Speech and Voice Recognition Market Estimated to Surpass $29.4 Billion Mark by 2026
Rising Awareness and Willingness to Implement Voice Assistants Both in Online and Physical Stores Are Attributed to the Growth of Speech and Voice Recognition Market.
Hyderabad, India – July 2, 2021 /MarketersMedia/ —
The global Speech and Voice Recognition Market is estimated to surpass $29.4 billion mark by 2026, growing at an estimated CAGR of more than 14.9% during the forecast period 2021 to 2026. Speech and Voice Recognition technology used to authorize to several devices with voice as the input. These speech recognition devices have the capability to respond to the inputs given in the form of voice. Rising adoption of advanced technologies such as smart devices and rising awareness about the personal data and its security, and other advanced usage of voice enabled fans, televisions and payment methods are few factors that drive the market. Increased advancements in the field of artificial intelligence and machine learning are also some factors driving the market growth. Rising awareness and willingness to implement voice assistants both in online and physical stores are attributed to the growth of speech and voice recognition market. These factors are set to boosts the market growth for Speech and Voice Recognition during the forecast period 2021-2026.
Speech and Voice Recognition Market Segment Analysis- By Method
Speech and Voice recognition Market is segmented based on the model of delivering into Artificial intelligence and non- artificial intelligence. Artificial intelligence based speech and voice recognition is estimated to grow at highest rate of 22.9% during the forecast period. This is due to development of machine learning and deploying it in the devices for personal assistance. Artificial intelligence is further classified to speaker dependent and speaker independent. These technologies use high accuracy and identify the voice. The speaker dependent technology is thus utilised in smartphones to wake up the gadget with the pre-registered voice. This AI further improves the quality and identifies the pattern in the voice for accuracy which drives the market growth.
Speech and Voice Recognition Market Segment Analysis- By End user industry
Speech and Voice recognition Market is segmented based on End user industry into Automotive, Consumer electronics, BFSI, Healthcare, Military, IT, Legal, Education, Retail and others. Healthcare and consumer electronics are expected to have the highest growth in the market for the forecasted period with healthcare registering 19.4% CAGR through 2026. Documentation becomes easy for the doctors for voice to text in the health record system with the speech and voice recognition. Voice recognition is cost effective and can be easily integrated into any healthcare equipment thus driving adoption.
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Speech and Voice Recognition Market Segment Analysis- By Geography
North America dominates the market in 2020 with share of 34.2%. APAC is expected to grow and will have the highest share in the forecasted period. Increased usage of smart devices such as smartphones, smart speakers as the growing population in China, India and other Asian countries are increasing. Europe witness increased applications in the consumer electronics and retail sectors owing to rising trends of connected devices in automotive and home automation.
Speech and Voice Recognition Market Drivers
Technological Advancement in Retail and E-commerce
Advancement of technologies such as voice recognition for voice shopping is one driving factors propelling growth of the market. Home automation with voice recognition and Virtual assistance in the smart gadgets are some of the factors driving market growth in the forecast period. Increasing demand for high secured technologies, and the BFSI sector adopting voice biometric technologies for the secured banking are the major driving factors for the growth of Speech and voice recognition market.
Growing adoption of speech recognition in BFSI and Telecommunications
Speech recognition has significant adoption in BFSI and Telecommunication owing to the increasing use of this solutions in order to enhance customer satisfaction, and ensure regulatory compliances. There are around 6000 contact centres in the UK, with new centres being established, with each passing year. Contact companies are increasingly using speech recognition to improve the customer service experience. In Germany, there are a large number of banks using speech recognition solutions to maximize customer satisfaction while minimizing the cost of delivering an outstanding customer experience. The retail and banking sectors have also been at the forefront of adoption of speech recognition based solutions mainly due to the growing need to improve customer retention, in a highly contested market space.
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Speech and Voice Recognition Market Challenges
Accuracy issues
Major challenging factor are lack of accuracy in identifying voice, impaired speech, processing error which leads in improper encoding and decoding the data. Also the cost of the devices which comes with speech and voice recognition technology is increasing with the updates in the processing speed such as computers, mobile phones and laptops. These are some factors that hinder the market growth.
Speech and Voice Recognition Market Landscape
Speech and Voice Recognition companies use the strategies like acquisition, expansion, collaboration, partnerships and R&D for the market growth. Speech and Voice Recognition consists of few major players in the market Google Inc.,Naunce Communication, IBM, Baidu, Amazon, Microsoft, Raytheon, BBN Technologies, Sensory, Iflyte, Speak2web.
Acquisitions/Technology Launches/Partnerships
In January, 2021, Spotify is developing the speech recognition technology to detect the mood of a person and suggest music according to it.
In January, 2021, Indian speech biometrics company Uniphore acquired Emotion Research Lab, a video and emotion artificial intelligence outfit increasing and enhancing its speech and voice recognition and conversational automation system while also facilitating market growth.
Key Takeaways
The Speech and Voice Recognition market is estimated to witness substantial growth over the forecast period primarily due to the Increasing usage of Speech and Voice recognition in banking and payments. Demand in the healthcare devices is driving the growth of the market.
Consumer electronics sector is expected to increase the demand during the forecasted period with high usage of Smart Phones, Smart gadgets and smart wearable.
North America holds the largest share of the market and will grow substantially during the forecasted period.
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