The global speech and voice recognition market is projected to grow from USD 9.4 Billion in 2022 to USD 28.1 Billion by 2027, it is expected to grow at a CAGR of 24.4% from 2022 to 2027. The key factors contributing to the growth of the speech and voice recognition market include increasing demand in healthcare for improving efficiency and the growing use of smart appliances.COVID-19 Pandemic Has Prompted the Use of Smart Devices and Appliances in Almost Every Aspect of Daily Life
Speech and voice recognition technologies are mostly used in the healthcare sector to report health checkups, data entry, and when the doctor or the attendant/nurse is unavailable. Such software solutions enable healthcare professionals to enter notes into the electric health record (EHR) system or their computers without taking time out from patient care and remain productive throughout the day. This eliminates the need for healthcare providers to stay late at work to complete paperwork, allowing them to visit more patients during the day. Easy to use and hands-free features of an automated speech recognition system in medical applications enable doctors to get their work done efficiently, driving the speech and voice recognition market growth.
Extensive penetration of speech and voice recognition technologies in smart appliances
The demand for smart homes and smart appliances is increasing owing to various factors, including the growing internet penetration, rapid technological advancements, and increased focus on home automation to achieve security and convenience. The COVID-19 pandemic has also prompted the use of smart devices and appliances in almost every aspect of daily life. People are encouraged to work from home, leading to high demand for speech and voice recognition technology-based products.
Manufacturers of smart appliances are adding the voice recognition feature to their products to enable users to control all their appliances from a single speech and voice recognition technology-based product. The demand for products such as Alexa, Cortana, and Siri, has increased significantly. Samsung Electronics (South Korea), a leading manufacturer of smart appliances, has introduced the Smart Things app with inbuilt voice recognition technology to allow users to control all the appliances in the house with single voice commands. Several other manufacturers, such as Whirlpool and Philips, have similar voice-activated control solutions. As consumers move toward automation, the demand for speech and voice recognition technology-based products is also likely to increase.
APAC is the fastest-growing region in the speech and voice recognition market
The speech and voice recognition market in Asia Pacific is expected to grow at the highest CAGR from 2022 to 2027 owing to technological advancements, improved awareness regarding the benefits of these technologies among the masses, and the low cost of speech and voice recognition devices. China, Japan, and India are the key countries in the Asia Pacific region for the speech and voice recognition market. Baidu (China) and iFlytek (China) are the top two companies in the region operating in the speech and recognition market.
Research Coverage
The report segments the speech and voice recognition market and forecasts its size, by volume and value, based on region (Americas, Europe, Asia Pacific, and RoW), Deployment Mode (On-Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), and Verticals (automotive, enterprise, consumer, banking, financial services, and insurance (BFSI), government, retail, healthcare, military, legal, education, and others (aerospace, utilities, and travel & tourism)). The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the speech and voice recognition market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
The breakup of primaries conducted during the study is depicted below:
- By Company Type: Tier 1 - 35 %, Tier 2 - 45%, and Tier 3 - 20%
- By Designation: C-Level Executives - 35%, Directors - 25%, and Others - 40%
- By Region: North America - 45%, Europe - 20%, APAC - 30%, Rest of World - 5%
Key Benefits of Buying This Report
- This report includes market statistics pertaining to the deployment mode, technology, verticals, and region.
- An in-depth value chain analysis has been done to provide deep insight into the speech and voice recognition market.
- Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
- Illustrative segmentation, analyses, and forecasts for the market based on deployment mode, technology, verticals, and region have been conducted to provide an overall view of the speech and voice recognition market.
- The report includes an in-depth analysis and ranking of key players.
