Speech and Voice recognition Market Analysis 2031

Coverage: Speech and Voice Recognition Market covers analysis By Technology (Speech Recognition and Voice Recognition); and Vertical (Automotive, Enterprise, Consumer, BFSI, Government, Retail, Healthcare, Military, Legal, and Education)

  • Report Code : TIPTE100000625
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 150
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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 inUS$ 8.90 billion in 2022
Market Size Value byUS$ 47.24 billion by 2030
Growth rateCAGR of 23.2% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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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.

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

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.

Speech and Voice Recognition Market Regional Analysis:
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

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.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Technology, and Vertical

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

List of Companies

1. Google Inc.
2. Apple Inc.
3. Voice Box Technology Corporation
4. Baidu Inc.
5. Sensory Inc.
6. Amazon.com Inc.
7. Microsoft Inc.
8. LumenVox LLC
9. Advanced Voice Recognition System, Inc.
10. Bio Trust ID B.V.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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