How big is the Global Voice and Speech Recognition market?

According to MarkNtel Advisors study, the Global Voice and Speech Recognition market is projected to grow at a CAGR of around 20% during the forecast period, i.e., 2023-28.

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Global Voice and Speech Recognition Market Key Trend:

Augmenting Consumer Preferences for Smart Homes and Workplaces – There has been a global trend of turning houses into smart ones, filled with gadgets and digitalized versions of traditional essentials. Due to rapid technological advancements, the growing internet presence of individuals, and the growing urge for secure homes and workplaces, there is a demand to turn spaces automated in terms of their functionality. Besides, smart devices, including speech and voice-recognizing devices, have become indispensable to daily lives, especially after the Pandemic. Given this, tech giants are adding voice recognition features to every possible device, enabling consumers to control and command the appliances. As such, the demand for AI-based products, such as Google Home and Alexa, has increased over time. Likewise, home appliance manufacturers like Whirlpool and Philips, providing voice assistance with their products, further encourage market expansion.

Leading Companies in the Global Voice and Speech Recognition market:

• Advanced Voice Recognition Systems, Inc.
• Agnitio S.L. (subsidiary of Nuance Communications Inc.)
• com, Inc.
• Anhui USTC iFlytek Co., Ltd.
• Apple Inc.
• Baidu, Inc
• BioTrust ID B.V.
• Google LLC
• International Business Machines Corporation
• M2Sys LLC.
• LumenVox LLC
• Microsoft Corporation
• M*Modal, Inc.
• Nuance Communication, Inc
• Raytheon Company

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Global Voice and Speech Recognition Market Segmentation:

By Function

• Voice Recognition
• Speaker identification
• Speaker verification
• Speech Recognition
• Automatic speech recognition
• Text to speech

Between the two, Speech Recognition is expected to witness prevailing growth in the forecasting period.

By Technology

• Artificial Intelligence Based
• Non-Artificial Intelligence Based

By End-Users

• Automotive
• Banking Finance Services & Insurance (BFSI)
• Education
• Enterprise
• Government
• Healthcare
• Legal
• Military
• Retail
• Other

Regional/ Countries Insight:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Here, Asia-Pacific is currently going through notable growth within several industries, including AI, consumer electronics, gadgets, healthcare, military, education, BFSI, automotive, entertainment, and retail.

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About MarkNtel Advisors:

MarkNtel Advisors is a leading consulting, data analytics, and market research company that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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