Table of Contents
1. Introduction1.1. Objective of the Study
1.2. Market Definition
1.3. Study Scope
1.3.1. Markets Covered
1.3.2. Geographic Scope
1.3.3. Years Considered for the Study
1.4. Currency
1.5. Stakeholders
1.6. Summary of Changes
2. Research Methodology
2.1. Research Data
2.1.1. Secondary Data
2.1.2. Primary Data
2.2. Market Size Estimation
2.2.1. Bottom-Up Approach
2.2.2. Top-Down Approach
2.3. Market Breakdown and Data Triangulation
2.4. Research Assumptions
2.5. Risk Assessment
2.6. Limitations
3. Executive Summary
3.1. Speech and Voice Recognition Market: Post COVID-19
3.2. Realistic Scenario
3.3. Pessimistic Scenario
3.4. Optimistic Scenario
4. Premium Insights
5. Market Overview
5.1. Introduction
5.2. Market Dynamics
5.2.1. Drivers
5.2.2. Restraints
5.2.3. Opportunities
5.2.4. Challenges
5.3. Value Chain Analysis
5.4. Porter's Five Forces Analysis
5.5. Average Selling Pricing Analysis
5.6. Trade Analysis
5.7. Ecosystem Analysis
5.8. Case Study Analysis
5.9. Patent Analysis
5.10. Technology Analysis
5.11. Codes and Standards
5.12. Tariff Analysis
5.13. Regulatory Bodies, Government Agencies & Other Organizations
5.14. Revenue Shift
5.15. Key Conferences and Events in 2022-2023
5.16. Key Stakeholder and Buying and/or Buying Criteria
5.16.1. Key Stakeholders in Buying Process
5.16.2. Buying Criteria
6. Speech and Voice Recognition Market, by Delivery Method
6.1. Introduction
6.2. Artificial Intelligence-based
6.3. Non-Artificial Intelligence-based
7. Market, by Technology
7.1. Introduction
7.2. Voice Recognition
7.2.1. Speaker Identification
7.2.2. Speaker Verification
7.3. Speech Recognition
7.3.1. Multilingual Speech Recognition to Increase Scope of Applications
7.3.2. Automatic Speech Recognition
7.3.3. Text-To-Speech
8. Speech and Voice Recognition Market, by Deployment Mode
8.1. Introduction
8.2. on Cloud
8.3. On-Premises/Embedded
9. Market, by Vertical
9.1. Introduction
9.2. Automotive
9.3. Enterprises
9.4. Consumer
9.5. Banking, Financial Services and Insurance (BFSI)
9.6. Government
9.7. Retail
9.8. Healthcare
9.9. Military
9.10. Legal
9.11. Education
9.12. Others
10. Speech and Voice Recognition Market, by Geography
10.1. Introduction
10.2. Americas
10.2.1. US
10.2.2. Canada
10.2.3. Rest of Americas
10.3. Europe
10.3.1. UK
10.3.2. Germany
10.3.3. France
10.3.4. Rest of Europe
10.4. APAC
10.4.1. Japan
10.4.2. China
10.4.3. India
10.4.4. Rest of APAC
10.5. Rest of the World (RoW)
10.5.1. Middle East
10.5.2. Africa
11. Competitive Landscape
11.1. Introduction
11.2. Top 5 Company Revenue Analysis
11.3. Strategies Adopted by Key Players
11.4. Market Share Analysis
11.5. Company Evaluation Matrix
11.5.1. Star
11.5.2. Pervasive
11.5.3. Emerging Leaders
11.6. Strength of Product Portfolio
11.7. Business Strategy Excellence
11.8. Small and Medium Enterprises (SME) Evaluation Quadrant
11.8.1. Progressive Companies
11.8.2. Responsive Companies
11.8.3. Dynamic Companies
11.8.4. Starting Blocks
11.9. Competitive Situation and Trends
11.10. Competitive Benchmarking
12. Company Profiles
12.1. Introduction
12.2. Key Companies
12.2.1. Hexagon
12.2.2. Faro Technologies
12.2.3. Nikon Metrology
12.2.4. Carl Zeiss
12.2.5. Jenoptik
12.2.6. Creaform
12.2.7. KLA-Tencor
12.2.8. Renishaw
12.2.9. GOM
12.2.10. Mitutoyo Corporation
12.3. Other Players
12.3.1. Precision Products
12.3.2. Carmar Accuracy
12.3.3. Baker Hughes
12.3.4. CyberOptics
12.3.5. Cairnhill Metrology
12.3.6. ATT Metrology Services
12.3.7. SGS Group
12.3.8. TriMet Group
12.3.9. Automated Precision
12.3.10. Applied Materials
12.3.11. Perceptron
12.3.12. JLM Advanced Technical Services
12.3.13. Intertek
12.3.14. Bruker
12.3.15. Metrologic Group
12.3.16. Speechmatics
12.3.17. DeepGram
12.3.18. Assembly.ai
12.3.19. Verbit
12.3.20. VoiceITT
12.3.21. Otter.ai
12.3.22. Voicegain
12.3.23. Sensory
12.3.24. rev.com
13. Appendix
13.1. Insights of Industry Experts
13.2. Discussion Guide
13.3. Knowledge Store: The Subscription Portal
13.4. Available Customizations
Note: This ToC is Tentative and Minor Changes are Possible as the Study Progresses
Executive Summary
Companies Mentioned
- Alphabet
- Amazon
- Apple
- Applied Materials
- Assembly.ai
- ATT Metrology Services
- Automated Precision
- Baidu
- Baker Hughes
- Bruker
- Cairnhill Metrology
- Carl Zeiss
- Carmar Accuracy
- Creaform
- CyberOptics
- DeepGram
- Faro Technologies
- GOM
- Hexagon
- IBM
- iFlytek
- Intertek
- Jenoptik
- JLM Advanced Technical Services
- KLA-Tencor
- Metrologic Group
- Microsoft
- Mitutoyo Corporation
- Nikon Metrology
- Otter.ai
- Perceptron
- Precision Products
- Renishaw
- rev.com
- Sensory
- SGS Group
- Speechmatics
- TriMet Group
- Verbit
- Voicegain
- VoiceITT
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 276 |
| Published | June 2022 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value ( USD | $ 9.4 Billion |
| Forecasted Market Value ( USD | $ 28.1 Billion |
| Compound Annual Growth Rate | 24.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 41 |
