Speech and Voice Recognition Market to be Worth $26.79 billion by 2025- Market Size, Share, Forecasts, & Trends Analysis Report by Meticulous Research®

London, March 26, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled, “Speech and Voice Recognition Market by Type (Speech and Voice Recognition), End User (Automotive, Healthcare, BFSI, Education, Legal), Technology (Artificial Intelligence and Non-Artificial Intelligence), and Geography – Global Forecast to 2025,” published by Meticulous Research®, the speech and voice recognition market is expected to grow at a CAGR of 17.2% from 2019 to 2025 to reach $26.79 billion by 2025.

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Speech and voice recognition is a small part of biometric systems. It authorizes contactless control to several devices and equipment that deliver automatic translation inputs and generates print-ready dictation. Over the years, voice and speech recognition technology has gained much importance. It is becoming a common part of individuals’ lives associated with computers, smartphones, and smart devices. Besides, voice and speech recognition technology offer several benefits, such as increased speed and accuracy, and help improve the system’s efficiency. Voice recognition allows for security features like voice biometrics, while speech recognition allows for automatic transcriptions and accurate commands.

The growing proliferation of voice-enabled devices, increasing consumer demand for smart devices, and integration of voice-enabled in-car infotainment systems are the key factors driving the growth of the speech and voice recognition market. However, the high cost of voice or speech-enabled smart devices is one of the major hindering factors for the growth of this market.

Proliferation of voice-enabled devices fuels the growth of the speech and voice recognition market

The growing use of AI in automobiles, healthcare, and consumer electronics has increased the demand for voice-enabled devices. In 2018, 9.5 million people in the U.K. used a smart speaker, up 98.6% over 2017. More than two-thirds of those users (68.0%) used an Amazon Echo, while 26.2% used a Google Home. According to Smart Home Week digital magazine survey 2019, nearly 57% of total homes in the U.K. are using some smart devices, and around 45% of consumers are expected to upgrade with advanced smart home devices. Moreover, the growing demand for voice-enabled applications in devices, including smart speakers, consumer electronics, hospitality, smart wearable gadgets, connected cars, smart home, and healthcare, is one of the key factors driving the voice speech recognition market.

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The speech and voice recognition market is mainly segmented by type (speech recognition, and voice recognition), end user (automotive, healthcare, BFSI, education, government, and public services, manufacturing/enterprise, retail, and e-commerce, legal, consumer electronics, military & defense, and others), technology (artificial intelligence, and non-artificial intelligence, and geography). The study also evaluates industry competitors and analyzes the market at a country level.

Based on function, the speech recognition segment accounted for the largest share of the overall speech and voice recognition market in 2020. The large share of this segment is attributed to the increasing demand for voice-enabled devices, increasing usage of voice assistants, and consistent proliferation of advanced technologies.

Based on technology, the artificial intelligence segment accounted for the largest share of the overall speech and voice recognition market in 2020. This segment’s large share is attributed to the increasing adoption of AI-powered voice-enabled applications in several industries, such as education, consumer electronics, and e-commerce. Also, increasing integration of AI-based voice-enabled devices, particularly with the BFSI and healthcare system, is expected to further drive this segment.

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Based on end user, the automotive sector commanded the largest share of the overall voice and speech recognition market in 2020 due to continuous developments in the automobile industry and the rising integration of voice-enabled in-car infotainment systems. However, the healthcare segment is expected to grow at the fastest CAGR during the forecast period due to the rising demand of voice-enabled equipment in the healthcare sector and increasing investment in R&D for exploring and expanding voice-enabled healthcare applications.

Geographically, North America dominated the global speech and voice recognition market in 2020, followed by Asia-Pacific and Europe. North America’s large share is mainly attributed to the growing adoption of advanced technologies, including high-level secured authentication devices and the easy availability of voice-enabled smart appliances and systems.

However, Asia-Pacific region is expected to witness rapid growth during the forecast period. This can be attributed to the growing demand for connected cars, smart technologies, high-level secured authentication devices, and increasing usage of smart devices such as smartphones and smart speakers.

The report also includes an extensive assessment of the key strategic developments adopted by the industry’s leading market participants over the past four years. The global voice and speech recognition market is consolidated and dominated by few major players, namely Nuance Communications (U.S.), Google LLC (U.S.), Apple, Inc. (U.S.), Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), iFlytek (China), Baidu (China), LumenVox LLC (U.S.), Sensory, Inc. U.S.), Sestek (Turkey), and Dolbey Systems, Inc. (OH) among others.

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Scope of the Report

Speech and Voice Recognition Market, by Function          

• Speech Recognition
  • Automatic Speech Recognition
  • Text-to-Speech
• Voice Recognition
  • Speaker Identification
  • Speaker Verification 

Speech and Voice Recognition Market, by Technology

• Artificial Intelligence
• Non-artificial Intelligence

Speech and Voice Recognition Market, by End User

• Automotive
• Healthcare
• BFSI
• Education
• Hospitality
• Government and Public Services
• Manufacturing/Enterprises
• Retail and E-Commerce
• Legal
• Consumer Electronics
• Military and Defense

Speech and Voice Recognition Market, by Region

• North America
  • • U.S.
    • Canada
• Europe
  • • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
• Asia-Pacific
  • • China
    • Japan
    • India
    • Rest of Asia-Pacific
• Latin America
• Middle East and Africa

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