Speech and Voice recognition Market Analysis 2031

The Speech and Voice recognition Market is expected to grow from US$ 8.90 billion in 2022 to US$ 47.24 billion by 2030, estimated to grow at a CAGR of 23.2% from 2022 to 2030.

Analyst Perspective:

Speech recognition, also known as automatic speech recognition (ASR), computer speech recognition, or speech-to-text, is the capacity of a program to convert human speech into written text. While voice recognition and speech recognition are frequently conflated, speech recognition focuses on translating speech from verbal to text. In contrast, voice recognition aims to recognize an individual user's voice. The ability of a machine or program to receive and interpret dictation or to understand and perform spoken commands is referred to as voice or speaker recognition. With the emergence of artificial intelligence (AI) and intelligent assistants such as Amazon's Alexa and Apple's Siri, voice recognition has gained importance and use. Automatic speech recognition (ASR) software applications can identify and discriminate between voices. Several ASR technologies need users to first teach the machine to recognize their voice for a more accurate speech-to-text conversion. Voice recognition systems assess a voice's frequency, accent, and flow of speech. Although voice and speech recognition are sometimes interchangeable, they are not identical and must be distinguished. Speech recognition examines what is spoken, whereas voice recognition recognizes the speaker.

Siri, Alexa, and Google's virtual assistants all use voice recognition algorithms to engage with consumers. Depending on the product, users use speech recognition technology in different ways. They may, however, use it to convert voice to text, create reminders, search the internet, and react to simple questions and requests, such as playing music or sharing weather or traffic information. Voice recognition software lets users control their smart homes, including smart thermostats and speakers. Voice recognition is used in phone systems to send callers to the appropriate department by speaking a specific number. These developments drive the demand in the speech and voice recognition market.

Market Overview:

Many reasons contribute to the faster success of solution deployments in the speech and voice recognition market, including a growing ecosystem of publicly available toolkits, more open-source datasets, and a growing interest in the ASR challenge among engineers and researchers. This convergence of factors has resulted in an incredible momentum shift in commercial ASR. The technique is truly at the cusp of major advances in the ASR industry and widespread use. These advancements not only improve the accuracy of existing applications of the technology, such as Siri and Alexa, but they also broaden the market ASR technology serves. As ASR improves in loud contexts, it can be utilized efficiently in police body cameras to record and transcribe encounters automatically. Keeping track of essential contacts and recognizing potentially harmful interactions could save lives. More companies are providing automated subtitles to live videos, making live content more accessible to more people. These new use cases and clients are increasing the need for speech and voice recognition solutions, speeding up research.

Globally, solutions in the speech and voice recognition market are adopted on multiple business fronts to capture market opportunities and enhance customer engagement. Voice-managed buying has been revolutionary and game-changing in the e-commerce industry. Amazon is one of the industry's most important companies. Amazon has developed voice-managed purchasing using Alexa and its line of smart audio systems. Companies can upload customization components and provide hints to customers. They can also use client records to supplement client studies. Voice recognition/generation is crucial for businesses. It is a definite strategy for advancing against your opponents in the next years. Voice assistance is critical to the growing voice recognition sector. This ranges from voice assistance in smartphone apps to voice assistants in smart TVs or watches. However, this year's most recent development is voice assistants within cellular applications. Voice-activated apps make use extremely simple. This improves their functionality as well. Users can use commands to browse the program without going through menus, searches, etc.

Some of the instances signifying these trends in the market are,

• According to a 2022 report by exchange4media.com, Voice shopping has developed as a crucial channel for consumer purchases, and the trend is projected to continue as 90% of internet users in India access the internet via mobile devices. According to the newest dentsu-e4m digital advertising in India 2022 research, over 83 million Indians are already engaged in voice shopping, accounting for approximately 28 percent of online customers.
• In 2019, Nike teamed with Google to provide consumers with an exceptional voice purchasing experience. They created a never-before-seen voice-activated shoe drop to promote Nike's Adapt BB.

