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Voice and Speech Recognition Technology - Global Market Trajectory & Analytics

  • ID: 4721459
  • Report
  • February 2022
  • Region: Global
  • 869 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • 3M Company
  • Apple, Inc.
  • Google, Inc.
  • LumenVox LLC
  • Open Text Corporation
  • Sestek

Global Voice and Speech Recognition Technology Market to Reach US$20.9 Billion by the Year 2026


Voice and speech recognition technology is emerging as the basis of advanced voice services in various applications including voice-based commerce, customer service applications, clinical documentation for healthcare industry, and virtual digital assistants for automobiles. Growth in the global market is being driven by the expanding applications of voice and speech recognition technologies, with customer care, healthcare, and financial institutions emerging as major end-use markets for the technology. Rising demand for speech-based biometric systems for carrying out multifactor authentication is another major factor driving growth in the market. Increasing focus on combating fraud in major end-use verticals including enterprise, banking and healthcare sectors and the growing adoption of mobile banking services by banking institutions and e-commerce retailers are enhancing the need for more secure verification process, thereby driving implementations of voice recognition/authentication technologies. Sustained innovations in computing power and the growing adoption of cloud-based services are also boosting market prospects. Automatic speech recognition (ASR), text-to-speech (TTS) and speaker verification (SV) are few applications driving growth in the speech technology marketplace.

Amid the COVID-19 crisis, the global market for Voice and Speech Recognition Technology estimated at US$7.7 Billion in the year 2020, is projected to reach a revised size of US$20.9 Billion by 2026, growing at a CAGR of 18.1% over the analysis period. Speech, one of the segments analyzed in the report, is projected to grow at a 16.1% CAGR to reach US$15.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Voice segment is readjusted to a revised 22.6% CAGR for the next 7-year period. This segment currently accounts for a 27.8% share of the global Voice and Speech Recognition Technology market. Speech recognition technology has been developed as an approach to allow individuals to interact easily with smartphones and its applications. Growth of the speech recognition market is being driven by the extensive adoption of mobile computing technology and increasing proliferation of smartphones. Voice recognition technology is capable of analyzing speaker`s identity, by studying behavioral patterns of people, such as accent, voice pitch, speaking style, among others. Advancements in machine learning and speech technology, constantly reducing costs, and growth in processing power are all driving growth in the voice recognition market.



The U.S. Market is Estimated at $2.9 Billion in 2021, While China is Forecast to Reach $2.3 Billion by 2026


The Voice and Speech Recognition Technology market in the U.S. is estimated at US$2.9 Billion in the year 2021. The country currently accounts for a 33.2% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$2.3 Billion in the year 2026 trailing a CAGR of 21.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 16% and 16.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 17% CAGR while Rest of European market (as defined in the study) will reach US$2.8 Billion by the end of the analysis period. In developed markets, speech technology has become the mainstay in enterprise call centers and telecommunication devices. Further, there is a growing adoption of speech technology in automobiles and in-car systems with both the US-based and European automobile manufacturers exhibiting high level of interest in the technology. Also driving market growth is the increasing adoption of speech recognition solutions in BFSI and healthcare sectors for purposes such as time and attendance monitoring. The increasing awareness about speech and voice recognition technology and the reducing cost of biometric devices are fueling market growth in Asia-Pacific region, especially in countries such as China and India.

Select Competitors (Total 192 Featured) -

  • [24]7.ai, Inc.
  • 3M Company
  • Acapela Group
  • Advanced Voice Recognition Systems, Inc.
  • Apple, Inc.
  • Genesta
  • Genesys Telecommunications Laboratories, Inc.
  • Google, Inc.
  • Honeywell International, Inc.
  • IBM Corporation
  • LumenVox LLC
  • Microsoft Corporation
  • Nuance Communications, Inc.
  • Open Text Corporation
  • Sensory, Inc.
  • Sestek
  • Voxware, Inc.
  • Wizzard Speech LLC
The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Frequently Asked Questions about the Global Market for Voice and Speech Recognition Technology

What is the estimated value of the Global Market for Voice and Speech Recognition Technology?

