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
Updated on : October 04 , 2023
The Speech and voice recognition market size is valued at USD 9.4 billion in 2022 and is anticipated to be USD 28.1 billion by 2027; growing at a CAGR of 24.4% from 2022 to 2027.
Factors such as increasing demand in healthcare for improving efficiency and the growing use of smart appliances are driving the growth of the speech and voice recognition industry during the forecast period.
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Speech And Voice Recognition Market Dynamics
Driver: Escalated use of speech and voice recognition software by healthcare professionals
Many healthcare professionals spend a significant amount of time typing notes and reports and maintaining each patient's medical records as documenting every minute detail is of utmost importance in healthcare. However, these tasks take time from more productive chores such as treating and interacting personally with patients. Hence, doctors and physicians prefer using natural language processing (NLP) algorithm-based voice recognition software solutions. Speech and voice recognition technologies are mostly used in the healthcare sector to report health checkups, data entry, and when the doctor or the attendant/nurse is unavailable. Such software solutions enable healthcare professionals to enter notes into the electric health record (EHR) system or their computers without taking time out from patient care and remain productive throughout the day.
This eliminates the need for healthcare providers to stay late at work to complete paperwork, allowing them to visit more patients during the day. Easy to use and hands-free features of an automated speech recognition system in medical applications enable doctors to get their work done efficiently, driving the speech and voice recognition market growth. Thus, increased productivity leads to increased cash flow.
Restraint: Limitation of software to understand contextual relation of words in different languages
Words with similar sounds but different meanings are called homophones, for example, "right/write" or "bye/by/buy." AI may struggle to identify homophones in a sentence without a comprehensive language model and training on these terms with reference to appropriate contexts. Many terms in English and Roman languages have several meanings. For instance, the “cell” can be a part of an organism, a prison room, or an area of radio coverage (cell phone). Also, heteronyms with diverse meanings are common in most languages. For example, in English, "close" means "to shut" or "near," and "converse" means "to talk" or "the opposite."
Therefore, it might not be easy to know when to use the correct homonyms while translating the content. To solve this challenge, the translator must be well-versed with the spoken language and the language in which the text will be translated. This may necessitate the in-depth understanding of both languages by the translator.
Opportunity:Increasing popularity of online shopping
Customer buying behavior is shifting in both developed and developing countries. There is a trend of buying things online. Customers may shop products, enquire about prices and features from the comfort of their own homes, and even receive personalized recommendations based on their previous purchases. This experience can be made even more frictionless and participatory with the use of voice assistants. According to the Conversational Commerce Survey by Capgemini in 2017, 41% of consumers prefer a voice assistant to a website or app while shopping online since it allows them to automate their usual shopping operations.
Searching for products and services, creating a shopping list, adding items to a shopping cart, making a purchase, checking the status of orders, providing feedback on products and services, using the customer support service, and making recommendations for the product or service to other potential customers are just a few of the customer touchpoints where voice assistants can be useful. Customers' faster adoption and usage of voice assistants, along with a surge in online commerce, present an opportunity for voice assistant application solutions and service providers.
Challenge: Increased errors due to background noise
A quiet environment is important for the smooth working of speech and voice recognition technology. Too much background noise can affect the results of speech and voice recognition. One of the major challenges of using speech and voice recognition technologies effectively in outdoor environments or large public spaces and offices.
Consumers of speech recognition technology largely measure its performance based on accuracy and speed. Accuracy of speech recognition is measured using the word error rate (WER). Despite recent advancements, the WER of speech and voice recognition technologies cannot match the WER of humans. In a survey of smartphone owners on their expectations for improvements in voice assistants,' accuracy' received 40% of the votes. Speech and voice recognition aims to convert a speech signal accurately and efficiently into a text message. Companies are developing complex algorithms and focusing on deep learning to make speech and voice recognition systems more robust. However, the systems are not 100% accurate and efficient, and further developments and research activities are in progress to make them effective even in noisy environments.
In the coming years, companies that focus more on eliminating this problem through deeper research have more chances of providing better products and applications that can better adapt to users' speaking habits and reduce the rate of errors by differentiating background noise from that of the user.
APAC held the largest market for the speech and voice recognition market in 2027 owing to the technological advancements and the rising demand for speech and voice recognition systems in the medical.
During the forecast period, APAC held the largest share of market in 2027 and is expected to continue its upward growth trend. From 2022 to 2027, the region is expected to have the highest CAGR. The market in Asia Pacific is growing owing to technological advancements, improved awareness regarding the benefits of these technologies among the masses, and the low cost of speech and voice recognition devices. China, Japan, and India are the key countries in the Asia Pacific region for market. Baidu (China) and iFlytek (China) are the top two companies in the region operating in the speech and recognition market. The surge in the adoption of voice assistant devices in China is the major reason for the market growth. The constant developments in healthcare and other applications will accelerate the demand for voice recognition technology-based products in the region. The market in India is expected to witness the highest growth during the forecast period.
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Top Speech and Voice Recognition Companies - Key Market Players:
The speech and voice recognition companies is dominated by a few globally established players such as Apple (US), Microsoft (US), IBM (US), Alphabet (US), Amazon (US), Baidu (China), iFlytek (China) and SESTEK (Turkey), speak2web (US), and Verint (US).
Speech and Voice Recognition Market Report Scope:
|
Report Metric |
Details |
| Estimated Market Size | USD 9.4 Billion |
| Projected Market Size | USD 28.1 Billion |
| Growth Rate | CAGR of 24.4% |
|
Market size available for years |
2022–2027 |
|
On Demand Data Available |
2030 |
|
Report Coverage |
|
|
Segments covered |
|
|
Geographies covered |
|
|
Companies covered |
|
| Key Market Driver | Increased Software By Healthcare Professionals |
| Largest Growing Region | Asia Pacific (APAC) |
| Largest Market Share Segment | Technological Advancement in Medical Segment |
| Highest CAGR Segment | Consumer Segment |
The study categorizes the speech and voice recognition market based on Technology, Deployment mode, Vertical, and Region.