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Speech and Voice Recognition Market: Strategic Insights

Market Size Value in	US$ 8.90 billion in 2022
Market Size Value by	US$ 47.24 billion by 2030
Growth rate	CAGR of 23.2% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Speech and Voice recognition Market Driver:

Rise in Solutions for People with Disability to Drive Speech and Voice Recognition Market Growth

Voice recognition technology has enabled persons with impairments to utilize various equipment and appliances, making their lives easier. While available solutions and applications limit the current possibilities of this advanced technology, the future looks bright as advances continue to be made as time passes. Making speech-activated calls is one of the most common applications of voice recognition. If visually impaired people have a personal voice assistant, such as a smart speaker or smartphone app, they can set it up to make speech-activated calls. Once everything is in order, kids can make calls using voice instructions that involve yelling out the name or number of the person to be called.  

For instance,

• In December 2022, Voiceitt, a speech recognition technology business, announced $4.7 million in funding. The round will be extended to fulfill a new objective of $10 million. Voiceitt provides an AI-based voice recognition tool that translates incomprehensible and unusual speech in real-time, allowing people with speech difficulties to communicate. The additional funding will scale the company's technology, speed up commercialization, and increase its unique speech database.
• In October 2022, tech giants such as Amazon, Apple, Google, Meta, and Microsoft partnered with the University of Illinois at Urbana-Champaign to initiate the Speech Accessibility Project. This new research program intends to improve the usability of voice recognition technologies for people with various speech patterns and limitations. Speech recognition, which may be found in voice assistants such as Siri and Alexa and translation tools, has become a common feature in many people's daily life. However, these systems do not always recognize certain speech patterns, particularly those linked with impairments. This includes those with Lou Gehrig's disease, also known as ALS, Parkinson's disease, cerebral palsy, and Down syndrome. As a result, many people may be unable to use this voice technology properly. The Speech Accessibility Project will seek to change this by compiling a collection of representative speech samples that will be used to train machine learning models to recognize a variety of speech patterns better.

Speech and Voice Recognition Market Segmental Analysis:

Based on technology, the speech and voice recognition market is segmented into speech recognition and voice recognition. Voice recognition technology is a software program or hardware device that can decode human speech. This technology, often known as voice-activated or speech-recognition software, has become popular among consumers in recent years. Many individuals integrate these gadgets into many aspects of their houses to make conducting orders, accessing information, or making recordings easier. Voice activation makes it easier for individuals to use digital technologies, connected devices, and the internet. It enhances accessibility for those with disabilities, particularly those with compromised eyesight or motor functioning. Using voice activation can be far more convenient than manually entering anything on a keyboard or completing a task. 55% of Americans who use digital assistants say using their devices hands-free is one of the main reasons they use voice activation. You may utilize your head and hands to do something else when using voice-activated technologies.

Speech and Voice Recognition Market Regional Analysis:

North America is one of the leading regions in the Speech and Voice recognition market. Countries in North America, such as the US, are home to many tech giants working exhaustively in technologies such as AI, ML, NLP, speech and voice recognition, and others. The main players in voice technology today are the world's largest corporations. Amazon, Google, and Microsoft have each invested billions of dollar in speech recognition and natural language understanding (NLU) technologies, and they aren't the only major players in this sector. With 4.2 billion users worldwide, voice assistants are altering our digital experiences. In 2022, 46.9% of US adults had adopted this technology, which is expected to climb to 48.2% by 2025. With 157.1 million users expected by 2026, the role of voice assistants is certainly expanding.

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Speech and Voice recognition Market Key Player Analysis:

The Speech and Voice recognition Market analysis consists of players such as Apple; Microsoft; IBM; Alphabet Inc.; Baidu Inc.; SESTEK; LumenVox; Sensory Inc.; Amazon Web Services, Inc.; iFLYTEK, Co, Ltd. are among the key Speech and Voice recognition market players profiled in the report.

Speech and Voice Recognition Market Recent Developments:

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the Speech and Voice recognition Market. A few recent key market developments are listed below: 

• In October 2022, Google introduced two new voice technologies: Speech-to-Text API v2 and Speech On-Device. The first is the next generation of its Speech-to-Text API, an ASR technology that allows developers to submit audio to the cloud and receive the transcription text immediately. The second is a new solution combining all of Google's speech services and making them locally available on embedded devices.
• In April 2022, Apple today previewed software improvements for cognitive, vision, hearing, and mobility accessibility, as well as novel solutions for those unable to communicate or at risk of losing their ability to speak. These improvements use advancements in hardware and software, including on-device machine learning, to protect user privacy and build on Apple's long-standing commitment to creating products for everyone.