The Global Market for Voice and Speech Recognition Technology was estimated to be valued at $7.7 Billion in 2020.

What is the growth rate of the Global Market for Voice and Speech Recognition Technology?

The growth rate of the Global Market for Voice and Speech Recognition Technology is 18.1%, with an estimated value of $20.9 Billion by 2026.

What is the forecasted size of the Global Market for Voice and Speech Recognition Technology?

The Global Market for Voice and Speech Recognition Technology is estimated to be worth $20.9 Billion by 2026.

Who are the key companies in the Global Market for Voice and Speech Recognition Technology?

Key companies in the Global Market for Voice and Speech Recognition Technology include [24]7.ai, Inc., 3M Company, Acapela Group, Advanced Voice Recognition Systems, Inc., Apple, Inc., Genesta, Genesys Telecommunications Laboratories, Inc., Google, Inc. and IBM Corporation.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • 3M Company
  • Apple, Inc.
  • Google, Inc.
  • LumenVox LLC
  • Open Text Corporation
  • Sestek

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Impact of COVID-19 Pandemic and Looming Global Recession
  • 2020 Marked as a Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Pandemic-Driven Need for Touchless Interactions Spurs Demand for Voice-based Technologies
  • Amidst the Pandemic, Voice & Speech Technologies Hold Promise for Healthcare Sector
  • MIT Researchers Use Speech Recordings to Detect Change in Voice Quality
  • Lincoln Laboratory Conducts Research on Vocal Biomarkers
  • Touchless.ai: A Remarkable Innovation in Touchless Space
  • Voice and Speech Recognition Technology - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • An Introduction to Voice and Speech Recognition Technology
  • Speech Recognition Technology
  • History of Speech Technology
  • Types of Speech Technology
  • Voice Recognition Technology
  • Voice and Speech Recognition Technology: Enabling Man-to-Machine Communication
  • Global Market Prospects & Outlook
  • Consumer Market to Drive Gains in the Global Market
  • Speech Recognition Leads the Voice and Speech Recognition Technology Market
  • Voice Recognition: Poised to Witness High Growth
  • Developed Markets Lead, Developing Regions to Spearhead Future Growth
  • Factors Restraining Market Growth
  • Competition
  • Global Speech Recognition Software Market Breakdown of Revenues (in %) by Leading Competitors: 2020
  • World Brands
  • Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Proliferation of Multifunctional Mobile Devices & Smart Speakers Drives Market Prospects
  • Smartphone Penetration Rate as Share of Total Population: 2016-2021
  • Global Market for Smartphones (in Billion) for 2016-2021
  • Global Smart Speakers Market Size (in $ Billion) for the Years 2019, 2021, 2023 and 2025
  • Growing Potential for Voice & Speech Recognition in Healthcare Sector
  • Medicare Care Networks Embrace Voice Recognition Software
  • Role of Voice Assistants in Healthcare Industry
  • Key Benefits of Voice Technology for Medical Services
  • Major Applications & Use Cases of Speech Recognition Technology for Healthcare Sector
  • An Overview of Major Speech Recognition Applications for Various Healthcare Services and Special Needs Assistance
  • Number of People with Disabling Hearing Loss (in Million) for 2019, 2030, 2040 and 2050
  • Closed Captioning: Providing Hearing-Impaired Access to Information
  • Automatic Captioning Systems Come to the Aid of Hearing Impaired
  • Intelligent Conversational Systems for Self-Care
  • Voice Technology for Command and Control
  • Increasing Adoption of Speech Technology in Radiology
  • Key Challenges Confronting Adoption of Voice & Speech Technology in Healthcare
  • Banking and Financial Services Industry Embraces Voice and Speech Recognition Technology
  • Risk Averse Financial Institutions Turn to Voice & Speech Technology
  • Use Cases of Voice and Speech Recognition Technology in Financial Services and Banking Sector
  • Methodical Approach to Implement Voice Technology: An Important Consideration
  • Voice Bots: Enabling Natural Language Recognition
  • COVID-19 Pandemic Accelerates Shift towards Digital Banking, Presenting Growth Opportunities
  • Banking Regulations Stress on Security Issues in Voice Technology
  • Voice Biometrics Continues to Gain Growth in BFSI Sector
  • Mobile Banking Applications Give Rise to Increased Demand for Voice-based Authentication
  • Global Online Banking Market Size (in US$ Billion) for the Years 2019, 2021, 2023 and 2025
  • Virtual Assistants: Enabling a Range of Financial Services
  • Mobile Biometrics Emerge as a Critical Solution to Address Security Challenges