By Technology:
- Speech Recognition
- Automatic Speech Recognition
- Text-To-Speech
- Voice Recognition
- Speaker Identification
- Speaker Verification
By Deployment mode:
- On Cloud
- On-Premises/Embedded
By Vertical:
- Automotive
- Enterprise
- Consumer
- Banking, Finance Service & Insurance (BFSI)
- Government
- Retail
- Healthcare
- Military
- Legal
- Education
- Others
By Region:
- Americas
- Europe
- APAC
- RoW
Recent Developments
- In April 2022, 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 2021, 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.
Frequently Asked Questions (FAQ):
What is the size of the Speech and Voice Recognition Market?
The size of the speech and voice recognition market is difficult to estimate, as it is growing rapidly. However, MarketsandmarketsTM estimated to reach USD 28.1 Bn by 2027, growing at a CAGR of 24.4% during the forecast period.
Who are the key players in the speech and voice recognition market?
Major of the key players in the speech and voice recognition market include Apple (US), Microsoft (US), IBM (US), Alphabet (US), Amazon (US), Baidu (China), iFlytek (China) and SESTEK (Turkey), speak2web (US), and Verint (US).
What is driving growth in the speech and voice recognition market?
The growth of the speech and voice recognition market is being driven by increasing demand for virtual assistants, hands-free interfaces, and accessibility for people with disabilities. The growing popularity of smart speakers and the Internet of Things (IoT) is also driving demand for voice-controlled devices.
What are the key trends in the speech and voice recognition market?
Some of the key trends in the speech and voice recognition market include increased investment in research and development, a focus on improving accuracy and reliability, and the expansion of voice-controlled interfaces into new industries such as healthcare, education, and commerce.
How is the speech and voice recognition market expected to evolve in the future?
The speech and voice recognition market is growing rapidly, driven by increasing demand for virtual assistants, hands-free interfaces, and accessibility. Future growth is expected due to the growing popularity of smart speakers and the Internet of Things (IoT).
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TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 36)
1.1 STUDY OBJECTIVES
1.2 DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 SUMMARY OF CHANGES
1.4 STUDY SCOPE
1.4.1 MARKETS COVERED
1.4.2 GEOGRAPHIC SCOPE
1.4.3 YEARS CONSIDERED
1.5 CURRENCY
1.6 LIMITATIONS
1.7 STAKEHOLDERS
2 RESEARCH METHODOLOGY (Page No. - 41)
2.1 RESEARCH DATA
FIGURE 1 PROCESS FLOW: SPEECH AND VOICE RECOGNITION MARKET SIZE ESTIMATION
FIGURE 2 SPEECH RECOGNITION MARKET: RESEARCH DESIGN
2.1.1 SECONDARY AND PRIMARY RESEARCH
FIGURE 3 RESEARCH APPROACH
2.1.2 SECONDARY DATA
2.1.2.1 Secondary sources
2.1.2.2 Key secondary sources
2.1.3 PRIMARY DATA
2.1.3.1 Primary sources
2.1.3.2 Key industry insights
2.1.3.3 Primary interview breakup
2.1.3.4 List of key primary respondents
2.1.3.5 Breakdown of primaries
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach for arriving at market size by bottom-up analysis
FIGURE 4 MARKET: BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.2.2.1 Approach for capturing market size by top-down analysis
FIGURE 5 MARKET: TOP-DOWN APPROACH
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
FIGURE 6 DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
2.5 LIMITATIONS
2.6 RISK ASSESSMENT
TABLE 1 RISK ASSESSMENT
3 EXECUTIVE SUMMARY (Page No. - 52)
3.1 SPEECH AND VOICE RECOGNITION MARKET: POST-COVID-19
FIGURE 7 IMPACT OF COVID-19 ON SPEECH RECOGNITION MARKET
FIGURE 8 SPEECH RECOGNITION TO ACCOUNT FOR LARGER MARKET SHARE THROUGHOUT FORECAST PERIOD
FIGURE 9 ON-CLOUD DEPLOYMENT MODE TO DOMINATE MARKET DURING FORECAST PERIOD
FIGURE 10 CONSUMER VERTICAL TO DOMINATE VOICE RECOGNITION MARKET BETWEEN 2022 AND 2027
FIGURE 11 AMERICAS HELD LARGEST MARKET SHARE IN 2021
4 PREMIUM INSIGHTS (Page No. - 57)
4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN MARKET
FIGURE 12 INCREASING DEMAND FOR SPEECH AND VOICE RECOGNITION TECHNOLOGY-BASED PRODUCTS IN ASIA PACIFIC TO DRIVE MARKET GROWTH
4.2 MARKET, BY TECHNOLOGY
FIGURE 13 SPEECH RECOGNITION TECHNOLOGY TO ACCOUNT FOR LARGER MARKET SHARE THAN VOICE RECOGNITION TECHNOLOGY DURING FORECAST PERIOD
4.3 MARKET, BY DEPLOYMENT MODE
FIGURE 14 ON-CLOUD SEGMENT TO COMMAND IN 2022
4.4 MARKET IN AMERICAS, BY REGION AND TECHNOLOGY
FIGURE 15 NORTH AMERICA AND SPEECH RECOGNITION TECHNOLOGY TO ACCOUNT FOR MAJORITY OF MARKET SHARE IN AMERICAS BY 2027
4.5 VOICE RECOGNITION MARKET, BY VERTICAL
FIGURE 16 CONSUMER VERTICAL TO EXHIBIT HIGHEST CAGR FROM 2022 TO 2027
4.6 MARKET, BY COUNTRY (2021)
FIGURE 17 INDIA TO EXHIBIT HIGHEST CAGR IN GLOBAL MARKET FROM 2022 TO 2027
5 MARKET OVERVIEW (Page No. - 61)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 18 DRIVERS, RESTRAINTS, OPPORTUNITIES AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Escalated use of speech and voice recognition software by healthcare professionals
5.2.1.2 Extensive penetration of speech and voice recognition technologies in smart appliances
FIGURE 19 SALES DATA FOR VOICE ASSISTANT DEVICES OFFERED BY KEY BRANDS, 2020
5.2.1.3 Elevated demand for speech and voice recognition technologies to transcribe audio
5.2.1.4 Strong requirement for voice-based biometric systems, especially by financial service providers, for multifactor authentication and mobile banking applications
FIGURE 20 USE OF VOICE RECOGNITION TO PREVENT IDENTITY THEFT IN BANKING AND FINANCE
