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The Global Voice Speech Recognition Software Market size is estimated to grow by USD 14.86 billion at a Compound annual growth rate (CAGR) of 13.72% between 2022 and 2027. The growth of the Global Voice Speech Recognition Software Market hinges on several key factors. The increasing adoption of technologically advanced mobile devices worldwide drives the demand for voice-enabled features. Additionally, there is a rising need for voice-driven navigation systems and workstations across various sectors. Furthermore, the growing use of voice biometrics for authentication purposes adds to the market's expansion. These factors collectively contribute to the market's growth, driven by technological advancements and changing user preferences.
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The voice recognition segment is estimated to witness significant growth during the forecast period. The voice recognition segment held the highest share in 2022. Increasing applications in banking, retail, smart home, automotive, and healthcare are driving demand for voice-controlled virtual assistant systems, voice-controlled devices, and voice-activated systems. This is driving the growth of this segment. By implementing voice recognition technology in smartphones, clinicians and physicians can translate their voices into detailed clinical descriptions and record them in electronic health record (EHR) systems. The prevalence of voice-enabled IoT devices in smart home automation is also driving the voice recognition segment.
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The voice recognition segment was the largest segment and was valued at USD 5.87 billion in 2017. The increasing use of voice recognition and voice intelligence in various industries has increased the demand. Many market players operating in the market are combining innovation and speech recognition technology to make it easier for enterprises to implement systems that power interaction centers in AI-powered digital workspaces. These factors are expected to have a positive impact on the growth of this segment of the market during the forecast period.
The numerous applications of voice speech recognition in the healthcare segment will increase the market growth. Voice recognition enhances the process of data capturing in EHR systems. This process permits doctors or physicians to interact with the system by speaking a few words. It is in a developing stage and is established in individual segments of healthcare, such as pathology, radiology, and emergency medicine. Documenting every minute detail of the patient is of utmost importance in healthcare. Therefore, healthcare professionals spend a significant amount of time typing notes and reports and maintaining the medical records of each patient. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US and Canada are the major contributors to the market in this region. End-user industries in the region, such as automotive, retail, healthcare, media and entertainment, hospitality, and BFSI, are looking to deploy recognition software in their operations to gain a competitive advantage in the market and improve operational performance.
In addition, individual users are technologically mature and employ this software at home. Rising adoption of advanced technologies such as Vehicle-to-Everything (V2X) communication systems and 5G, and increasing production of self-driving cars are key factors behind the growth of the market in the region.
Technological advancements in voice recognition technology have led to the development of advanced electronic devices that incorporate voice-activated biometrics for security purposes, ensuring authenticated users for transactions across various platforms. Major factors driving market growth include the integration of voice biometrics in voice-driven navigation systems, workstations, and hardware and software segments, particularly in voice-enabled in-car infotainment systems compliant with hands-free regulations, expanding the market's reach to mobile phones. Developers continue to innovate in this field, anticipating further growth in the market during the forecast period, driven by the increasing its adoption in smartphones.
The increasing adoption of technologically advanced mobile devices is notably driving the market growth. Mobile subscribers are growing rapidly around the world, and end users are choosing highly technological mobile devices for personal and business use. This has led to increased use of advanced assistive technologies such as voice assistants and biometrics. The adoption of digital business support systems is increasing worldwide due to factors such as increased user engagement with mobile applications and the use of mobile devices such as smartphones and tablets with high processing speeds. As a result, companies provide and support handheld devices for their employees for business purposes. Mobile device manufacturers are developing new features for their devices that can support various assistant applications.
Moreover, the unprecedented growth of the market is increasing the number of mobile voice recognition users. Developers of mobile speech support applications need managed services such as backend as a service (BaaS) and web-integrated development environment solutions to develop innovative software for mobile speech recognition. Digital business support systems for telecoms, BFSI, online gaming, and healthcare use voice recognition software to help service providers reduce the complexity associated with developing and designing network and order management processes. The increasing number of connected devices worldwide is a major factor driving the demand. Such factors will increase the market growth during the forecast period.
