Speech Recognition Market Research Reports - Forecast till 2030

Speech Recognition Market Research Report Information By Technology (Speech Recognition and Voice Recognition), By Delivery Methods (Non-artificial intelligence-based and Artificial Intelligence Based), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) โ€“ Industry Size, Share and Trends Till 2030

ID: MRFR/SEM/1283-CR | 100 Pages | Author: Ankit Gupta | June 2023         

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Global Speech Recognition Market Overview:

Speech Recognition Market Size was valued at USD 10.3 billion in 2021. The speech recognition market industry is projected to grow from USD 12.49 Billion in 2022 to USD 48.28 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 21.30% during the forecast period (2022 - 2030). The growing demand for voice confirmation in mobile finance applications and the growth of voice-activated smart assistive devices in the consumer and business sectors are the key market drivers enhancing the market's growth.
Speech Recognition Market
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Speech Recognition Market Trends

  • AI and Machine Learning to be Nexus Points of Innovation to boost the market growth

Global adoption of voice-activated in-car infotainment systems is rising as more nations introduce "hands-free" laws prohibiting using mobile devices while driving. The advancements that speech product developers are concentrating on are predicted to boost market expansion during the forecast. Using smartphone speech recognition technology, doctors and physicians can convert their voices into a rich, in-depth clinical description stored in the Electronic Health Record (EHR) system. Shortly, the market is anticipated to be driven by the growing adoption of voice-enabled IoT devices in smart home automation. Many conventionally offline gadgets might benefit from IoT-enabled devices because they offer cutting-edge user experiences in addition to more conventional ones like touch displays and buttons.

Pattern recognition is used in speech and voice recognition technology to turn speech into a series of words. Users could get quick answers with speech and voice technologies by speaking to the systems instead of typing or scrolling the screen. As a result of continued advancements in Automated Speech Recognition (ASR), Natural Language Processing (NLP), and Machine Learning (ML), as well as the massive volume of data and accessibility of AI platforms, the ability to handle voice on a larger scale has also rapidly risen. For instance, in August 2021, LumenVox introduced an Automatic Speech Recognition (ASR) engine with transcription. The basis of the next-generation speech recognition technology, which provides precise speech-enabled customer experiences, is deep machine learning (ML) and artificial intelligence (AI).

The development of artificial intelligence is creating the potential for digitalization across industry verticals. The prevalence of AI-powered devices suggests that systems and search algorithms have advanced to enhance machine learning and its practical uses. A key illustration is Google's RankBrain, which uses the phrase and word recognition to learn, comprehend, and improve outcome prediction. Machine learning and natural language processing methods are utilized to transcript voice searches. Web conferencing tools have also become more commonplace in the sector. Web conferencing can be made even better using speech recognition technology by offering post-call transcripts through real-time call captioning, which has enhanced the speech recognition market CAGR across the globe in recent years.

Increased use of cutting-edge technologies like IoT, AI, and machine learning is what drives the growth of the speech recognition industry. As a result of voice-based authentications in smartphone applications, the need for voice and speech biometric systems has increased. Additionally, the demand for voice technologies is increasing due to the use of deep learning and neural networks in applications, including audio-visual speech recognition, isolated word identification, speaker adaption, and digital speaker recognition. Major players are concentrating on these newly developing technological developments to expand their operations in the long run. For instance, in April 2022, Speech recognition technology was introduced by Google LLC to improve the voice user interface. Google's Speech-to-Text API uses a neural sequence-to-sequence model to increase accuracy in 23 languages and 61 supported locales, another factor driving the speech recognition market revenue growth.

Speech Recognition Market Segment Insights:

Speech Recognition Technology Insights

The Speech Recognition Market segmentation, based on technology, includes speech recognition and voice recognition. The speech recognition segment held the majority share in 2021 of the Speech Recognition Market revenue. Implementations of speech recognition are ideal for use in cars and mobile phones. Accessibility to data and services must be possible at all times and in all places due to society's growing mobility. The customer experience can be greatly improved by using cloud- and client-based speech recognition, and businesses can maximize cost savings.

