Voice and speech recognition market is growing significantly during the forecast period. Voice recognition system is an interface between human and machine, in which programmed hardware accepts commands from individuals and gives out an informative reply. Voice recognition is a smaller part of the biometric systems that examine the identity of the speaker behind a particular voice. It examines the different voices by studying the behavioral patterns of different people, including a persons’ speaking style, voice pitch, accent, and others. Whereas, speech recognition is the ability to receive and execute commands that are spoken to it.

Increased number of frauds in the end-user industries such as healthcare and retail and increasing acceptance of mobile banking by e-commerce industry and banks are anticipated to drive the growth of the voice and speech recognition market during the forecast period. Surging penetration of voice-enabled devices in the healthcare industry is likely to propel the market growth. Moreover, developments in infrastructure activities such as smart homes and home automation, owing to the low energy consumption have increased the adoption of voice and speech recognition solution across the globe.

Furthermore, integration of this technology with the automotive sector is further propelling the growth of the market due to the increased stringency in rules and regulations concerning smartphone usage while driving and implementation of hands-free rules. Hence, voice-activated biometric used for security purpose aids in giving the right to authenticated users for accessing the information or performing a transaction in the government sector.

Segmental Outlook

The global voice and speech recognition market is segmented on the basis of technology and vertical. On the basis of technology, the market is segmented into AI-based and non-AI-based. Based on the vertical, the market is analyzed for automotive, consumer, government, enterprise, BFSI, and others.

AI-based segment to register significant growth during the forecast period

Based on the technology, AI-based segment is likely to register a considerable growth rate in the market due to its ability to identify voice and speech patterns precisely. The AI-based technology converts the voice into algorithms via certain stages, which includes a depiction of voice and speech units, formulations, development of recognition algorithms and then the demonstration of inputs. Enhancement in language processing and machine learning is further poised to enhance the growth of AI-based segment in the market. Moreover, the rising number of AI-based digital assistants such as Amazon Echo and Alexa, Google Assistant, Cortana by Microsoft, mobile device applications such as Siri by Apple, Facebook Speech Recognition Projects are projected to strengthen the growth of the global voice and speech recognition market during the forecast period.

Global Voice and Speech Recognition Market by Technology, 2018 (%)

Healthcare and Automotive sector is expected to gain momentum in the near future

Based on the verticals of the global voice and speech recognition market, the healthcare and automotive sector are expected to witness significant growth during the forecast period. This is attributed to development and encroachment in technology and the emergence of innovative notions such as autonomous and connected cars. Additionally, a rising amalgamation of voice-activated software in next-generation cars is about to strengthen the market growth in the automotive sector. Whereas, in the healthcare sector, the voice recognition aids in enhancing the electronic health record systems by providing ease to doctors to keep track of the patients.

Global Voice and Speech Recognition Market by Verticals, 2018 (%)

Regional Outlook

On the basis of the geographical viewpoint, the global voice and speech recognition market is bifurcated into North America, Europe, Asia-Pacific, and Rest of the World. North America is expected to have a significant share in the global voice and speech recognition market over the forecast period. This is attributed to the increased use of voice and speech recognition in various applications such as consumer electronics, mobile banking, IoT devices among others. Moreover, increasing adoption of voice-enabled smartphones is likely to stimulate the growth of the market in the region. Leading manufacturers such as Microsoft Corp. and Nuance Communication are continuously investing in R&D activities for the advancement and innovation in the voice recognition systems. Furthermore, the Asia-Pacific voice and speech recognition market is poised to experience considerable growth rate during the forecast period. This is due to the rising trends of connected devices in the home automation, consumer electronics, and retail sectors.

Global Voice and Speech Recognition Market by Region, 2018 (%)

Market Players Outlook

The prominent players functioning in the global voice and speech recognition market are Microsoft Corp., Nuance Communication, Inc., Amazon Web Services, Inc., Apple Inc., Google Inc., Sonix, Inc., and Brainasoft, among others. These market players are continuously contributing to the market by implementing various market techniques and approaches which includes product launch and approvals, merger and acquisition, partnerships and collaborations, and others for gaining a strong position in the market. The companies are increasingly investing in product development and innovation to gain a competitive share. For instance, Microsoft Corp. collaborated with Toyota Motor Corp. to develop voice recognition solution for cars by providing access to its voice recognition, OS, AI and gesture control properties.

Recent Developments

• In June 2018, Nuance Communication, Inc. partnered with Nexgen for the development of voice recognition tools. This partnership will provide Nuance Communication a way to bring its Dragon Law Enforcement solution to a broader customer base.
• In February 2017, IBM Corp. and Nuance Communication, Inc. signed a licensing and technical services agreement to expand, enhance and build up new speech and voice solutions to meet the needs of consumers, enterprises, carriers, and partners across the globe.
• In July 2017, Baidu Inc. partnered with Conexant Systems Inc. to introduce novel voice recognition systems to introduce development kits and reference designs for a system for the development of far-field voice-enabled AI-based devices running on Baidu’s DuerOS Platform.

The Report Covers

• Market value data analysis of 2018 and forecast to 2025.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global voice and speech recognition market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.