FIGURE 21 DATA BREACH COMPLAINTS IN US (2018–2020)
5.2.1.5 Successful integration of AI into speech and voice recognition systems to achieve more accurate results
FIGURE 22 DRIVERS FOR MARKET AND THEIR IMPACT
5.2.2 RESTRAINTS
5.2.2.1 Limitation of software to understand contextual relation of words in different languages
5.2.2.2 Need for numerous channels in speech-to-text APIs while transcribing audio data that includes multiple channels
5.2.2.3 Limited capacity to recognize and respond to customer intent
5.2.2.4 Concerns regarding data privacy and security
5.2.2.5 High cost of high-end voice recognition systems deployed in automobiles
5.2.2.6 Requirement for huge investment keeps small players out
FIGURE 23 RESTRAINTS FOR SPEECH AND VOICE RECOGNITION MARKET AND THEIR IMPACT
5.2.3 OPPORTUNITIES
5.2.3.1 Customer preference for cloud-based speech-to-text software
5.2.3.2 Increasing popularity of online shopping
5.2.3.3 Development of personalized applications for users
5.2.3.4 Integration of speech and voice recognition technology with mobile applications
5.2.3.5 Development of speech and voice recognition software for micro-linguistics and local languages
5.2.3.6 Application of speech and voice recognition in service robotics
5.2.3.7 Focus on utilizing speech and voice recognition technologies for educating disabled students
5.2.3.8 Deployment of speech and voice recognition technology in autonomous cars
5.2.3.9 Consumer preference for technologically advanced products
FIGURE 24 OPPORTUNITIES FOR MARKET AND THEIR IMPACT
5.2.4 CHALLENGES
5.2.4.1 Creating unique vocabulary for various industries
5.2.4.2 Limited awareness regarding availability and benefits of voice assistant technologies
5.2.4.3 Increased errors due to background noise
5.2.4.4 Lack of standardized platform for development of customized products
5.2.4.5 Slow network speeds posing challenge to cloud-based speech recognition services
FIGURE 25 CHALLENGES FOR SPEECH RECOGNITION MARKET AND THEIR IMPACT
5.3 VALUE CHAIN ANALYSIS
FIGURE 26 VALUE CHAIN ANALYSIS : MARKET
5.4 ECOSYSTEM
FIGURE 27 VOICE RECOGNITION MARKET: ECOSYSTEM
TABLE 2 MARKET: ECOSYSTEM
5.4.1 REVENUE SHIFT IN MARKET
FIGURE 28 REVENUE SHIFT IN MARKET
5.5 PATENT ANALYSIS
TABLE 3 IMPORTANT PATENT REGISTRATIONS, 2017–2021
FIGURE 29 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS
FIGURE 30 ANNUAL NUMBER OF PATENTS GRANTED OVER LAST 10 YEARS
TABLE 4 TOP 10 PATENT OWNERS
5.6 TRADE ANALYSIS
TABLE 5 IMPORT STATISTICS: SOUND RECORDING OR SOUND REPRODUCING APPARATUS, BY COUNTRY, 2017–2021 (USD THOUSAND)
TABLE 6 EXPORT STATISTICS: SOUND RECORDING OR SOUND REPRODUCING APPARATUS, BY COUNTRY, 2017–2021 (USD THOUSAND)
5.7 TARIFF ANALYSIS
TABLE 7 TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY NETHERLANDS IN 2020
TABLE 8 TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY CHINA IN 2020
TABLE 9 TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY UK IN 2020
TABLE 10 TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY US IN 2020
TABLE 11 TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY GERMANY IN 2020
5.8 CASE STUDY ANALYSIS
TABLE 12 SESTEK HELPS TEKNOSA TO INCREASE FIRST-CALL RESOLUTION RATE AND SHORTEN CALL DURATIONS AT CONTACT CENTER
TABLE 13 SESTEK HELPS AGENTS AT AL BARAKA BANK CONTACT CENTER TO SIGNIFICANTLY IMPROVE THEIR EFFICIENCY AND REDUCE WORKLOAD
TABLE 14 MICROSOFT TRANSLATOR APPLICATION FACILITATES MULTILINGUAL PARENT–TEACHER COMMUNICATION AT CHINOOK MIDDLE SCHOOL
TABLE 15 IBM WATSON HELPS BRADESCO BANK TO REDUCE RESPONSE TIME
TABLE 16 ALEXA HELPS HAWAII PACIFIC HEALTH TO ENHANCE PATIENT EXPERIENCE BY QUERY RESOLUTION
TABLE 17 CHATBOT BY ROANUZ ANSWERS USER QUERIES QUICKLY
5.9 PORTER'S FIVE FORCES ANALYSIS
TABLE 18 SPEECH AND VOICE RECOGNITION MARKET: PORTER'S FIVE FORCES ANALYSIS, 2020
5.9.1 THREAT OF NEW ENTRANTS
5.9.2 THREAT OF SUBSTITUTES
5.9.3 BARGAINING POWER OF BUYERS
5.9.4 BARGAINING POWER OF SUPPLIERS
5.9.5 INTENSITY OF RIVALRY
5.10 TECHNOLOGY ANALYSIS
5.10.1 MICROSOFT ALLOWS USERS CONTROL OVER USING VOICE CLIPS TO IMPROVE SPEECH RECOGNITION ALGORITHM
5.10.2 APPLE DEVELOPS AI MODEL FOR AUTOMATIC SPEECH TRANSCRIPTION AND SPEAKER RECOGNITION
5.10.3 SPEECHMATICS LAUNCHES SPEECH RECOGNITION SERVICE ON MICROSOFT AZURE
5.10.4 CRESCENDO SPEECH PROCESSING SOFTWARE OFFERS MULTILINGUAL SUPPORT
5.10.5 FACEBOOK'S AI OPEN SOURCE PROVIDES NEW DATASET FOR SPEECH RECOGNITION
5.10.6 LUMENVOX LAUNCHED NEXT-GENERATION AUTOMATIC SPEECH RECOGNITION (ASR) ENGINE WITH TRANSCRIPTION
5.10.7 SENSORY'S SPEECH RECOGNITION MODEL HELPS UNDERSTAND CHILDREN’S VOICE PATTERN
5.11 KEY REGULATIONS FOR VOICE RECOGNITION MARKET
TABLE 19 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 20 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 21 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 22 ROW: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.12 CODES AND STANDARDS
TABLE 23 SPEECH AND VOICE RECOGNITION CODES AND STANDARDS
5.13 PRICING ANALYSIS
TABLE 24 AVERAGE SELLING PRICE OF SPEECH RECOGNITION SOFTWARE
5.14 KEY STAKEHOLDERS & BUYING CRITERIA
5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 31 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS
TABLE 25 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS (%)
5.14.2 BUYING CRITERIA
FIGURE 32 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS
TABLE 26 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS
5.15 KEY CONFERENCES AND EVENTS (2022–2023)
TABLE 27 VOICE RECOGNITION MARKET: DETAILED LIST OF CONFERENCES & EVENTS
6 TYPES OF SPEECH AND VOICE RECOGNITION SYSTEMS (Page No. - 102)
