Voice And Speech Recognition Market Executive Summary, Variables, and Forecasts 2030

Voice and Speech Recognition Industry Overview

The global voice and speech recognition market size was valued at USD 14.42 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 15.3% from 2022 to 2030.

The market is anticipated to be driven by technological advancements and the rising adoption of advanced electronic devices. Voice-activated biometrics used for security purposes help in providing access to authenticated users for performing a transaction. The growing use of voice biometrics is among the major factors driving the market growth. The increasing demand for voice-driven navigation systems and workstations is impelling growth in the hardware and software segments.

Gather more insights about the market drivers, restrains and growth of the Global Voice and Speech Recognition Market

North America voice and speech recognition market size, by technology, 2020 - 2030 (USD Million)

The integration of voice-enabled in-car infotainment systems is gaining popularity across the globe as several countries initiate “hands-free” regulations that govern the use of mobile phones while driving. The developers of voice and speech products are focusing on innovations, which are expected to accelerate the market growth over the forecast period. The use of voice recognition technology in smartphones enables doctors and clinicians to translate their voice into a rich, detailed clinical description, which is recorded in the Electronic Health Record (EHR) system.

The increasing penetration of voice-enabled IoT devices in smart home automation is expected to drive the market in the near future. IoT-enabled devices would benefit a number of traditionally offline devices with innovative means of user interactions in addition to traditional means, such as touch screens and buttons.

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Market Share Insights

  • September 2020: Microsoft and Nuance Communications introduced Nuance Dragon Ambient eXperience (DAX), an Ambient Clinical Intelligence (ACI) solution, now integrated into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes.
  • March 2018: IBM launched Watson Assistant, a smart enterprise voice recognition and the assistant system powered by AI, cloud, and IoT.

Key Companies profiled:

Some prominent players in the global voice and speech recognition market include,

  • Advanced Voice Recognition Systems, Inc.
  • Agnitio S.L.
  • com, Inc.
  • 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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