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Voice and Speech Recognition Technology - Global Market Trajectory & Analytics

  • ID: 4721459
  • Report
  • April 2021
  • Region: Global
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • Acapela Group
  • BioTrust ID B.V.
  • Google Inc.
  • LumenVox LLC
  • Sensory Inc.
  • Voxware Inc.
  • MORE
Global Voice and Speech Recognition Technology Market to Reach $32.2 Billion by 2027

Amid the COVID-19 crisis, the global market for Voice and Speech Recognition Technology estimated at US$9.6 Billion in the year 2020, is projected to reach a revised size of US$32.2 Billion by 2027, growing at a CAGR of 18.8% over the period 2020-2027. Speech, one of the segments analyzed in the report, is projected to record 17.1% CAGR and reach US$21 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Voice segment is readjusted to a revised 22.7% CAGR for the next 7-year period.



The U.S. Market is Estimated at $2.6 Billion, While China is Forecast to Grow at 24.3% CAGR

The Voice and Speech Recognition Technology market in the U.S. is estimated at US$2.6 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.6 Billion by the year 2027 trailing a CAGR of 23.9% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.6% and 16.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 14.9% CAGR.

Select Competitors (Total 76 Featured):
  • [24]7.ai
  • Acapela Group
  • Advanced Voice Recognition Systems Inc.
  • Apple Inc.
  • Applied Voice & Speech Technologies Inc.
  • BioTrust ID B.V.
  • Convergys Corp.
  • Genesys Telecommunications Laboratories Inc.
  • Google Inc.
  • Honeywell International, Inc.
  • IBM Corp.
  • LumenVox LLC
  • Microsoft Corp.
  • Nuance Communications Inc.
  • 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.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Acapela Group
  • BioTrust ID B.V.
  • Google Inc.
  • LumenVox LLC
  • Sensory Inc.
  • Voxware Inc.
  • MORE
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Impact of COVID-19 Pandemic & Looming Global Recession
  • An Introduction to Voice and Speech Recognition Technology
  • Global Market Prospects & Outlook
  • Developed Markets Dominate, Developing Regions to Spearhead Future Growth
  • Competition
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Proliferation of Multifunctional Devices & Smart Speakers Drives Market Prospects
  • Exhibit 1: Global Smart Speakers Market Size (in US$ Billion) for the Years 2019, 2021, 2023 & 2025
  • Growing Potential for Voice & Speech Recognition in Healthcare Sector
  • Mobile Banking Applications Give Rise to Increased Demand for Voice-based Authentication
  • Rising Importance of AI Technology for Enhancing Accuracy of Voice & Speech Recognition Technology
  • Voice Biometrics Technology Grows in Importance to Enhance Security Levels
  • Speech-based Biometric Systems Finds Increasing Importance for Multifactor Authentication
  • Potential Role in Developing Voice & Speech Recognition Software in Micro-Linguistics & Local Languages
  • Growth of Service Robotics Boosts Use of Speech & Voice Recognition Technology
  • Technology Holds Prominence in Education for Disabled Students
  • With Autonomous Cars Concept Gaining Strength, Role of Speech & Voice Recognition to Find Increased Acceptance
  • Rising Relevance of Digital Voice Assistants in In-Vehicle Control Systems
  • Growing Role of Voice & Speech Recognition Technology in Retail Sector
  • Military Systems Look Towards Voice Recognition Technology for Improved Access Control
  • Consumer Electronics Emerges as a Key Market for Voice Recognition Technology
  • Voice Assistant Technology for Enterprise
  • Legal Offices Look to Deploy Speech & Voice Recognition Market
  • Technology Trends Poised to Transform Voice and Speech Recognition Market
  • Innovations & Advancements in Voice and Speech Recognition Technology Market
  • Major Challenges Facing Market Growth
  • Prohibitive Cost of High-End Voice Recognition Systems
  • Accuracy Issues and Errors in Harsh & Noisy Environments
  • Lack of Standardized Platform for Developing Customized Products
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • UNITED STATES
  • 38 Active Players in United States
  • CANADA
  • 41 Active Players in Canada
  • JAPAN
  • 42 Active Players in Japan
  • CHINA
  • 44 Active Players in China
  • EUROPE
  • 45 Active Players in United Kingdom
  • FRANCE
  • 40 Active Players in France
  • GERMANY
  • 43 Active Players in Germany
  • ITALY
  • 38 Active Players in Italy
  • UNITED KINGDOM
  • 45 Active Players in United Kingdom
  • SPAIN
  • 38 Active Players in Spain
  • RUSSIA
  • 38 Active Players in Russia
  • REST OF EUROPE
  • 38 Active Players in Rest of Europe
  • ASIA-PACIFIC
  • 39 Active Players in South Korea
  • AUSTRALIA
  • 40 Active Players in Australia
  • INDIA
  • 41 Active Players in India
  • SOUTH KOREA
  • 39 Active Players in South Korea
  • REST OF ASIA-PACIFIC
  • 38 Active Players in Rest of Asia-Pacific
  • LATIN AMERICA
  • 38 Active Players in Rest of Latin America
  • ARGENTINA
  • 38 Active Players in Argentina
  • BRAZIL
  • 39 Active Players in Brazil
  • MEXICO
  • 38 Active Players in Mexico
  • REST OF LATIN AMERICA
  • 38 Active Players in Rest of Latin America
  • MIDDLE EAST
  • 38 Active Players in United Arab Emirates
  • IRAN
  • 38 Active Players in Iran
  • ISRAEL
  • 45 Active Players in Israel
  • SAUDI ARABIA
  • 38 Active Players in Saudi Arabia
  • UNITED ARAB EMIRATES
  • 38 Active Players in United Arab Emirates
  • REST OF MIDDLE EAST
  • 38 Active Players in Rest of Middle East
  • AFRICA
  • 38 Active Players in Africa
IV. COMPETITION
  • Total Companies Profiled: 76
Note: Product cover images may vary from those shown
  • [24]7.ai
  • Acapela Group
  • Advanced Voice Recognition Systems Inc.
  • Apple Inc.
  • Applied Voice & Speech Technologies Inc.
  • BioTrust ID B.V.
  • Convergys Corp.
  • Genesys Telecommunications Laboratories Inc.
  • Google Inc.
  • Honeywell International, Inc.
  • IBM Corp.
  • LumenVox LLC
  • Microsoft Corp.
  • Nuance Communications Inc.
  • Sensory Inc.
  • Sestek
  • Voxware Inc.
  • Wizzard Speech LLC
Note: Product cover images may vary from those shown
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