Overview and Scope
Voice speech recognition software, or speech-to-text, refers to a capability that enables a machine or program to receive and interpret dictation or understand and perform spoken commands. It allows users to interact with technology simply by speaking, enabling hands-free requests, reminders, and other tasks.
Sizing and Forecast
The voice speech recognition software market size has grown exponentially in recent years. It will grow from $19.91 billion in 2023 to $23.89 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth in the historic period can be attributed to advancements in natural language processing (nlp), increased mobile device usage, rise of virtual assistants, accessibility and inclusion, integration in consumer electronics.
The voice speech recognition software market size is expected to see rapid growth in the next few years. It will grow to $48.37 billion in 2028 at a compound annual growth rate (CAGR) of 19.3%. The growth in the forecast period can be attributed to integration with internet of things (iot), rapid growth in virtual meetings and conferencing, focus on multilingual and cross-dialectal capabilities, industry-specific solutions, voice commerce and transactions. Major trends in the forecast period include multilingual capabilities, integration with virtual assistants, voice biometrics for security, voice-enabled smart devices, customization and personalization.
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Segmentation & Regional Insights
The voice speech recognition software market covered in this report is segmented –
1) By Delivery Method: Artificial Intelligence (AI)-Based, Non-Artificial Intelligence Based
2) By Technology: Speech Recognition, Text-To-Speech, Voice Recognition, Speaker Identification and Verification
3) By Deployment Mode: On Cloud, On-Premises or Embedded
4) By End User: Automotive, Enterprise, Consumer, BFSI (Banking, Finance Service & Insurance), Government, Retail, Healthcare, Military, Education, Other End-Users
North America was the largest region in the voice speech recognition software market in 2023. The regions covered in the voice speech recognition software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising penetration of voice-enabled devices is expected to propel the growth of the voice speech recognition software market going forward. Voice-enabled devices are devices that can understand and respond to human speech, allowing users to interact with them using voice commands. Voice speech recognition software is used in the functionality of voice-enabled devices to analyze and interpret spoken language, converting it into digital signals that the device can process and respond to. For instance, in December 2021, according to ComScore, a US-based media company, 48% of internet users owned at least one smart speaker, which is 11% higher than the 37% of users who owned one in 2020. Therefore, increasing demand for voice-enabled devices is driving the growth of the voice speech recognition software market.
Key Industry Players
Major companies operating in the voice speech recognition software market report are Amazon.com Inc., Apple Inc., Google Inc., Microsoft Corp., Meta Platforms Inc., Raytheon Technologies Corp., International Business Machines Corp., Cisco Systems Inc., Baidu Inc., Anhui USTC iFlytek o., Ltd., Verint Systems Inc., MModal Inc., Nuance Communications Inc., Paragon GmbH and Co. KGaA, VoiceVault Inc., J-Star Holding Co. Ltd., ValidSoft U.K. Limited, SemVox GmbH, Speak2web, LumenVox GmbH, Sensory Inc., Agnitio S.L., CastleOS Software LLC, Advanced Voice Recognition Systems Inc., BioTrust ID B.V., Brainasoft, Api.ai
The voice speech recognition software market report table of contents includes:
1. Executive Summary
- Voice Speech Recognition Software Market Characteristics
- Voice Speech Recognition Software Market Trends And Strategies
- Voice Speech Recognition Software Market – Macro Economic Scenario
- Global Voice Speech Recognition Software Market Size and Growth
.
32. Global Voice Speech Recognition Software Market Competitive Benchmarking
- Global Voice Speech Recognition Software Market Competitive Dashboard
- Key Mergers And Acquisitions In The Voice Speech Recognition Software Market
- Voice Speech Recognition Software Market Future Outlook and Potential Analysis
- Appendix
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