The growing use of AI integrated with voice and speech analytics is a key trend influencing the market growth. One of the latest trends in the market is the integration of AI and speech recognition. This integration is growing because machine learning can be used to improve the efficiency of classifying speech and language data. By classifying voice and utterance data with AI, it is possible to efficiently and automatically analyze words, sounds, and moods to derive hidden opinions and emotions. This will improve the analysis of the data. Speech and language data are considered unstructured, and without them, the data cannot be analyzed, so classification is necessary. Also, with the advent of big data, the amount and variety of data are increasing exponentially. For example, speech recognition software must analyze every word in a customer-vendor conversation to discover patterns and keywords in order to understand customer preferences.
Moreover, the AI-integrated analytics platform optimizes the pattern recognition process based on words, sounds, and intonations within vast amounts of speech and audio data. A comprehensive taxonomy of such data should provide proactive, real-time, and decisive insight, especially in the area of customer management. Therefore, AI integrated into speech recognition is regarded as a positive trend that will drive the market growth and trends during the forecast period.
The lack of a skilled workforce is challenging the market growth. One of the major challenges facing the market is the need for skilled personnel to analyze speech and voice data using these analytics solutions and platforms. Speech and language analysis is a complex technical process. This requires a skilled workforce that combines knowledge of speech and language phenomena as well as expertise in using advanced analytics software platforms. A shortage of workers with such specific skills is estimated to hinder market growth during the forecast period.
Moreover, the software is widely used in contact centers where account managers talk to customers and customers' call centers. Such calls are recorded and analyzed for business improvement processes. Analyzing calls in real-time using speech recognition software requires skilled staff. Additionally, training resources are a cost burden for end users, which is another human resource issue that is a significant challenge for the market. Companies cannot effectively use software without access to the right resources with real knowledge of speech and speech analysis. This is a major challenge for end users, and it is estimated to hinder market growth during the forecast period.
The market trends and analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co: The company offers 3M Modal Fluency Direct, which is a voice speech recognition software
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Global voice and speech recognition market is experiencing rapid growth fueled by technological advancements and the proliferation of advanced electronic devices. Voice-activated biometrics are increasingly being utilized for security purposes, ensuring authenticated users for transactions and other sensitive activities. Major factors driving market growth include innovations in voice-enabled in-car infotainment systems, compliance with hands-free regulations for mobile phones, and the integration of speech recognition in smart appliances.
Doctors and clinicians are adopting voice recognition software to enhance productivity and user interactions, particularly in IoT-enabled devices and virtual reality applications like Oculus Rift. Market concentration is evident in both hardware and software segments, with a focus on accuracy and premium software offerings. Additionally, advancements in artificial intelligence-based digital assistants like Alexa and Cortana are reshaping end-user interactions across various verticals, including government, military, legal, and education sectors. Regulatory compliance and technology insights continue to shape the landscape of the market.
The market is driven by the rise of ML and Voice-based authentication, with Google LLC leading in innovations such as Android Auto. Notably, end-user concentration grows as Cloud and client-based speech recognition gain momentum, offering Service substitutes. Doctors and radiologists benefit from Natural language processing advancements, while Artificial Intelligence based digital assistants enhance functionality across sectors like automobiles and virtual reality. With Open-source software facilitating access and Vertical insights shaping strategies, the market witnesses a surge in demand for these solutions, catering to diverse hardware segment needs and preferences.
The market growth analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Voice Speech Recognition Software Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.72% |
Market growth 2023-2027 |
USD 14.86 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
13.5 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 31% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., Alphabet Inc., Amazon.com Inc., Apple Inc., Baidu Inc., Brainasoft, CastleOS Software LLC, Cisco Systems Inc., iFLYTEK Co. Ltd., International Business Machines Corp., LumenVox GmbH, Meta Platforms Inc., Microsoft Corp., Optimal Technology Solutions LLC, paragon GmbH and Co. KGaA, Raytheon Technologies Corp., Sensory Inc., speak2web, Verint Systems Inc., and Advanced Voice Recognition-Systems Inc. |
Market dynamics |
Market analysis and report, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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