6.1 INTRODUCTION
FIGURE 33 DELIVERY METHODS IN SPEECH AND VOICE RECOGNITION
6.2 ARTIFICIAL INTELLIGENCE-BASED
6.2.1 ARTIFICIAL INTELLIGENCE IS MOST EFFECTIVE TECHNIQUE FOR FLAWLESS AND ACCURATE SPEECH RECOGNITION
6.3 NON-ARTIFICIAL INTELLIGENCE-BASED
6.3.1 NON-AI-BASED SYSTEMS OFFER INDUSTRY-LEADING ACCURACY, SECURITY, AND CONSISTENCY
7 SPEECH AND VOICE RECOGNITION MARKET, BY TECHNOLOGY (Page No. - 105)
7.1 INTRODUCTION
FIGURE 34 SPEECH RECOGNITION MARKET SEGMENTATION, BY TECHNOLOGY
FIGURE 35 VOICE RECOGNITION TECHNOLOGY TO RECORD HIGHER CAGR THAN SPEECH RECOGNITION TECHNOLOGY DURING FORECAST PERIOD
TABLE 28 MARKET, BY TECHNOLOGY, 2018–2021 (USD MILLION)
TABLE 29 MARKET, BY TECHNOLOGY, 2022–2027 (USD MILLION)
7.2 VOICE RECOGNITION
7.2.1 NON-CONTACT, EASY-TO-USE, AND NON-INTRUSIVE FEATURES OF VOICE RECOGNITION DEVICES ARE EXPECTED TO FACILITATE THEIR DEMAND IN COMING YEARS
FIGURE 36 VOICE RECOGNITION PHASE PROCESS
TABLE 30 VOICE RECOGNITION MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 31 MARKET, BY REGION, 2022–2027 (USD MILLION)
7.2.2 SPEAKER IDENTIFICATION
7.2.2.1 Speaker identification technology authenticates users by capturing unique speech characteristics
7.2.3 SPEAKER VERIFICATION
7.2.3.1 Speaker verification technology is increasingly used in banks and financial services for security purposes
FIGURE 37 SPEAKER VERIFICATION PROCESS
7.3 SPEECH RECOGNITION
7.3.1 MULTILINGUAL ENVIRONMENTS ARE EXPECTED TO WITNESS HIGH DEMAND FOR SPEECH RECOGNITION TECHNOLOGY TO ELIMINATE LANGUAGE BARRIERS
TABLE 32 MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 33 MARKET, BY REGION, 2022–2027 (USD MILLION)
7.3.2 AUTOMATIC SPEECH RECOGNITION
7.3.2.1 Advancements in ASR technology empower businesses to improve customer experience
7.3.3 TEXT-TO-SPEECH
7.3.3.1 Integration of AI and ML technologies into TTS software enables conversion of text into natural-sounding audio
FIGURE 38 AUTOMATIC SPEECH RECOGNITION TECHNOLOGY TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD
TABLE 34 SPEECH RECOGNITION MARKET, BY TYPE, 2018–2021 (USD MILLION)
TABLE 35 MARKET, BY TYPE, 2022–2027 (USD MILLION)
8 SPEECH AND VOICE RECOGNITION MARKET, BY DEPLOYMENT MODE (Page No. - 115)
8.1 INTRODUCTION
FIGURE 39 DEPLOYMENT MODES IN SPEECH AND VOICE RECOGNITION
FIGURE 40 ON-CLOUD SPEECH AND VOICE RECOGNITION SOLUTIONS TO HOLD MAXIMUM MARKET SHARE IN 2027
TABLE 36 MARKET, BY DEPLOYMENT MODE, 2018–2021 (USD MILLION)
TABLE 37 VOICE RECOGNITION MARKET, BY DEPLOYMENT MODE, 2022–2027 (USD MILLION)
8.2 ON-CLOUD
8.2.1 ON-CLOUD SEGMENT TO CAPTURE LARGER MARKET SHARE DURING FORECAST PERIOD
TABLE 38 ON-CLOUD: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 39 ON-CLOUD: MARKET, BY REGION, 2022–2027 (USD MILLION)
8.3 ON-PREMISES/EMBEDDED
8.3.1 ON-PREMISES DEPLOYMENT PROJECTED TO WITNESS HIGHER GROWTH RATE DURING FORECAST PERIOD
TABLE 40 ON-PREMISES/EMBEDDED: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 41 ON-PREMISES/EMBEDDED: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
9 MARKET, BY VERTICAL (Page No. - 121)
9.1 INTRODUCTION
FIGURE 41 CONSUMER VERTICAL TO COMMAND MARKET DURING FORECAST PERIOD
TABLE 42 MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
TABLE 43 MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
FIGURE 42 GOVERNMENT VERTICAL TO HOLD LARGEST SHARE OF MARKET IN 2027
TABLE 44 MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
TABLE 45 VOICE RECOGNITION MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
FIGURE 43 CONSUMER VERTICAL TO HOLD LARGEST SHARE OF MARKET IN 2027
TABLE 46 MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
TABLE 47 SPEECH RECOGNITION MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
9.2 AUTOMOTIVE
9.2.1 INCREASING USE OF SPEECH AND VOICE RECOGNITION TECHNOLOGIES IN IN-CAR INFOTAINMENT SYSTEMS
FIGURE 44 VEHICLE INSURANCE APPLICATION TO RECORD HIGHER CAGR IN MARKET DURING FORECAST PERIOD
TABLE 48 AUTOMOTIVE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 49 AUTOMOTIVE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 50 AUTOMOTIVE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 51 AUTOMOTIVE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 52 AUTOMOTIVE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 53 AUTOMOTIVE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 54 AUTOMOTIVE: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 55 AUTOMOTIVE: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 56 AUTOMOTIVE: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 57 AUTOMOTIVE: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
9.3 ENTERPRISE
9.3.1 GROWING ADOPTION OF VIRTUAL ASSISTANTS IN POST-PANDEMIC PERIOD TO BOOST MARKET GROWTH
TABLE 58 ENTERPRISE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 59 ENTERPRISE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 60 ENTERPRISE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 61 ENTERPRISE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 62 ENTERPRISE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 63 ENTERPRISE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 64 ENTERPRISE: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 65 ENTERPRISE: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 66 ENTERPRISE: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 67 ENTERPRISE: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
9.4 CONSUMER
9.4.1 SURGING ADOPTION OF VOICE-CONTROLLED SMART ASSISTIVE DEVICES
FIGURE 45 MOBILE DEVICE CONTROL APPLICATION TO CAPTURE LARGER SHARE OF SPEECH AND VOICE RECOGNITION MARKET FOR CONSUMER VERTICAL IN 2027
