According to a new market research report titled, “Speech and Voice Recognition Market by Type (Speech and Voice Recognition), End User (Automotive, Healthcare, BFSI, Education, Legal), Technology (Artificial Intelligence and Non-Artificial Intelligence), and Geography — Global Forecast to 2025,” published by Meticulous Research®, the speech and voice recognition market is expected to grow at a CAGR of 17.2% from 2019 to 2025 to reach $26.79 billion by 2025.
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Scope of the Report
Speech and Voice Recognition Market, by Function
- Speech Recognition
- Automatic Speech Recognition
- Text-to-Speech
- Voice Recognition
- Speaker Identification
- Speaker Verification
Speech and Voice Recognition Market, by Technology
- Artificial Intelligence
- Non-artificial Intelligence
Speech and Voice Recognition Market, by End User
- Automotive
- Healthcare
- BFSI
- Education
- Hospitality
- Government and Public Services
- Manufacturing/Enterprises
- Retail and E-Commerce
- Legal
- Consumer Electronics
- Military and Defense
Speech and Voice Recognition Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
Speech and voice recognition is a small part of biometric systems. It authorizes contactless control to several devices and equipment that deliver automatic translation inputs and generates print-ready dictation. Over the years, voice and speech recognition technology has gained much importance. It is becoming a common part of individuals’ lives associated with computers, smartphones, and smart devices. Besides, voice and speech recognition technology offer several benefits, such as increased speed and accuracy, and help improve the system’s efficiency. Voice recognition allows for security features like voice biometrics, while speech recognition allows for automatic transcriptions and accurate commands.
The growing proliferation of voice-enabled devices, increasing consumer demand for smart devices, and integration of voice-enabled in-car infotainment systems are the key factors driving the growth of the speech and voice recognition market. However, the high cost of voice or speech-enabled smart devices is one of the major hindering factors for the growth of this market.
Proliferation of voice-enabled devices fuels the growth of the speech and voice recognition market
The growing use of AI in automobiles, healthcare, and consumer electronics has increased the demand for voice-enabled devices. In 2018, 9.5 million people in the U.K. used a smart speaker, up 98.6% over 2017. More than two-thirds of those users (68.0%) used an Amazon Echo, while 26.2% used a Google Home. According to Smart Home Week digital magazine survey 2019, nearly 57% of total homes in the U.K. are using some smart devices, and around 45% of consumers are expected to upgrade with advanced smart home devices. Moreover, the growing demand for voice-enabled applications in devices, including smart speakers, consumer electronics, hospitality, smart wearable gadgets, connected cars, smart home, and healthcare, is one of the key factors driving the voice speech recognition market.
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