  • Rising Importance of AI Technology for Enhancing Accuracy of Voice & Speech Recognition Technology
  • Promising Future Ahead for AI-Enabled Voice Technology
  • AI-Driven Speech Recognition Offers Numerous Advantages for Businesses
  • Speech-based Biometric Systems Finds Increasing Importance for Multifactor Authentication
  • Financial Losses in the US Due to Internet Crime in US$ Million: 2012-2020
  • Potential Role in Developing Voice & Speech Recognition Software in Micro-Linguistics & Local Languages
  • Efforts to Create Multilingual Communication Platforms Gain Momentum in India
  • Growth of Service Robotics Boosts Use of Speech & Voice Recognition Technology
  • Global Service Robotics Market: Sales in US$ Million by Geographic Region/Country for the Years 2020 and 2027
  • Technology Holds Prominence in Education for Disabled Students
  • Voiced-Enabled Technologies for Speech Impaired Individuals
  • AI-Powered Technologies for Universal Speech Recognition for the Disabled
  • Advantages of Voice Assistants for People with Upper Limb Disabilities
  • Growing Role of Speech & Voice Recognition Technology in Cars
  • Rising Relevance of Digital Voice Assistants in In-Vehicle Control Systems
  • Key features of Voice Assistance Systems for Automobiles
  • A Glance at Select In-Car Speech Recognition Systems
  • Auto Production Trends to Influence Market Outlook
  • World Automobile Production in Million Units: 2008-2022
  • With Autonomous Cars Concept Gaining Strength, Role of Speech & Voice Recognition to Find Increased Acceptance
  • Growing Role of Voice & Speech Recognition Technology in Retail Sector
  • Voice Recognition-Supported Shopping to Make Strong Gains
  • Robust Growth of e-Commerce Industry: A Potential Market Opportunity
  • Global E-Commerce Market as a % of Retail Sales for the Period 2017, 2019, 2021 & 2023
  • Military Systems Look Towards Voice Recognition Technology for Improved Access Control
  • U.S. Army’s ARL Develops JUDI
  • Consumer Electronics Emerges as a Key Market for Voice Recognition Technology
  • Global Opportunity for Consumer Electronics (In US$ Million) for Years 2020, 2022, 2024, 2026 and 2028
  • Rising Popularity of Voice-Activated Speakers
  • Home Automation Trend Bodes Well for Voice & Speech Technology Adoption in Consumer Electronics
  • Global Smart Home Penetration Rate (%): 2017-2025
  • Smart Home Penetration Rate (%) by Region/Country: 2020
  • Pre-Configured Voice Skill Sets for Home Automation
  • Voice Assistants Poised for High Growth Amidst the Home Automation Trend
  • Data Security Concerns in Voice Activation Technology
  • Voice Assistant Technology for Enterprise: Promising Growth Ahead
  • Use Cases of Voice Technology in Enterprises
  • Integrating Voice Assistant into a Single System for Staff Management
  • Constraints of Voice Assistants in an Enterprise
  • Key Voice & Speech Recognition Products for Businesses & Enterprises
  • Globalization & Workforce Decentralization Spur Demand in the Enterprise Sector
  • Global Workforce Population: Percentage Share Breakdown of Employees by Nature of Work for 2009, 2017 & 2024
  • Legal Offices Look to Deploy Speech & Voice Recognition Market
  • Speech Recognition Applications in Legal Profession
  • Use of Dictation Machines and Beyond
  • Need for Legal Analytics: Historical Background and Present Scenario
  • Use of Speech Recognition Technology by Law Enforcement Agencies
  • Automated Speech Recognition (ASR): The Widely Used Speech Recognition Technology
  • Text-to-Speech Emerges as a Realistic, Natural Conversation Tool
  • Rising Importance of Speech Technology in the IoT Era
  • Global Number of IoT Connected Devices (In Billion Units) for the Years 2016, 2018, 2020, 2022 & 2025
  • Cloud-based Speech Technology Continues to Make Strong Progress
  • Speech Recognition and the Gaming Industry
  • Technology Trends Poised to Transform Voice Recognition Market
  • Notable Speech Recognition Technology Trends in 2021 & Beyond
  • Innovations & Advancements in Voice and Speech Recognition Technology Market
  • Application of AI and Signal Processing in Diagnosing COVID-19 symptoms
  • Usage of Vocal Biomarkers in Diagnosis of a Disease
  • Usage of AI Based Asymptomatic Screening Tools
  • Determining the Spread of COVID-19 using AI Technology
  • Speech Recognition for COVID-19 Diagnosis Not Completely Reliable
  • Technological Advancements Enhance Accuracy
  • Advancements in Voice User Interface (VUI) Technology
  • Voice Assistants Usage in R&D Laboratories
  • Major Challenges Facing Market Growth
  • Limitations of Voice Assistant Technologies
  • Challenges Facing Speech Recognition Market