TABLE 68 CONSUMER: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 69 CONSUMER: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 70 CONSUMER: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 71 CONSUMER: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 72 CONSUMER: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 73 CONSUMER: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 74 CONSUMER: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 75 CONSUMER: MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 76 CONSUMER: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 77 CONSUMER: MARKET, BY REGION, 2022–2027 (USD MILLION)
9.5 BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI)
9.5.1 RISING NEED FOR VOICE AUTHENTICATION IN MOBILE BANKING TO STIMULATE MARKET GROWTH
TABLE 78 BFSI: VOICE RECOGNITION MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 79 BFSI: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 80 BFSI: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 81 BFSI: SPEECH RECOGNITION MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 82 BFSI: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 83 BFSI: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 84 BFSI: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 85 BFSI: MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 86 BFSI: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 87 BFSI: MARKET, BY REGION, 2022–2027 (USD MILLION)
9.6 GOVERNMENT
9.6.1 INCREASING USE OF SPEECH AND VOICE RECOGNITION SYSTEMS TO IMPROVE EFFICIENCY BOOSTS MARKET GROWTH
FIGURE 46 PROOF-OF-LIFE APPLICATION TO LEAD MARKET FOR GOVERNMENT VERTICAL FROM 2022 TO 2027
TABLE 88 GOVERNMENT: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 89 GOVERNMENT: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 90 GOVERNMENT: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 91 GOVERNMENT: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 92 GOVERNMENT: VOICE RECOGNITION MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 93 GOVERNMENT: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 94 GOVERNMENT: SPEECH RECOGNITION MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 95 GOVERNMENT: MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 96 GOVERNMENT: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 97 GOVERNMENT: MARKET, BY REGION, 2022–2027 (USD MILLION)
9.7 RETAIL
9.7.1 INCREASING USE OF ADVANCED TECHNOLOGIES BY RETAILERS TO PROVIDE PERSONALIZED EXPERIENCE TO CUSTOMERS SUPPORTS MARKET GROWTH
TABLE 98 RETAIL: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 99 RETAIL: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 100 RETAIL: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 101 RETAIL: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 102 RETAIL: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 103 RETAIL: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 104 RETAIL: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 105 RETAIL: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 106 RETAIL: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 107 RETAIL: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
9.8 HEALTHCARE
9.8.1 GROWING RELIANCE OF CARE PROVIDERS ON SPEECH AND VOICE RECOGNITION TO AVOID ERRORS, INCREASE PRODUCTIVITY, AND IMPROVE EFFICIENCY OF STAFF TO FUEL MARKET GROWTH
FIGURE 47 SPECIAL-PURPOSE ROBOTS EXPECTED TO REGISTER HIGHER CAGR IN MARKET FOR HEALTHCARE DURING FORECAST PERIOD
TABLE 108 HEALTHCARE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 109 HEALTHCARE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 110 HEALTHCARE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 111 HEALTHCARE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 112 HEALTHCARE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 113 HEALTHCARE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 114 HEALTHCARE: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 115 HEALTHCARE: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 116 HEALTHCARE: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 117 HEALTHCARE: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
9.9 MILITARY
9.9.1 ONGOING INNOVATION IN SPEECH RECOGNITION TECHNOLOGY-BASED PRODUCTS TO FACILITATE THEIR DEMAND IN MILITARY APPLICATIONS
TABLE 118 MILITARY: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 119 MILITARY: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 120 MILITARY: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 121 MILITARY: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 122 MILITARY: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 123 MILITARY: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 124 MILITARY: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 125 MILITARY: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 126 MILITARY: VOICE RECOGNITION MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 127 MILITARY: MARKET, BY REGION, 2022–2027 (USD MILLION)
9.1 LEGAL
9.10.1 ELEVATING ADOPTION OF SPEECH AND VOICE RECOGNITION TOOLS BY LAW FIRMS TO FUEL MARKET GROWTH
TABLE 128 LEGAL: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 129 LEGAL: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 130 LEGAL: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 131 LEGAL: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 132 LEGAL: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 133 LEGAL: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 134 LEGAL: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 135 LEGAL: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 136 LEGAL: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 137 LEGAL: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
