Voice and Speech Recognition Market, by Technology (Speech Recognition and Voice recognition), Delivery Methods (Artificial Intelligence Based, Non-Artificial Intelligence Based), Deployment mode (On Cloud, on premises/embedded) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The Global Voice and Speech Recognition market size was estimated at USD 11.67 billion in 2023 and is projected to reach USD 52.88 billion in 2030 at a CAGR of 24.10% during the forecast period 2023-2030.
Voice recognition and speech recognition are two closely related technologies that allow computers to understand and respond to spoken language. Voice recognition is the ability of a computer to identify a person’s voice. This is often used for security purposes, such as to authenticate users or to control access to devices. Speech recognition is the ability of a computer to understand the words that are spoken. This is often used for tasks such as transcribing audio recordings, controlling devices with voice commands, or searching for information.
Both voice and speech recognition are based on the same underlying technology, but they have different goals. Voice recognition is focused on identifying the speaker, while speech recognition is focused on understanding the words that are spoken. Voice recognition is a more mature technology as compared to speech recognition, and it is more widely used. However, speech recognition is becoming increasingly popular, as the technology continues to improve.
Voice and speech recognition have a variety of applications such as in security to authenticate users or to control access to a device, in controlling devices using voice commands, in transcribing audio recordings into text, in searching for information over the web, etc. They are powerful technologies that are becoming popular day by day. As the technology continues to improve, it can be expected that the application for these technologies would also increase.
The global voice and speech recognition market is segmented based on technology, delivery methods, deployment mode and region. By technology, the market is segmented into voice recognition and speech recognition. Voice recognition can be further segmented into speaker identification and speaker verification. Speech recognition can be further segmented into continuous speech recognition and discrete speech recognition. Based on delivery methods, the market can be segmented into Artificial Intelligence Based, Non-Artificial Intelligence Based. Based on deployment mode, the market can be segmented into On Cloud, on premises/embedded. Based on region, the market can be segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The growth of the market is being driven by the increasing demand for voice-activated systems, voice-enabled virtual assistant systems, and voice enabled devices, owing to the rising applications in retail, banking, connected devices, smart homes, healthcare, and automobile sector. However, the limitation of the software to understand contextual relation of words is restricting the growth of the market.
COVID-19 had a mixed impact on the global voice and speech recognition market. On one hand, the pandemic led to an increase in the demand for voice and speech recognition technologies in a number of applications such as telecommunication, healthcare, customer service and many more. On the other hand, the pandemic also led to some challenges for the voice and speech recognition market such as lack of in person training and increased demand for privacy.
The COVID – 19 pandemic had a mixed impact on the global voice and speech recognition market as certain sectors saw growth during the pandemic, whereas certain challenges limited the growth of the market. However, Due to the increasing demand for voice-activated systems, voice-enabled virtual assistant systems, and voice enabled devices due to their rising utilization in sectors like retail, banking, connected devices, smart homes, healthcare, and automobile, the market is expected to grow in the forecast period.
North America to Dominate the Market