym. Thus, it may not be easy to understand the meaning or context of the sentence if there is confusion about the present heteronym or homophones. This confusion might reduce the trust factor in these speech or voice recognition software which might subsequently impede market growth in the coming years.

Global Voice and Speech Recognition Market Growth Opportunity:

Substantial Shift in Consumer Buying Behavior - Consumers have demonstrated a massive behavioral shift in terms of buying methods. Switching to e-shopping has provided consumers an edge over traditional ways in terms of convenience. The new shopping methods have become even more indulging with the introduction of voice assistants. Various tasks related to e-shopping can be made easy with voice assistant features, including searching for products, filtering the list, creating a shopping list, and setting a reminder to buy later. In addition, adding items to the shopping cart, making a purchase, checking availability, checking the status of an order, and providing feedback have become hassle-free with voice assistance. With the ever-lucrative wave of e-commerce, voice assistant applications would experience a surge in their usage, thus creating a plethora of opportunities for tech giants to come up with more innovative applications.

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