9.11 EDUCATION
9.11.1 RISING USE OF SPEECH AND VOICE RECOGNITION TO EDUCATE DISABLED STUDENTS TO CREATE GROWTH OPPORTUNITIES
FIGURE 48 EDUCATION FOR DISABLED & E-LEARNING SEGMENT TO RECORD HIGHER CAGR IN MARKET DURING FORECAST PERIOD
TABLE 138 EDUCATION: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 139 EDUCATION: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 140 EDUCATION: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 141 EDUCATION: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 142 EDUCATION: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
TABLE 143 EDUCATION: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
TABLE 144 EDUCATION: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 145 EDUCATION: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 146 EDUCATION: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 147 EDUCATION: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
9.12 OTHERS
TABLE 148 OTHERS: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 149 OTHERS: MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 150 OTHERS: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 151 OTHERS: MARKET, BY REGION, 2022–2027 (USD MILLION)
10 SPEECH AND VOICE RECOGNITION MARKET, BY REGION (Page No. - 171)
10.1 INTRODUCTION
FIGURE 49 MARKET SEGMENTATION, BY REGION
FIGURE 50 ASIA PACIFIC TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 51 MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR FROM 2022 TO 2027
TABLE 152 MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 153 MARKET, BY REGION, 2022–2027 (USD MILLION)
10.2 AMERICAS
FIGURE 52 AMERICAS: MARKET SNAPSHOT
TABLE 154 AMERICAS: SPEECH RECOGNITION MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 155 AMERICAS: MARKET, BY REGION, 2022–2027 (USD MILLION)
TABLE 156 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 157 NORTH AMERICA: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
10.2.1 NORTH AMERICA
10.2.1.1 US
10.2.1.1.1 Prominent presence of key market players boosts demand for speech and voice recognition technologies
10.2.1.2 Canada
10.2.1.2.1 High deployment of voice-activated biometrics in banking applications to support market growth
10.2.1.3 Mexico
10.2.1.3.1 Strong focus of giant companies on setting up development centers in Mexico to create growth opportunities
10.2.2 SOUTH AMERICA
10.2.2.1 Rapid internet penetration to drive market growth
10.3 EUROPE
FIGURE 53 EUROPE: SPEECH RECOGNITION MARKET SNAPSHOT
TABLE 158 EUROPE: VOICE RECOGNITION MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 159 EUROPE: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
10.3.1 UK
10.3.1.1 Strong government support and technological advancements boost market growth
10.3.2 GERMANY
10.3.2.1 Greater reliance on AI and cognitive technologies in enterprises to fuel demand for speech and voice recognition technologies
10.3.3 FRANCE
10.3.3.1 Significant focus on improving air traffic control fosters growth of speech and voice recognition market
10.3.4 REST OF EUROPE
10.4 ASIA PACIFIC
FIGURE 54 ASIA PACIFIC: MARKET SNAPSHOT
TABLE 160 ASIA PACIFIC: MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
TABLE 161 ASIA PACIFIC: VOICE RECOGNITION MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
10.4.1 JAPAN
10.4.1.1 Rapid deployment of Al into innovative robotic devices fuels market growth
10.4.2 CHINA
10.4.2.1 Robust presence of key market players is boosting market growth
10.4.3 INDIA
10.4.3.1 Large-scale technological development and increasing number of mobile and internet users to drive market growth
10.4.4 REST OF ASIA PACIFIC
10.5 ROW
FIGURE 55 MARKET IN ROW, 2022 VS. 2027
TABLE 162 ROW: MARKET, BY REGION, 2018–2021 (USD MILLION)
TABLE 163 ROW: MARKET, BY REGION, 2022–2027 (USD MILLION)
10.5.1 MIDDLE EAST
10.5.1.1 Remarkable adoption of voice assistant devices fosters demand for speech and voice recognition technologies
10.5.2 AFRICA
10.5.2.1 Africa to record higher CAGR than Middle East in speech recognition market in RoW from 2022 to 2027
11 COMPETITIVE LANDSCAPE (Page No. - 189)
11.1 INTRODUCTION
11.2 REVENUE ANALYSIS OF TOP 5 COMPANIES
FIGURE 56 REVENUE ANALYSIS (USD MILLION), 2017–2021
11.3 KEY PLAYER STRATEGIES/RIGHT TO WIN
TABLE 164 OVERVIEW OF STRATEGIES DEPLOYED BY KEY MANUFACTURERS OF SPEECH AND VOICE RECOGNITION PRODUCTS
11.4 MARKET SHARE ANALYSIS
TABLE 165 VOICE RECOGNITION MARKET: DEGREE OF COMPETITION (2021)
FIGURE 57 MARKET SHARE ANALYSIS: MARKET, 2021
11.5 COMPANY EVALUATION QUADRANT
11.5.1 STARS
11.5.2 EMERGING LEADERS
11.5.3 PERVASIVE COMPANIES
11.5.4 PARTICIPANTS
FIGURE 58 MARKET COMPANY EVALUATION QUADRANT, 2021
11.6 STRENGTH OF PRODUCT PORTFOLIO
11.7 BUSINESS STRATEGY EXCELLENCE
11.8 COMPETITIVE BENCHMARKING
TABLE 166 COMPETITIVE BENCHMARKING: VOICE RECOGNITION MARKET
FIGURE 59 COMPANY VERTICAL FOOTPRINT: MARKET
TABLE 167 COMPANY TECHNOLOGY FOOTPRINT: MARKET
TABLE 168 COMPANY REGION FOOTPRINT: SPEECH RECOGNITION MARKET
11.9 SME EVALUATION QUADRANT FOR MARKET, 2021
11.9.1 PROGRESSIVE COMPANIES
11.9.2 RESPONSIVE COMPANIES
11.9.3 DYNAMIC COMPANIES
11.9.4 STARTING BLOCKS
FIGURE 60 SPEECH AND VOICE RECOGNITION MARKET STARTUP/SME EVALUATION QUADRANT, 2021
11.10 COMPETITIVE SITUATION AND TRENDS
11.10.1 PRODUCT LAUNCHES AND DEVELOPMENTS
TABLE 169 PRODUCT LAUNCHES AND DEVELOPMENTS, 2018–2021
11.10.2 DEALS
TABLE 170 DEALS, 2018–2021
12 COMPANY PROFILES (Page No. - 205)
(Business Overview, Products Offered, Recent Developments, COVID-19 Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
