Global Speech and Voice Recognition Market to Hit $28.1

Chicago, Feb. 09, 2023 (GLOBE NEWSWIRE) -- According to a research report "Speech and Voice Recognition Market by Deployment Mode (On-Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), Vertical and Geography (Americas, Europe, APAC, Rest of the World) - Global Forecast to 2027" published by MarketsandMarkets, the global speech and voice recognition market size is projected to grow from USD 9.4 billion in 2022  to USD 28.1 billion by 2027;  it is expected to grow at a CAGR of 24.4% from 2022 to 2027.

The key factors contributing to the growth of the speech and voice recognition market include increasing demand in healthcare for improving efficiency and the growing use of smart appliances are among the factors driving the growth of the speech and voice recognition market.

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Scope of the Report

Report Metric Scope
Market size available for years 2018–2027
Base year considered 2021
Forecast period 2022–2027
Forecast units Value (USD Million) and Volume (Thousand Units)
Segments covered By Technology, By Deployment mode, By Vertical, and By Region.
Geographies covered Americas, Europe, Asia Pacific, and Rest of World
Companies covered The key players in the speech and voice recognition market are Apple (US), Microsoft (US), IBM (US), Alphabet (US), Amazon (US),Baidu (China), iFLYTEK (China) and SESTEK (Turkey), speak2web (US), and Verint (US), Speechmatics (UK), Deepgram (US), Voiceitt (Israel), Voicegain( US), Sensory (US), AssemblyAI (US), Verbit (US), Otter.aI (US), Rev (US), Raytheon BBN Technologies (US), M2SYS (US), M*Modal (US), ValidSoft (UK), LumenVox (US), Acapela Group (Belgium), VocalZoom (Israel), Uniphore Software (India), iSpeech (US), GoVivace (US), Advanced Voice recognition systems (Arizona), Dolbey (US), ReadSpeaker (Netherlands), Pareteum Corporation (US), SoundHound Inc (US).

Browse in-depth TOC on "Speech and Voice Recognition Market"

235 – Tables

68 – Figures

285 – Pages

Microsoft has been a prominent player in providing licensing-based software and solutions. The company’s broad range of hardware and software solutions and related services allow it to serve various verticals, such as automotive, banking, and consumer goods. Machine learning, deep learning, natural language processing, and speech processing are the companies key focus areas in the AI market. In the speech and voice recognition market, the company offers multiple products, including the Microsoft auto 3.1 platform and Windows speech recognition, which not only support various languages but are featured with high accuracy and user-friendly design. Microsoft also provides customized software solutions such as with a wide range of features such as web and application development. It is constantly engaged in R&D to innovate and offer new products in the market. Microsoft places a significant emphasis on research and development (R&D). The company invests heavily in developing technologies, tools, and platforms that include everything from digital work and life experiences to cloud computing, device operating systems, and hardware. It has an overall share of 33–35% of the speech and voice recognition market.

IBM is a leading cloud platform and cognitive solutions company. It manufactures and markets computer hardware, middleware, and software solutions and offers hosting and consulting services. The company operates through the following business segments: Software, Consulting, Infrastructure, Financing, and Other. It provides Watson, a cognitive computing platform that interacts in natural language, processes big data, and learns from interactions with people and computers. It has an overall share of 12–15% in the speech and voice recognition market.

Alphabet has strong brand recognition and expertise in the cognitive domain. Its speech and voice recognition software solutions are used widely across the automotive, enterprise, consumer, healthcare, education, and legal verticals. The company aims to improve the performance of its Google Cloud, Google Services, and Other Bets segments. To support long-term business growth, it is expected to invest in land and buildings for data centers and offices, as well as servers and network equipment. It operates through its subsidiaries globally and has a network of R&D facilities across the Americas, Europe, and Asia as of December 2021. The company has invested about 15% of its overall revenue in R&D activities in the past three years to provide state-of-the-art AI and ML solutions. Its flagship product, Cloud Text-to-Speech, has become one of the popular solutions to convert text to audio by applying powerful neural network models with an easy-to-use API. It has an overall share of 9–11% in the speech and voice recognition market.

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Recent Developments

  • In April 2021, Verint launched Verint Virtual Assistant (IVA), a low-code conversational AI offering, which can rapidly turn the existing conversation data into automated self-service experiences. It allows business professionals to quickly deploy a production-ready chatbot to deflect calls and support customers. Verint IVA enables businesses to expand capabilities across the enterprise with boundless intelligence for both voice and digital.
  • In September 2020, Microsoft and Nuance Communications introduced Nuance Dragon Ambient eXperience (DAX), an ambient clinical intelligence (ACI) solution, to integrate it into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes.
  • In December 2019, Amazon Web Services introduced Amazon Transcribe Medical, an automated speech recognition service that will help developers add medical dictation and documentation to their apps.
  • In March 2018, IBM launched Watson Assistant, a smart enterprise voice recognition and the assistant system powered by AI, cloud, and IoT.

Related Reports:

Far-Field Speech and Voice Recognition Market by Component (Microphones, DSP and Software), Application (Smart TV/STB, Smart Speakers, Automotive, and Robotics), Microphone Solutions (Single, Linear, Circular), and Geography - Global Forecast to 2024

Global Speech and Voice Recognition Market to Hit $28.1