The Speech Recognition Market is expected to grow from USD 3.73 Billion
in 2015 to USD 9.97 Billion by 2022, at a CAGR of 15.78% during the
forecast period, while the voice recognition market is expected to grow
from USD 440.3 Million in 2015 to USD 1.99 Billion by 2022, at a CAGR
of 23.66% between 2016 and 2022.
The factors driving the speech &
voice recognition market are the growing instances of fraud in several
end-user industry segments such as enterprise, healthcare, and so on
and the adoption of mobile banking by several national and
international banks and e-commerce retailers.
Speech Recognition to hold the largest share of the speech & voice recognition market
The speech recognition technology is being used in an ever-increasing array of applications as a result of the continuing advancement of computing power and widespread adoption of mobile and cloud-based computer technology. The growth has been particularly noticeable in the healthcare sector where speech recognition is used to produce health data records. PDAs and other handheld devices are becoming increasingly powerful and affordable and it has become possible to run multimedia on these devices. Speech recognition systems emerge as efficient alternatives for such devices where typing is difficult due to their small screen.
Consumer vertical to drive the growth of the speech & voice recognition market
The large market size of the consumer vertical is
attributed to the higher penetration rate of speech & voice
recognition technologies in consumer products such as smartphone,
laptops, and tablets. Major companies such as Google, Apple, and
Microsoft are leveraging their large customer base and neural networks
to process, understand, and take decisive actions based on real-time
voice inputs from the user. In the long term, speech & voice
recognition abilities are expected to be integrated with other consumer
devices such as refrigerators, ovens, mixers, thermostats, and so on
with the growth of IoT. This growth in other consumer devices is
expected to be fueled by the trend among OEMs of integrating speech
& voice recognition technology in their devices.
North America to hold the major market share for both speech & voice recognition market during the forecast period
North America dominated the global speech & voice recognition market owing to the large-scale deployment of biometric systems compared to other regions. The demand for a high level of security leads to high adoption of biometric systems. The initiatives taken by the governments in the Americas to deploy biometric systems across various agencies are driving the biometrics market for government applications in North America. Moreover, the strong economy of the U.S. is the major driving factor for the growth of the speech & voice recognition market in the region.
The major players in the speech & voice recognition market are Nuance Communications (U.S.), Microsoft Inc. (U.S), Agnitio SL (Spain), Biotrust (Netherland), VoiceVault (U.S.), VoiceBox Technologies Corp. (U.S.), LumenVox LLC. (U.S.), M2Sys LLC (U.S.), Raytheon BBN Technologies (U.S.), M2SyS LLC (U.S.) ValidSoft UK Limited (U.K.), Advanced Voice Recognition Systems (U.S.), Sensory Inc. (U.S.), and MMODAL Inc. (U.S.).
