The Mobile Speech Recognition Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mobile Speech Recognition Software Global Market Report 2024, The mobile speech recognition software market size has grown exponentially in recent years. It will grow from $4.26 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 24.1%. The growth in the historic period can be attributed to advancements in natural language processing (nlp), proliferation of mobile devices, integration with virtual assistants, rising demand for hands-free operation, improved connectivity and network speeds.
The mobile speech recognition software market size is expected to see exponential growth in the next few years. It will grow to $12.35 billion in 2028 at a compound annual growth rate (CAGR) of 23.6%. The growth in the forecast period can be attributed to integration with augmented reality (AR) and virtual reality (VR), focus on multimodal interaction, rise of edge computing in mobile devices, enhanced security and privacy measures, expanding applications in healthcare and industry. Major trends in the forecast period include integration with 5g technology, multilingual speech recognition, voice biometrics for authentication, healthcare and accessibility applications, context-aware speech recognition.
The proliferation of smartphones with advanced features is expected to propel the growth of the mobile speech recognition software market going forward. A smartphone is a mobile communication device that combines the functionality of a cellular phone with features typically found in computing devices. Mobile speech recognition software revolutionizes smartphones by enabling hands-free interaction and seamless voice input, significantly improving user convenience and accessibility. According to a report published by Cybercrew, a UK-based company developing and providing cybersecurity solutions for businesses of all sizes, the percentage of UK households using smartphones reached 91.43% in 2021, and this percentage is projected to increase to 98% in 2023. Therefore, the proliferation of smartphones with advanced features is driving the growth of the mobile speech recognition software market.
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The mobile speech recognition software market covered in this report is segmented –
1) By Type: Isolated Word Recognition, Keyword Spotting, Continuous Speech Recognition
2) By Technology: Artificial Intelligence Based, Non-Artificial Intelligence Based
3) By Vertical: Healthcare, Military, Automotive, Retail, Government, Education, Banking, Financial Services, And Insurance (BFSI), Other Verticals
Major companies operating in the mobile speech recognition software market are increasing their focus on introducing AI-enabled speech recognition software to increase their profitability in the market. AI-enabled speech recognition software refers to software applications or systems that utilize artificial intelligence (AI) techniques to interpret and understand spoken language. For instance, in August 2023, Voiceitt, an Israel-based speech recognition technology provider, launched Voiceitt 2. This web application transforms the communication experience for individuals who have speech disabilities. The app has a seamless onboarding process that empowers users to speak spontaneously, ensuring that their non-standard speech gets translated into standard speech for clear understanding by educators and peers. Moreover, Voiceitt 2 facilitates transcription of conversations, note dictation, and seamless integration with popular AI assistants like ChatGPT. The app’s features get enhanced through Webex integration, which offers inclusive transcription and captioning for video meetings, thus creating a comprehensive solution that significantly improves communication across a variety of scenarios.
The mobile speech recognition software market report table of contents includes:
1. Executive Summary
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