12.1 KEY PLAYERS
12.1.1 APPLE
TABLE 171 APPLE: BUSINESS OVERVIEW
FIGURE 61 APPLE: COMPANY SNAPSHOT
TABLE 172 APPLE: PRODUCTS OFFERED
TABLE 173 APPLE: DEALS
12.1.2 MICROSOFT
TABLE 174 MICROSOFT: BUSINESS OVERVIEW
FIGURE 62 MICROSOFT: COMPANY SNAPSHOT
TABLE 175 MICROSOFT: PRODUCTS OFFERED
TABLE 176 MICROSOFT: PRODUCT LAUNCHES
TABLE 177 MICROSOFT: DEALS
12.1.3 IBM
TABLE 178 IBM: BUSINESS OVERVIEW
FIGURE 63 IBM: COMPANY SNAPSHOT
TABLE 179 IBM: PRODUCT OFFERED
TABLE 180 IBM: PRODUCT LAUNCHES
TABLE 181 IBM: DEALS
12.1.4 ALPHABET
TABLE 182 ALPHABET: BUSINESS OVERVIEW
FIGURE 64 ALPHABET: COMPANY SNAPSHOT
TABLE 183 ALPHABET: PRODUCTS OFFERED
TABLE 184 ALPHABET: PRODUCTS LAUNCHES
TABLE 185 ALPHABET: DEALS
12.1.5 AMAZON
TABLE 186 AMAZON: BUSINESS OVERVIEW
FIGURE 65 AMAZON: COMPANY SNAPSHOT
TABLE 187 AMAZON: PRODUCTS OFFERED
TABLE 188 AMAZON: PRODUCTS LAUNCHES
TABLE 189 AMAZON: DEALS
12.1.6 BAIDU
TABLE 190 BAIDU: BUSINESS OVERVIEW
FIGURE 66 BAIDU: COMPANY SNAPSHOT
TABLE 191 BAIDU: PRODUCTS OFFERED
TABLE 192 BAIDU: PRODUCTS LAUNCHES
TABLE 193 BAIDU: DEALS
12.1.7 IFLYTEK
TABLE 194 IFLYTEK: BUSINESS OVERVIEW
FIGURE 67 IFLYTEK: COMPANY SNAPSHOT
TABLE 195 IFLYTEK: PRODUCTS OFFERED
TABLE 196 IFLYTEK: PRODUCTS LAUNCHES
12.1.8 SPEECH ENABLED SOFTWARE TECHNOLOGIES (SESTEK)
TABLE 197 SESTEK: BUSINESS OVERVIEW
TABLE 198 SESTEK: PRODUCTS OFFERED
TABLE 199 SESTEK: PRODUCTS LAUNCHES
TABLE 200 SESTEK: DEALS
12.1.9 SPEAK2WEB
TABLE 201 SPEAK2WEB: BUSINESS OVERVIEW
TABLE 202 SPEAK2WEB: PRODUCTS OFFERED
12.1.10 VERINT
TABLE 203 VERINT: BUSINESS OVERVIEW
FIGURE 68 VERINT: COMPANY SNAPSHOT
TABLE 204 VERINT: PRODUCTS OFFERED
TABLE 205 VERINT: PRODUCTS LAUNCHES
TABLE 206 VERINT: DEALS
12.1.11 SPEECHMATICS
TABLE 207 SPEECHMATICS: BUSINESS OVERVIEW
TABLE 208 SPEECHMATICS: PRODUCTS OFFERED
TABLE 209 SPEECHMATICS: PRODUCT LAUNCHES
TABLE 210 SPEECHMATICS: DEALS
12.1.12 DEEPGRAM
TABLE 211 DEEPGRAM: BUSINESS OVERVIEW
TABLE 212 DEEPGRAM: PRODUCTS OFFERED
TABLE 213 DEEPGRAM: DEALS
12.1.13 VOICEITT
TABLE 214 VOICEITT: BUSINESS OVERVIEW
TABLE 215 VOICEITT: PRODUCTS OFFERED
12.1.14 VOICEGAIN
TABLE 216 VOICEGAIN: BUSINESS OVERVIEW
TABLE 217 VOICEGAIN: PRODUCTS OFFERED
TABLE 218 VOICEGAIN: PRODUCT LAUNCHES
TABLE 219 VOICEGAIN: DEALS
12.1.15 SENSORY INC.
TABLE 220 SENSORY: BUSINESS OVERVIEW
TABLE 221 SENSORY: PRODUCTS OFFERED
TABLE 222 SENSORY: PRODUCT LAUNCHES
TABLE 223 SENSORY: DEALS
12.1.16 ASSEMBLYAI
TABLE 224 ASSEMBLYAI: BUSINESS OVERVIEW
TABLE 225 ASSEMBLYAI: PRODUCTS OFFERED
TABLE 226 ASEEMBLYAI: DEALS
12.1.17 VERBIT
TABLE 227 VERBIT: BUSINESS OVERVIEW
TABLE 228 VERBIT: PRODUCTS OFFERED
TABLE 229 VERBIT: DEALS
12.1.18 OTTER.AI
TABLE 230 OTTER.AI: BUSINESS OVERVIEW
TABLE 231 OTTER.AI: PRODUCTS OFFERED
TABLE 232 OTTER.AI: PRODUCT LAUNCHES
TABLE 233 OTTER.AI: DEALS
12.1.19 REV
TABLE 234 REV: BUSINESS OVERVIEW
TABLE 235 REV: PRODUCTS OFFERED
12.2 OTHER PLAYERS
12.2.1 RAYTHEON BBN TECHNOLOGIES
12.2.2 M2SYS
12.2.3 M*MODAL
12.2.4 VALIDSOFT
12.2.5 LUMENVOX
12.2.6 ACAPELA GROUP
12.2.7 VOCALZOOM
12.2.8 UNIPHORE SOFTWARE
12.2.9 ISPEECH
12.2.10 GOVIVACE
12.2.11 ADVANCED VOICE RECOGNITION SYSTEMS
12.2.12 DOLBEY
12.2.13 READSPEAKER
12.2.14 PARETEUM CORPORATION
12.2.15 SOUNDHOUND INC.
*Details on Business Overview, Products Offered, Recent Developments, COVID-19 Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
13 APPENDIX (Page No. - 279)
13.1 INSIGHTS FROM INDUSTRY EXPERTS
13.2 DISCUSSION GUIDE
13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.4 AVAILABLE CUSTOMIZATION
13.5 RELATED REPORTS
13.6 AUTHOR DETAILS
The study involved four major activities in estimating the size of the speech and voice recognition market. Exhaustive secondary research has been done to collect information on the market, peer market, and parent market. Validation of these findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the global market size. After that, market breakdown and data triangulation have been used to estimate the market sizes of segments and subsegments.
Secondary Research
The secondary sources referred to for this research study includes corporate filings (such as annual reports, press releases, investor presentations, and financial statements); trade, business, and professional associations (such as Consumer Technology Association (CTA), Integrated Systems Europe, the Organisation Internationale des Constructeurs d'Automobiles (OICA), the Society for Information Display (SID), and Touch Taiwan); white papers, certified publications, and articles by recognized authors; gold and silver standard websites; directories; and databases.
Secondary research has been conducted to obtain key information about the supply chain of the speech and voice recognition industry, the monetary chain of the market, the total pool of key players, and market segmentation according to the industry trends to the bottommost level, regional markets, and key developments from both market- and technology oriented perspectives. The secondary data has been collected and analyzed to arrive at the overall market size, which has further been validated by primary research.