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Speech Technology Market Remains Firm
  • Voice Recognition Market for Smartphones
  • Speech Recognition Technology: A Prominent Role in Healthcare Sector
  • Growing Adoption of Speech Recognition Systems among Physicians
  • Advancements in Speech Recognition Technology Augur Well for Healthcare Industry
  • Enterprise-Wide Deployment: Key to Success of Speech Recognition Technology in Healthcare Sector
  • Nuance Leads Radiology Speech Recognition Market
  • Amid Growing Risks, Financial Sector Embraces Voice Biometrics
  • Rising Demand for Speech Analytics Technology in Insurance Industry
  • Automotive Industry Looks to Voice Recognition Technology for Improving Driver Safety
  • Speech Recognition Technology Making Way into Air Traffic Control

CANADA

  • Market Overview

JAPAN

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)

CHINA

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • China: Lucrative Market for Voice Technologies
  • iFlytek Strives to Solidify its Leadership in Voice Recognition Market
  • Competition
  • Leading Players in the Chinese Speech Recognition Market (2020): Percentage Breakdown of Revenues for Apple, Baidu, iFlytek, Nuance and Others

EUROPE

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Market Overview

FRANCE

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
  • Market Overview

AUSTRALIA

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)

INDIA

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
  • India Emerges as a Prominent Consumer
  • Speech Technology to Aid Indian Farmers

SOUTH KOREA

  • Market Overview

REST OF ASIA-PACIFIC

  • Singapore: Voice Assistants to Witness Broader Consumer Uptake

LATIN AMERICA

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)

ARGENTINA


BRAZIL


MEXICO


REST OF LATIN AMERICA

MIDDLE EAST

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)

IRAN


ISRAEL


SAUDI ARABIA


UNITED ARAB EMIRATES


REST OF MIDDLE EAST

AFRICA

  • Voice and Speech Recognition Technology Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)

IV. COMPETITION

  • Total Companies Profiled: 192
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • [24]7.ai, Inc.
  • 3M Company
  • Acapela Group
  • Advanced Voice Recognition Systems, Inc.
  • Apple, Inc.
  • Genesta
  • Genesys Telecommunications Laboratories, Inc.
  • Google, Inc.
  • Honeywell International, Inc.
  • IBM Corporation
  • LumenVox LLC
  • Microsoft Corporation
  • Nuance Communications, Inc.
  • Open Text Corporation
  • Sensory, Inc.
  • Sestek
  • Voxware, Inc.
  • Wizzard Speech LLC
Note: Product cover images may vary from those shown