Voice and Speech Recognition Market Analysis Report, By Function, By Technology, By Vertical And Segment Forecasts From 2018 To 2025

Industry Insights

The global voice and speech recognition market size was worth USD 9.12 billion in the year 2017 and is expected to exhibit a CAGR of 17.2% from 2018 to 2025. Technological innovations coupled with the increasing use of superior electronic devices are expected to impel market growth by 2025. Voice-activated biometrics provided for security reasons aid the access to authorized users to enable transactions. The rising adoption of voice biometrics is a major factor boosting the market.

The rising demand for voice-activated navigation systems along with workstations is surging growth in the software and hardware segments. The incorporation of voice-driven in-car infotainment mechanisms is increasing in popularity globally since various countries implement “hands-free” rules that monitor mobile phone usage while driving.

Manufacturers in this market are emphasizing innovations and advancements that are expected to impel market growth by 2025. The adoption of voice recognition in smartphones allows clinicians and doctors to convert their voices into a detailed, rich clinical description and is marked in an electronic health record (EHR) system.

The development of voice-enabled IoT instruments in smart home automation is anticipated to have a positive impact on the market over the years. IoT-driven devices are expected to benefit numerous conventional offline devices with advancements relating to user interactions like buttons and touch screens.

Functions Insights

The voice recognition division is classified into speaker verification and speaker identification. The speech recognition segment is divided into text-to-speech and automatic speech recognition. This technology is helpful to radiologists and doctors in keeping track of patients.

The incorporation of speech recognition with Virtual Reality (VR) is expected to observe significant growth in the near future. Facebook, in February 2017, strengthened its Oculus rift, a VR platform, through the addition of speech recognition to the VR gear.

Technology Insights

The AI-based segment is expected to observe a higher CAGR from 2018 to 2025 due to its feature of recognizing patterns of speech correctly. AI intelligence remarkably changes speech into structured algorithms through formulation, representing speech units, and creating recognizable algorithms coupled with the representation of correct inputs.

The increasing advancements in natural language processing and machine learning are expected to drive the growth of this segment. Numerous AI-based digital assistants like Cortana and Alexa are expected to fuel market growth over the projected period.

Vertical Insights

The automotive vertical acquired a significant market share in 2017 due to the rising use of voice-activated technologies in-car systems. Advancements in automotive technologies like connected devices inform drivers about traffic scenarios on the road and provide alternative routes.

The healthcare sector in 2017, garnered the highest market share based on revenue. The voice and speech recognition market provides advantages like assisting doctors in maintaining records and lowering report turnaround time. Therefore, its demand is expected to lead in the near future.

The software is expected to find higher applications in the retail and consumer verticals during the same period due to the surging use of personal assistants like Amazon Alexa and Google Home in the Asia Pacific and Europe.

Regional Insights

North America is expected to acquire the largest share by 2025. The rising use of voice-based applications in mobile phones and the use of speech and voice recognition in consumer electronics, IoT devices, and mobile banking are expected to impel the growth in the regional market.

The European regional market is expected to observe higher applications in the retail and electronics sector due to the rising preference for connected devices in home automation. The demand for the voice and speech recognition market is strengthening in Japan, Singapore, and China, which is expected to accelerate the growth of the Asia Pacific regional market.  

Voice and Speech Recognition Market Share

The key players include Agnitio S.L.; Anhui USTC iFlytek Co., Ltd.; Amazon, Inc.; Advanced Voice Recognition Systems, Inc.; Api.ai; Baidu, Inc.; International Business Machines Corporation; CastleOS Software, LLC; Google, Inc.; JStar; Facebook, Inc.; M2SYSLLC; LumenVox LLC; Microsoft Corporation; BioTrust ID B.V.; Nortek Holdings, Inc.; MModal, Inc.; Raytheon Company; VoiceVault, Inc., Nuance Communications, Inc.; SemVox GmbH; ValidSoft U.K. Limited; Apple, Inc.; Sensory, Inc.; and VoiceBox Technologies Corporation.

Industry participants predominantly emphasize strengthening recognition accuracy to acquire a competitive edge in the overall market. Various companies adopt strategies like mergers & acquisitions and partnerships to enhance their market position. For example, the collaboration between Baidu Inc. and Conexant Systems, Inc. in July 2017, to introduce voice recognition kits for customers.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Million Insights has segmented the global voice and speech recognition market report based on function, technology, vertical, and region:

• Function Outlook (Revenue, USD Million, 2014 - 2025)
    • Voice recognition
        • Speaker identification
        • Speaker verification
    • Speech recognition
        • Automatic speech recognition
        • Text to speech

• Technology Outlook (Revenue, USD Million, 2014 - 2025)
    • AI-based
    • Non-AI based

• Vertical Outlook (Revenue, USD Million, 2014 - 2025)
    • Automotive
    • BFSI
    • Consumer
    • Education
    • Enterprise
    • Government
    • Healthcare
    • Legal
    • Military
    • Retail
    • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Netherlands
        • Switzerland
        • Poland
    • the Asia Pacific
        • China
        • Japan
        • India
        • South Korea
        • Singapore
        • Pakistan
        • Malaysia
        • Australia
        • Hong Kong
        • Vietnam
    • South America
        • Brazil
        • Argentina
        • Chile
    • Middle East & Africa
        • UAE
        • Saudi Arabia
        • Israel
        • South Africa
        • Nigeria