Market Overview:
The global speech and voice recognition technology market is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2030. The increasing demand for voice-activated devices, rising adoption of cloud-based services, and growing demand for multimodal biometric authentication are some of the major factors driving the growth of this market. Based on type, the global speech and voice recognition technology market is segmented into dependent speech recognition, independent speech recognition, and multiplayer speech recognition. The independent speech recognition segment is expected to grow at a higher CAGR than other segments during the forecast period. This growth can be attributed to the increasing demand for hands-free devices and growing popularity of virtual assistants. and others).
Product Definition:
Speech recognition is the ability of a computer program to identify words and phrases in spoken language and convert them into written text. Voice recognition is the ability of a computer program to identify individual words spoken by a person and convert them into written text. Both speech recognition and voice recognition technologies are used in many different applications, including consumer electronics products, enterprise information systems, automotive systems, healthcare settings, and law enforcement organizations.
The importance of speech and voice recognition technology lies in its ability to help people communicate with computers using natural language instead of having to learn specific commands or use an on-screen keyboard. This makes it easier for people to interact with their devices as well as improve accessibility for those who have difficulty using traditional input methods such as a mouse or keyboard.
Dependent Speech Recognition:
Dependent speech recognition is a technology that converts audio signal received from the user to text. It works on the principle of statistical analysis of speech patterns and depends upon features that are extracted from those patterns. The system is independent of any specific application or domain and can recognize speech in any natural language irrespective of the speaker, location, time or noise characteristics.
Independent Speech Recognition:
Independent speech recognition is a technique where the computer analyzes the sound waves and determines whether a particular sound file belongs to an English word or not. The technology has applications in automatic speech recognition, noise detection, lip reading, and accent reduction. It also finds its use in Automatic Speech Recognition (ASR), which is used for speaker identification as well as transcription of voice-based data into text.
The key benefits offered by this technology are accuracy.
Application Insights:
The automotive application segment accounted for the largest revenue share in 2016 and is projected to continue leading over the forecast period. The technology helps drivers avoid distraction while operating vehicles by processing speech inputted through infotainment systems. It also improves driver safety by reducing the risk of road accidents caused due to inattentional blindness.
The banking, financial services & insurance sector are anticipated to emerge as one of the prominent end users of this technology owing to its benefits such as improved customer experience and operational efficiency. For instance, Barclays launched an app-based service that enables customers access real-time information on transactions performed using a smartphone or tablet computer via Bluetooth connectivity with a Barclays mobile app installed on these devices. Such initiatives are expected drive industry growth over the coming years.
Regional Analysis:
North America dominated the global speech and voice recognition technology market in 2017. The region is expected to maintain its position during the forecast period owing to high usage of advanced technologies for various applications. In addition, presence of key players such as Google LLC, Microsoft Corporation, Amazon Web Services Inc., and IBM Corporation is contributing towards growth of the regional market.
Asia Pacific region is anticipated to witness significant growth over the forecast period owing to increasing adoption of emerging technologies in various sectors such as automotive, retail & e-commerce, banking & financial services industry in countries like China and India. Furthermore growing trend toward automation across all these sectors will drive demand for speech and voice recognition solutions further boosting regional demand during the forecast period to 2030 ending note that countries like China are dominating this sector due to availability of low cost labor force along with technological advancements taking place at a rapid rate within country thus making it one among top five AI developers globally along with U.S.
Growth Factors:
- Increasing demand for voice recognition technology in consumer electronics
- Rising demand for speech recognition technology in automotive industry
- Proliferation of big data and cloud-based services
- Growing need for hands-free user interface in various applications
- Advancements in artificial intelligence and machine learning
Scope Of The Report
Report Attributes
Report Details
Report Title
Speech and Voice Recognition Technology Market Research Report
By Type
Dependent Speech Recognition, Independent Speech Recognition, Multiplayer Speech Recognition
By Application
Automotive, Banking, Financial Services, and Insurance, Retail, Education, Others
By Companies
Nuance Communications, Inc. (US), Microsoft Corporation (US), Alphabet Inc. (US), Cantab Research Limited (UK), Sensory, Inc. (US), ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (US), Iflytek Co., Ltd. (China), VoiceVault Inc. (US), VoiceBox Technologies Corp. (US), LumenVox, LLC (US), Acapela Group SA (Belgium), BioTrust (Netherlands)
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
151
Number of Tables & Figures
106
Customization Available
Yes, the report can be customized as per your need.