Speech Recognition Delivery Methods Insights

The Speech Recognition Market segmentation, based on delivery methods, includes non-artificial and artificial intelligence-based. The non-artificial intelligence-based technology segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period 2022-2030. According to estimates, the market will continue to lead, increasing at a consistent CAGR between 2022 and 2030. The category of technology based on artificial intelligence, on the other hand, is anticipated to increase at the quickest rate throughout the projected period. As the system accurately recognizes speech patterns, there is a growing demand for artificial intelligence-based technology, which positively impacts market growth.

Figure 2: Speech Recognition Market by Delivery Methods, 2021 & 2030 (USD Billion)
Speech Recognition Market by Delivery Methods, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Speech Recognition Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Speech Recognition market accounted for USD 4.52 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The market in North America is predicted to be driven by the rising acceptance of voice-enabled smartphone applications and the rising use of speech recognition in mobile banking, consumer electronics, and IoT devices.

Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Speech Recognition Market SHARE BY REGION 2021 (%)
Speech Recognition Market SHARE BY REGION 2021
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe speech recognition market accounts for the second-largest market share. Due to the growing trend of linked devices in automotive and home automation, speech and voice recognition technologies are anticipated to have significant usage in the consumer electronics and retail industries. Further, the Germany speech recognition market held the largest market share, and the UK speech recognition market was the fastest-growing market in the European region.

The Asia-Pacific Speech Recognition Market is expected to grow at the fastest CAGR from 2022 to 2030. The expansion of the APAC regional market is also anticipated to be aided by the increasing adoption of voice-enabled devices in the automotive and healthcare sectors. Moreover, China speech recognition market held the largest market share, and the India speech recognition market was the fastest-growing market in the Asia-Pacific region.

Speech Recognition Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the speech recognition market grow even more. Market participants are also taking various strategic initiatives to grow their global footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the speech recognition industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the global speech recognition industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the speech recognition industry has provided some of the most significant benefits. The speech recognition market major player such as Nuance Communications Inc. (U.S.), VoiceBox Technologies Corp. (U.S.), Raytheon BBN Technologies (U.S.), ReadSpeaker Holding B.V. (Netherlands), and others are working on expanding the market demand by investing in research and development activities.

The American multinational technology company Microsoft Corporation creates computer software, home appliances, laptops, and related services. Microsoft's most well-known software products are the Windows family of operating systems, the Microsoft Office suite, and the Internet Explorer and Edge web browsers. Microsoft is headquartered on the Microsoft campus in Redmond, Washington. In April 2021, Microsoft stated that it would pay roughly $16 billion to acquire Nuance Communications. In March 2022, the acquisition of Nuance was finished.

Also, Search engine technology, online advertising, cloud computing, computer software, quantum computing, e-commerce, artificial intelligence, and consumer electronics are the main areas of interest for Google Inc., an American multinational technology firm. It has been referred to be "the most powerful corporation in the world" and one of the most valuable brands globally due to its market dominance, data collection, and technological advantages in artificial intelligence. In May 2022, Google revealed that it had bought the California-based startup Raxium, which developed and produced MicroLED display technology. Raxium will work with Google's Devices and Services team to further monolithic integration, system integration, and micro-optics.

Key Companies in the speech recognition market include

Nuance Communications Inc. (U.S.)

Microsoft Corporation (U.S.)

Agnitio SL (Spain)

VoiceVault (U.S.)

VoiceBox Technologies Corp. (U.S.)

Google Inc. (U.S.)

LumenVox LLC. (U.S)

Raytheon BBN Technologies (U.S.)

Advanced Voice Recognition Systems (U.S.)

Sensory Inc. (U.S.)

ReadSpeaker Holding B.V. (Netherlands)

Iflytek Co. Ltd. (China)

Acapela Group SA (Belgium)

AT&T Inc. (U.S.)

Fluent.ai Inc. (Canada), among others

Speech Recognition Industry Developments

May 2023: Voiceitt, a provider of speech recognition technology, has announced a partnership with Cisco's Webex, a video conferencing platform, to improve accessibility for those with speech impairments during virtual meetings. Voiceitt is an AI-based voice recognition tool that instantly translates incomprehensible and unusual speech, allowing people with the non-standard speech in communicating. Through the cooperation, Webex virtual meetings will be able to use AI-enabled real-time captioning & transcription to make persons who have speech difficulties understandable.  Through Webex's App Hub, you may get Voiceitt's API. Later this year, the technology will be completely integrated into Webex's platform.

