Voice Recognition Market Growth Analysis | 2023-2028

Market Insights

The voice recognition market was estimated at USD 4.18 billion in 2022 and is likely to grow at a CAGR of 15.12% during 2023-2028 to reach USD 9.79 billion in 2028.

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What is voice recognition?

Voice recognition technology allows voice and speech identification including the frequency, pitch, and accent of any speaker. It is used to identify, distinguish, or authenticate a particular speaker’s voice.

Many companies are already using this tool for different purposes. Hands-free callings, voice biometrics for user verification, etc. are a few applications where this technology is being used widely.

COVID-19 IMPACT

The global pandemic COVID-19 largely impacted all the major industries in the year 2020. However, the voice recognition market boomed during this period. As the whole world was in lockdown, the number of people working from home increased generating a need for intelligent and smart equipment. Due to a need for contactless human engagement, speech technology for finding and aiding in entertainment, communication, and medical fields was adopted.

Key Players

Some of the key players in the market are-

• Aculab PLC
• Agnitio S.L.
• Auraya Systems
• Aware, Inc.
• Daon, Inc.
• ID R&D, Inc.
• Mobvoi Information Technology Company Limited
• NEC Corporation
• Nuance Communications, Inc.
• OneVault.

Market Dynamics

The voice recognition market has experienced significant growth in recent years, driven by several key factors. Below given are a few -

• Rising adoption in Medical Industry – Doctors, therapists, and other medical professionals can dictate notes and medical details into their Electronic Health Record (HER) platforms using voice recognition enabling them to save writing time. The adoption of voice recognition in the medical industry is expected to grow rapidly in the coming years.
• Increasing Demand for Voice-Enabled Devices: Rising adoption of voice-enabled devices, such as smart speakers, smartphones, and wearable devices, has powered the demand for voice recognition technology. Different sources state that there are more than 70 percent of consumers rely on voice search instead of typing.
• Growing adoption of voice recognition technology in smart devices – There is widespread usage of voice recognition technology in devices like smart TVs, vacuum cleaners, Wi-Fi smart thermostats with voice control, etc. For instance, the GE profile top load 900 series washing machine uses Amazon Alexa which allows owners to use their voice as a command.
• Increasing adoption of Artificial Intelligence (AI) and other technologies – A rapid growth in the demand for voice recognition technology can be witnessed due to the adoption of AI across end-user verticals. AI efficiently converts speech into algorithms. Hence, with the rising number of AI-based digital assistants, such as Alexa and Cortana, the demand for voice recognition will grow simultaneously.
• Smart Cars with Smart Features – Automotive industry has witnessed a surge and is expected to grow in the coming years too. Technological advancements like voice assistance, etc. are a part of innovations in the automotive industries. For instance, Toyota and Google have partnered to bring AI-powered voice assistants that will be featured in every new car from Toyota and Lexus such as the Toyota Corolla family, Tundra and Sequoia and Lexus NX, RX, and all-electric RZ from 2023 onwards.

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Segment Analysis

By Deployment Model Type

The voice recognition market is segmented as on-premise and cloud. The cloud-based deployment model is expected to register higher growth during the forecast period. It offers various gainful features, such as IT security, scalability, high speed, and 24*7 services, and requires only a proper internet connection which minimizes the physical infrastructural costs, boosting the segment’s growth over the forecast period.

By Technology Type

Based on the technology type, the market is segmented as AI-based and non-AI-based. AI-based technology is estimated to hold the major share of the market during the forecast period. Factors such as the capability of AI models to process larger datasets with more accuracy compared to traditional models, to adapt to changes in language on their own and enhance their accuracy level through their self-learning abilities, to identify various components such as semantics, accent, context, and words from foreign languages, are expected to fuel the product demand in the market during the forecast period.

By End-Use Type

Based on the end-use type, the market is segmented as aerospace, automotive, BFSI, consumer electronics, government & defense, healthcare, and others. The BFSI sector is projected to witness significant growth during the forecast period on account of rapidly growing digital banking coupled with an increase in the number of identity frauds. Increasing identity fraud activities can lead to enormous losses for financial institutions, thus banks are focusing on implementing technologies, such as voice recognition technology to authenticate users’ identity and process a secure transfer of their information from remote locations, increasing the accuracy of detecting a person with fraudulent behavior, fueling the market growth during the forecast period.

Regional Insights

In terms of regions, Asia-Pacific accounted for the market share of more than 15% in 2022, owing to the increasing adoption of smart electronic devices in the region during the forecast period. Factors such as consumer electronics devices being integrated with biometric-based voice recognition technology which offers hands-free activation and interactive actions using voice commands and growing production and consumption of electronic devices in the region are expected to accelerate the growth of the regional market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The voice recognition market is segmented into the following categories.

By Deployment Model Type

• On-premise
• Cloud

By Technology Type

• AI-based
• Non-AI based

By End-Use Type

• Aerospace
• Automotive
• BFSI
• Consumer Electronics
• Government & Defense
• Healthcare
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• est of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players and those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the technology types by end-use type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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