The voice and speech recognition market is significantly driven by increasing technological advancements and a surge in the adoption of smart devices. Voice and speech recognition technology enables computers and devices to understand and interpret human speech, converting spoken words into written text or actionable commands. This technology has witnessed significant advancements in recent years and has found widespread adoption in various industries and applications. The growing requirement for self-service functionalities in applications such as call centers and banking is anticipated to create new growth avenues for the industry.
According to a study by Grand View Research, in 2023, the global voice and speech recognition market size was valued USD at 20.3 billion and is anticipated to expand at a CAGR of 14.6% from 2024 to 2030. The increasing number of users leveraging mobile applications for banking transactions is boosting the adoption of voice and speech recognition solutions. Also, an increase in fraudulent banking activities is a significant factor driving banking organizations’ demand for high-end security measures, such as voice biometrics. Furthermore, significant investments in voice recognition technology-based companies encourage voice and speech recognition software advancements.
Different Verticals, Different Trends:
- Banking: Banks are increasingly adopting voice assistants, including Alexa and Siri to launch speech and voice recognition systems. Payments companies such as PayPal Venmo, and banks including N26 and the Royal Bank of Canada enable payments through conversations with Siri.
- International banks are now exploring voice technology to increase security measures for their customers. For instance, an Interactive Voice Response (IVR) tool helps banks improve customer engagement when using their financial services.
- Automotive: With the integration of in-car infotainment features and new government norms for safety features in automobiles, AI and connectivity have now become the natural extensions of automotive voice recognition systems. Apple’s car uses voice speech recognition-based technology that helps drivers get directions, make calls, and use other phone features.
- Military: Significant use of voice speech recognition in the military is opportunistic for the industry. The JUDI (Joint Understanding and Dialogue Interface) capability was created by researchers from the Army Research Laboratory (ARL) of the U.S. Army Combat Capabilities Development Command and the Institute for Creative Technologies of the University of Southern California. The voice recognition process enables bi-directional conversational interactions between soldiers and autonomous systems.
- Healthcare: Virtual assistants with speech recognition capabilities are used by doctors to create and access patient data while they are on the go, plan visits, tests, and diagnostic procedures. The usage of patient-facing software, such as telemedicine solutions and mental health apps, has made receiving consultations easier for patients with motor and visual impairments.
- Retail: Harnessing speech recognition technology is exceptionally advantageous for retail and e-commerce enterprises to get ahead of the curve. It helps enhance customer service, cut costs throughout the company, and provide customers with a more individualized and frictionless buying experience.
What is in Store?
The potential applications of voice and speech technology are rapidly evolving. As the technology continues to flourish, it is anticipated that it will seamlessly integrate into the daily lives of individuals. Whether it is voice-enabled smart homes or nuanced communication with virtual assistants, the future of voice is undoubtedly fascinating. However, with progress comes the accountability to ensure privacy, security, and unbiased access for users.
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Voice And Speech Recognition Market Segmentation
Grand View Research has segmented the global voice and speech recognition market on the basis of function, technology, vertical, and region:
Voice Speech Recognition Function Outlook (Revenue, USD Million, 2017 - 2030)
Voice Recognition
Speaker Identification
Speaker Verification
Speech Recognition
Automatic Speech Recognition
Text-to-Speech
Voice Speech Recognition Technology Outlook (Revenue, USD Million, 2017 - 2030)
AI-based
Non-AI-based
Voice Speech Recognition Vertical Outlook (Revenue, USD Million, 2017 - 2030)
Automotive
Enterprise
Consumer
BFSI
Government
Retail
Healthcare
Military
Legal
Education
Others
Voice Speech Recognition Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Switzerland
Poland
Asia Pacific
China
Japan
India
South Korea
Singapore
Pakistan
Malaysia
Australia
Hong Kong
Vietnam
South America
Brazil
Argentina
Chile
Middle East Africa
UAE
Saudi Arabia
Israel
South Africa
Nigeria
List of Key Players of Voice And Speech Recognition Market
Advanced Voice Recognition Systems, Inc.
Agnitio S.L.
Amazon.com, Inc.
Api.ai
Apple, Inc.
Anhui USTC iFlytek, Ltd.
Baidu, Inc.
BioTrust ID B.V.
CastleOS Software, LLC
Facebook, Inc.
Google, Inc.
International Business Machines Corp.
Microsoft Corp.
MModal, Inc.
Nortek Holdings, Inc.
Nuance Communications, Inc.
Raytheon Company
SemVox GmbH
Sensory, Inc.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
