The global voice and speech recognition software market size is anticipated to reach USD 31.82 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 17.5% during the forecast period. The market is anticipated to witness an upsurge in the adoption of voice activated systems, voice-enabled devices, and voice-enabled virtual assistant systems owing to the rising application in the banking and automobile sectors. The escalating need to counter fraudulent activities and to enhance security in the banking sector is projected to boost the adoption of voice biometrics for user authentication.
Automobile sector is expected to gain momentum owing to advancements in technology and emergence of innovative concepts such as autonomous and connected cars. Integration of voice-activated software in future cars is anticipated to drive demand for technologies such as noise abatement for selectively ignoring driving and passenger noises for providing an error-free and seamless experience to the operator.
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Voice recognition is also a core technology widely used in healthcare sector to enhance the Electronic Health Record (EHR) systems by providing an ease to the doctor to speak and keep the records instead of manual typing or writing. In 2018, the healthcare vertical held the largest market share and is expected to grow significantly over the forecast period.
Artificial Intelligence (AI)-based voice and speech recognition software is expected to expand at a high CAGR owing to the continuous development of machine learning techniques and integration of connected devices with personal assistants. For instance, Dragon Drive is a personal assistant developed by Nuance Communication Inc. that integrates various household appliances, cars, and smartphones that can be connected to a hub through the internet. Thus, an individual can get alerts about daily chores, work schedules, traffic updates, and many more alerts through the Dragon Drive.
However, the lack of accuracy of these technologies in recognizing the regional accents and dialects is expected to limit the growth of the voice and speech recognition software market. Additionally, sentiment analysis using the changes in the pitch of the voice is anticipated to provide growth opportunity to the market in the forthcoming years.
Voice & Speech Recognition Software Market Report Highlights
• Rising trend in development of artificial intelligence-based system is expected to be the key factor driving the market over the forecast period. Leveraging deep learning algorithm in voice and speech solutions for better search results is expected to be the key growth driver for AI-based technology segment
• Deployment of speech recognition solutions in consumer and retail verticals is anticipated to lead to the high market growth, attributed to the changing lifestyle in several countries including U.S., Germany, and U.K. Growing adoption of smart electronics in India, China, Japan, and Brazil is also likely to drive growth in consumer vertical
• North America led the market, in terms of revenue, representing over 36% of the total market share in 2018. Additionally, North America and Asia Pacific are anticipated to witness a considerable growth owing to the presence of several U.S.- and China-based players, such as Apple, Inc.; Facebook, Inc.; Baidu, Inc.; Amazon.com, Inc.; and Alphabet, Inc.; working toward the development of this technology
• Key companies operating in the voice and speech recognition software market include Advanced Voice Recognition Systems, Inc.; Agnitio S.L.; Amazon.com, Inc.; Api.ai; Apple, Inc.; Anhui USTC iFlytek o., Ltd.; Baidu, Inc.; BioTrust ID B.V.; CastleOS Software, LLC; Facebook, Inc.; Google, Inc.; International Business Machines Corporation; JStar; LumenVox LLC; M2SYSLLC; Microsoft Corporation; MModal, Inc.; Nortek Holdings, Inc.; Nuance Communications, Inc.; Raytheon Company; SemVox GmbH; Sensory, Inc.; ValidSoft UK Limited; VoiceBox Technologies Corporation; and VoiceVault, Inc. These players focus on integrating the artificial intelligence technology, to build superior products that would increase their user customer base.
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Voice & Speech Recognition Software Market Segmentation
Grand View Research has segmented the global voice and speech recognition software market report based on function, technology, vertical, and region.
Voice and Speech Recognition Software Function Outlook (Revenue, USD Million, 2014 - 2025)
• Voice Recognition
o Speaker Verification
o Speech Recognition
• Speaker Identification
o Automatic Speech Recognition
o Text to Speech
Voice and Speech Recognition Software Technology Outlook (Revenue, USD Million, 2014 - 2025)
• AI-based
• Non-AI based
Voice and Speech Recognition Software Vertical Outlook (Revenue, USD Million, 2014 - 2025)
• Automotive
• BFSI
• Consumer
• Education
• Enterprise
• Government
• Healthcare
• Legal
• Military
• Retail
• Others
Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Netherlands
o Switzerland
o Poland
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Pakistan
o Malaysia
o Australia
o Hong Kong
o Vietnam
• South America
o Brazil
o Argentina
o Chile
• Middle East and Africa
o UAE
o Saudi Arabia
o Israel
o South Africa
o Nigeria
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.