Global Speech and Voice Recognition Technology Market Report Segments:
The global Speech and Voice Recognition Technology market is segmented on the basis of:
Types
Dependent Speech Recognition, Independent Speech Recognition, Multiplayer Speech Recognition
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Automotive, Banking, Financial Services, and Insurance, Retail, Education, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Nuance Communications, Inc. (US)
- Microsoft Corporation (US)
- Alphabet Inc. (US)
- Cantab Research Limited (UK)
- Sensory, Inc. (US)
- ReadSpeaker Holding B.V. (Netherlands)
- Pareteum Corporation (US)
- Iflytek Co., Ltd. (China)
- VoiceVault Inc. (US)
- VoiceBox Technologies Corp. (US)
- LumenVox, LLC (US)
- Acapela Group SA (Belgium)
- BioTrust (Netherlands)
Highlights of The Speech and Voice Recognition Technology Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Dependent Speech Recognition
- Independent Speech Recognition
- Multiplayer Speech Recognition
- By Application:
- Automotive
- Banking, Financial Services, and Insurance
- Retail
- Education
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Speech and Voice Recognition Technology Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Speech recognition technology is a process of recognizing the spoken words in an audio file. It can be used to identify the speaker, to transcribe the speech into text, or to perform other tasks related to speech recognition.
Some of the major companies in the speech and voice recognition technology market are Nuance Communications, Inc. (US), Microsoft Corporation (US), Alphabet Inc. (US), Cantab Research Limited (UK), Sensory, Inc. (US), ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (US), Iflytek Co., Ltd. (China), VoiceVault Inc. (US), VoiceBox Technologies Corp. (US), LumenVox, LLC (US), Acapela Group SA (Belgium), BioTrust (Netherlands).
The speech and voice recognition technology market is expected to register a CAGR of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Speech and Voice Recognition Technology Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Speech and Voice Recognition Technology Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Speech and Voice Recognition Technology Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Speech and Voice Recognition Technology Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Speech and Voice Recognition Technology Market Size & Forecast, 2020-2028
4.5.1 Speech and Voice Recognition Technology Market Size and Y-o-Y Growth
4.5.2 Speech and Voice Recognition Technology Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Dependent Speech Recognition
5.2.2 Independent Speech Recognition
5.2.3 Multiplayer Speech Recognition
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Automotive
6.2.2 Banking
6.2.3 Financial Services
6.2.4 and Insurance
6.2.5 Retail
6.2.6 Education
6.2.7 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Speech and Voice Recognition Technology Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Speech and Voice Recognition Technology Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Dependent Speech Recognition
9.6.2 Independent Speech Recognition
9.6.3 Multiplayer Speech Recognition
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Automotive
9.10.2 Banking
9.10.3 Financial Services
9.10.4 and Insurance
9.10.5 Retail
9.10.6 Education
9.10.7 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Dependent Speech Recognition
10.6.2 Independent Speech Recognition
10.6.3 Multiplayer Speech Recognition
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Automotive
10.10.2 Banking
10.10.3 Financial Services
10.10.4 and Insurance
10.10.5 Retail
10.10.6 Education
10.10.7 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Dependent Speech Recognition
11.6.2 Independent Speech Recognition
11.6.3 Multiplayer Speech Recognition
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Automotive
11.10.2 Banking
11.10.3 Financial Services
11.10.4 and Insurance
11.10.5 Retail
11.10.6 Education
11.10.7 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Dependent Speech Recognition
12.6.2 Independent Speech Recognition
12.6.3 Multiplayer Speech Recognition
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Automotive
12.10.2 Banking
12.10.3 Financial Services
12.10.4 and Insurance
12.10.5 Retail
12.10.6 Education
12.10.7 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Dependent Speech Recognition
13.6.2 Independent Speech Recognition
13.6.3 Multiplayer Speech Recognition
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Automotive
13.10.2 Banking
13.10.3 Financial Services
13.10.4 and Insurance
13.10.5 Retail
13.10.6 Education
13.10.7 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Speech and Voice Recognition Technology Market: Competitive Dashboard
14.2 Global Speech and Voice Recognition Technology Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Nuance Communications, Inc. (US)
14.3.2 Microsoft Corporation (US)
14.3.3 Alphabet Inc. (US)
14.3.4 Cantab Research Limited (UK)
14.3.5 Sensory, Inc. (US)
14.3.6 ReadSpeaker Holding B.V. (Netherlands)
14.3.7 Pareteum Corporation (US)
14.3.8 Iflytek Co., Ltd. (China)
14.3.9 VoiceVault Inc. (US)
14.3.10 VoiceBox Technologies Corp. (US)
14.3.11 LumenVox, LLC (US)
14.3.12 Acapela Group SA (Belgium)
14.3.13 BioTrust (Netherlands)
