The Voice 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 Voice Speech Recognition Software Global Market Report 2024, 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.
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.
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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
Major companies operating in the voice-speech recognition software market are focusing on innovative and advanced technological solutions, such as AI-based automatic speech recognition (ASR) engines, to gain a competitive edge in the market. An automatic Speech Recognition (ASR) engine, also known as a speech recognition engine, is a voice speech recognition software that embeds into existing contact center solutions without having to rip and replace existing infrastructure. An AI-based automatic speech recognition (ASR) engine is a technology that uses artificial intelligence and machine learning to convert spoken language into written text. For instance, in August 2021, LumenVox, a US-based software company, launched its latest next-generation ASR engine with transcription, which is powered by artificial intelligence (AI) and deep machine learning (ML). This new ASR engine provides high accuracy and intelligence to capture, recognize, and respond to each customer’s intention. The ASR engine by LumenVox offers high availability and extremely accurate transcription with minimal latency.
The voice speech recognition software market report table of contents includes:
1. Executive Summary
2. Voice Speech Recognition Software Market Characteristics
3. Voice Speech Recognition Software Market Trends And Strategies
4. Voice Speech Recognition Software Market – Macro Economic Scenario
5. Global Voice Speech Recognition Software Market Size and Growth
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26. South America Voice Speech Recognition Software Market
27. Brazil Voice Speech Recognition Software Market
28. Middle East Voice Speech Recognition Software Market
29. Africa Voice Speech Recognition Software Market
30. Voice Speech Recognition Software Market Competitive Landscape And Company Profiles
Top Major Players:
- Amazon.com Inc
- Apple Inc
- Google Inc
- Microsoft Corp
- Meta Platforms Inc
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