Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Voice And Speech Recognition Market Size is Expected to Grow from USD 21.38 Billion in 2023 to USD 88.46 Billion by 2033, at a CAGR of 15.26% during the forecast period 2023-2033.
The global voice and speech recognition market refers to the industry involved in the creation and application of technologies that let machines comprehend, interpret, and react to human speech. Virtual assistants, customer service automation, healthcare diagnostics, smart home appliances, and security authentication are just a few of the applications that are part of this sector. The accuracy and effectiveness of voice recognition systems are increased by developments in artificial intelligence (AI), machine learning (ML), and natural language processing (NLP). The key driving factors for the growth of the voice and speech recognition market include the increased use of sophisticated electronic equipment and technical developments. One of the key elements propelling the market's expansion is the expanding application of voice biometrics. However, concerns about privacy and security are a major obstacle because these systems gather and retain user data, raising the possibility of data breaches and illegal issues.
The speech recognition segment accounted for the largest revenue share in 2023 and is projected to grow at a significant CAGR during the forecast period.
On the basis of function, the global voice and speech recognition market is divided into speech recognition and voice recognition. Among these, the speech recognition segment accounted for the largest revenue share in 2023 and is projected to grow at a significant CAGR during the forecast period. This is due to the speech recognition can be used in mobile phones and cars. Access to data and services at any time and from any location is necessary due to society's growing mobility.
The non-AI-based segment accounted for the highest revenue share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period.
On the basis of technology, the global voice and speech recognition market is divided into AI-based and non-AI-based. Among these, the non-AI-based segment accounted for the highest revenue share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period. The growth can be attributed to their familiarity, affordability, and dependability, technologies have gained a solid grip. They continue to be available to businesses and consumers who want affordable solutions because of their robust infrastructure and broad adoption over time.
The healthcare segment accounted for the largest market share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
On the basis of vertical, the global voice and speech recognition market is divided into BFSI, government, retail, and healthcare. Among these, the healthcare segment accounted for the largest market share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth can be attributed to speech recognition speeds up the EHR systems' data collection method. This procedure gives doctors the ability to communicate with the system just by saying a few words.
North America is anticipated to hold the largest share of the global voice and speech recognition Market over the predicted timeframe.
North America is anticipated to hold the largest share of the global voice and speech recognition market over the predicted timeframe. This regional market growth is anticipated to be driven by the widening usage of voice and speech recognition in consumer electronics, mobile banking, and Internet of Things devices, as well as the growing acceptance of voice-enabled applications in smartphones.
Asia Pacific is expected to grow at the fastest CAGR in the global voice and speech recognition market during the forecast period. The regional growth can be attributed increased awareness of voice-enabled applications, expanding digital transformation, growing demand for smart devices, increasing use of AI-driven solutions, and cost-effective advancements. Market expansion is also accelerated by robust government initiatives, rising smartphone adoption, and integration in the banking, healthcare, automotive, and smart home sectors.
Company profiling
Major vendors in the global voice and speech recognition market are Facebook, Inc., Google, Inc., International Business Machines Corp., Microsoft Corp., MModal, Inc., Nortek Holdings, Inc., Nuance Communications, Inc., Raytheon Company, SemVox GmbH, Sensory, Inc., Amazon.com, Inc., Api.ai, Apple, Inc., and Others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global voice and speech recognition market based on the below-mentioned segments:
Global Voice And Speech Recognition Market, By Function
Global Voice And Speech Recognition Market, ByTechnology
Global Voice And Speech Recognition Market, By Vertical
Global Voice And Speech Recognition Market, Regional
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