Primary Research
Extensive primary research has been conducted after acquiring an understanding of the speech and voice recognition market scenario through secondary research. Several primary interviews have been conducted with market experts from both the demand- (consumers, industries) and supply-side (speech and voice recognition device manufacturers) players across four major regions, namely, Americas, Europe, Asia Pacific, and the Rest of the World (the Middle East & Africa). Approximately 75% and 25% of primary interviews have been conducted from the supply and demand side, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in our report.
After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report.
Market Size Estimation
Both top-down and bottom-up approaches have been used to estimate and validate the total size of the speech and voice recognition market. These methods have also been extensively used to estimate the sizes of various market subsegments. The research methodology used to estimate the market sizes includes the following:
- Identifying various applications that use or are expected to use the speech and voice recognition market.
- Analyzing historical and current data pertaining to the size of the speech and voice recognition market, in terms of volume, for each application using their production statistics
- Analyzing the average selling prices of speech and voice recognition based on different technologies
- Studying various paid and unpaid sources, such as annual reports, press releases, white papers, and databases
- Identifying leading manufacturers of speech and voice recognition sensors, studying their portfolios, and understanding features of their products and their underlying technologies, as well as the types of speech and voice recognition offered
- Tracking ongoing and identifying upcoming developments in the market through investments, research and development activities, product launches, expansions, and partnerships, and forecasting the market size based on these developments and other critical parameters
- Carrying out multiple discussions with key opinion leaders to understand the technologies used in speech and voice recognition, raw materials used to develop them, and products wherein they are deployed, and analyze the break-up of the scope of work carried out by key manufacturers of speech and voice recognition solutions providers
- Verifying and crosschecking estimates at every level through discussions with key opinion leaders, such as CXOs, directors, and operations managers, and finally with domain experts at MarketsandMarkets
Market Size Estimation Methodology-Bottom-up approach
Data Triangulation
After arriving at the overall market size using the market size estimation processes explained above—the market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides.
The main objectives of this study are as follows:
- To define, describe, segment, and forecast the speech and voice recognition market, in terms of value, based on technology, deployment mode, vertical, and region.
- To forecast the speech and voice recognition market, in terms of volume, based on application
- To forecast the size of the market and its segments with respect to four main regions, namely, Americas, Europe, Asia Pacific (APAC), and the Rest of the World (RoW), along with their key countries
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
- To provide detailed information regarding the key factors influencing market growth, such as drivers, restraints, opportunities, and challenges
- To provide a detailed analysis of the speech and voice recognition supply chain
- To analyze the opportunities in the market for stakeholders and provide a detailed competitive landscape of the market leaders
- To strategically profile the key players and comprehensively analyze their market ranking and core competencies2
- To analyze key growth strategies such as expansions, contracts, joint ventures, acquisitions, product launches and developments, and research and development activities undertaken by players operating in the speech and voice recognition market.
Available Customizations:
MarketsandMarkets offers the following customizations for this market report:
- Further breakdown of the market in different regions to the country-level
- Detailed analysis and profiling of additional market players (up to 5)
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Growth opportunities and latent adjacency in Speech and Voice Recognition Market
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