February 2023: A voice recognition program has been created by Fraunhofer researchers at Fraunhofer IDMT for use in the manufacturing industry. The system is dependable even in loud settings and is adaptable to the demands of the user. On the production floor, workers utilize natural voice instructions, which free up both hands so they can do tasks considerably more quickly. The voice recognition technology consistently performs well, even on a busy production floor. The institution section for Hearing, Speech, and Audio Technology HSA is also trying to build smart hearable technology. Currently, employees talk via a wireless headset/a stationary microphone. By utilizing a mix of directional microphones & a powerful noise-canceling technology, loud ambient noise is nearly completely tuned out.

February 2023: Arabic automated speech recognition (ASR), also known as Speech-To-Text (STT), has seen a huge global breakthrough thanks to Maqsam, a renowned MENA-based cloud communications firm. In the contest to correctly translate the several languages of the Middle Eastern & North African (MENA) area, the company's cutting-edge language models have surpassed Google, Microsoft, and other regional rivals. A reliable and affordable option for companies looking to automate their customer engagement operations, Maqsam's ASR / STT technology has been developed to accurately transcribe the difficult dialects of daily spoken language in MENA region over the classical Arabic with the varied orthographies, phonetics, & phonological differences.

August 2022: iFLYTEK has introduced multilingual AI subtitling solutions to provide translation and transcription services for video and live streams. This system offers machine translation between Chinese and 168 languages and speech recognition for 70 languages.

September 2021: IBM Corporation expanded the automation and artificial intelligence (AI) capabilities of IBM Watson Assistant to make it simpler for businesses to provide excellent customer experiences. The testing of a voice agent is part of this launch's new relationship with IntelePeer. A vendor of communications platform-as-a-service is IntelePeer.

August 2021: Automatic Speech Recognition (ASR) engine with transcription was introduced by LumenVox. Deep Machine Learning (ML) and Artificial Intelligence (AI) are next-generation technology's foundations, providing precise speech-enabled client experiences.

Speech Recognition Market Segmentation:

Speech Recognition Technology Outlook

  • Speech Recognition

  • Voice Recognition

Speech Recognition Delivery Methods Outlook

  • Non-artificial intelligence-based

  • Artificial Intelligence Based

Speech Recognition Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 10.3 billion
Market Size 2022 USD 12.49 billion
Market Size 2030 USD 48.28 billion
Compound Annual Growth Rate (CAGR) 21.30% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Technology, Delivery Methods, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Nuance Communications, Inc. (U.S.), Microsoft Corporation (U.S.), Agnitio SL (Spain), VoiceVault (U.S.), VoiceBox Technologies Corp. (U.S.), Google Inc. (U.S.), LumenVox LLC. (U.S), Raytheon BBN Technologies (U.S.), Advanced Voice Recognition Systems (U.S.), Sensory, Inc. (U.S.), ReadSpeaker Holding B.V. (Netherlands), Iflytek Co. Ltd. (China), Acapela Group SA (Belgium), AT&T Inc. (U.S.), and Fluent.ai Inc. (Canada)
Key Market Opportunities Increasing the availability of voice-activated devices and conversation
Key Market Dynamics Voice confirmation in mobile finance applications is becoming more popular Development of intelligent assistive devices with voice control in the consumer and business sectors

Frequently Asked Questions (FAQ) :

The Speech Recognition Market size was valued at USD 10.3 Billion in 2021.

The global market is projected to grow at a CAGR of 21.30% during the forecast period 2022-2030.

North America had the largest share in the global market.

The key players in the speech recognition market are Nuance Communications, Inc. (U.S.), Microsoft Corporation (U.S.), Agnitio SL (Spain), VoiceVault (U.S.), VoiceBox Technologies Corp. (U.S.), Google Inc. (U.S.), LumenVox LLC. (U.S), Raytheon BBN Technologies (U.S.), Advanced Voice Recognition Systems (U.S.), Sensory, Inc. (U.S.), ReadSpeaker Holding B.V. (Netherlands), Iflytek Co., Ltd. (China), Acapela Group SA (Belgium), AT&T Inc. (U.S.), and Fluent.ai Inc. (Canada).

The speech recognition category dominated the market in 2021.

The non-artificial intelligence-based method had the largest share in the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major playersโ€™ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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