The report published by The Brainy Insights shows that the global speech and voice recognition market is expected to grow from USD 13.8 billion in 2021 to USD 48.1 billion by 2030, at a CAGR of 14.9% during the forecast period 2022-2030. The growing population in North America propels the growth of the market. This region emerged as the largest market for the global speech and voice recognition market, with a 33% share of the market revenue in 2021. The market has been growing owing to increasing technological developments. Furthermore, the increasing spending power and economic growth are also expected to boost the market growth in this region. The rapid and constant developments in banking, healthcare, and other sectors are expected to accelerate the demand for the region’s speech and voice recognition market.
Speech and Voice Recognition Market Size By Technology, By Industry Vertical, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
Leading companies in the industry include Apple, IBM, Speak2web, Microsoft, Alphabet, Baidu, Verint, iFlytek, Amazon, and SESTEK, among others offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The technology segment of the speech and voice recognition market is divided into artificial intelligence-based and non-artificial intelligence-based. The artificial intelligence-based segment dominated the market, with a market share of around 66% in 2021. The artificial intelligence-based segment has been growing due to its ability to accurately recognize speech and voice patterns. Furthermore, it helps build a robust user insight and customer-driven platform. The industry vertical segment of the speech and voice recognition market is divided into automotive, consumer, enterprise, BFSI, retail, healthcare, government, military, education, legal, and others. Over the forecast period, the healthcare segment of the speech and voice recognition market is expected to grow at the fastest CAGR of 16.6%. Speech and voice recognition software helps boost the data-capturing process in EHR systems, propelling the market growth in the segment. Furthermore, this process empowers doctors and physicians to interact with medical devices by speaking a few words that drive the segment’s growth.
The speech and voice recognition market growth is anticipated to be driven by the rising adoption of advanced electronic devices and technological advancements. Voice-activated biometrics are widely used to enhance security features and help provide access to authenticated users for performing a transaction. The increasing use of voice biometrics also propels the growth of the market. The market is accelerating with the increased demand for technology-based voice recognition products in the healthcare and other applications sectors. The increasing demand for biometric systems based on speech and voice authentication and the growing AI-based use of speech and voice recognition technology are helping the market evolve.