Innovations in Voice and Speech Recognition: Industry Scope and Opportunities

The voice and speech recognition industry is considered to have a high degree of innovation with the increasing adoption of technological advancements driven by factors, such as Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and increasing use of voice-based authentication in smartphones. Subsequently, innovative technologies and applications are constantly emerging, disrupting existing ones and creating new ones.

The voice and speech recognition market is significantly driven by increasing technological advancements and a surge in the adoption of smart devices. Voice and speech recognition technology enables computers and devices to understand and interpret human speech, converting spoken words into written text or actionable commands. This technology has witnessed significant advancements in recent years and has found widespread adoption in various industries and applications. The growing requirement for self-service functionalities in applications such as call centers and banking is anticipated to create new growth avenues for the industry.

According to a study by Grand View Research, in 2023, the global voice and speech recognition market size was valued USD at 20.3 billion and is anticipated to expand at a CAGR of 14.6% from 2024 to 2030. The increasing number of users leveraging mobile applications for banking transactions is boosting the adoption of voice and speech recognition solutions. Also, an increase in fraudulent banking activities is a significant factor driving banking organizations’ demand for high-end security measures, such as voice biometrics. Furthermore, significant investments in voice recognition technology-based companies encourage voice and speech recognition software advancements.

Voice And Speech Recognition Market Report Highlights

• A rising trend in the development of Artificial Intelligence (AI)-based systems is expected to be the key factor driving the market growth over the forecast period
• Leveraging deep learning algorithms in voice & speech solutions for better search results is expected to be the key factor for the growth of the AI-based technology segment
• The deployment of speech recognition solutions in consumer and retail verticals is anticipated to lead to the high market growth
• This can be attributed to the changing lifestyles in countries, such as the U.S., Germany, and the U.K.
• Moreover, the growing adoption of smart electronics in India, China, Japan, and Brazil is likely to drive the market growth in the consumer vertical
• North America and the Asia Pacific are anticipated to witness considerable growth owing to the presence of several U.S.- and China-based players, such as Apple, Inc., Facebook, Inc., Baidu, Inc., Amazon.com, Inc., and Alphabet, Inc., working toward the development of this technology
• Key industry participants are focusing on integrating the AI technology in speech & voice recognition software to build superior products that would increase their user customer base

Recent Developments

·         In March 2023, Google AI introduced a new update to its Universal Speech Model (USM) in support of the 1,000 Languages Initiative. A universal speech model is a machine learning algorithm designed to comprehend and interpret spoken language across diverse languages and accents. The USM, a family of advanced speech models with 2 billion parameters, has been trained on an extensive dataset of 12 million hours of speech and 28 billion sentences in over 300 languages. Google claims that the USM excels in automatic speech recognition (ASR) for languages with limited resources, such as Assamese, Cebuano, Amharic, and Azerbaijani, as well as widely spoken languages like Mandarin and English

·    In May 2023, Apple unveiled a suite of cutting-edge cognitive accessibility features, including Live Speech, Personal Voice, and Point and Speak in Magnifier, designed to elevate usability and accessibility for individuals with disabilities. By collaborating closely with disability community groups, Apple reinforces its dedication to ensuring technology remains inclusive, making a tangible difference in the lives of its users

· In October 2022, iFLYTEK Corp. introduced the Speech Translation Technology Platform for Southeast Asian Languages at the ASEAN Summit in October 2022. To access online administrative and public services, Guangxi residents can use the mobile app "Zhiguitong," which features the iFLYTEK speech translation technology for ASEAN languages. Chinese Mandarin to Lao, English, Vietnamese, Indonesian, Thai, Tamil, Malay, and Burmese instant speech translation is available.

List of Key Players of Voice And Speech Recognition Market

 

·         Advanced Voice Recognition Systems, Inc.

·         Agnitio S.L.

·         Amazon.com, Inc.

·         Api.ai

·         Apple, Inc.

·         Anhui USTC iFlytek, Ltd.

·         Baidu, Inc.

·         BioTrust ID B.V.

·         CastleOS Software, LLC

·         Facebook, Inc.

·         Google, Inc.

·         International Business Machines Corp.

·         Microsoft Corp.

·         MModal, Inc.

·         Nortek Holdings, Inc.

·         Nuance Communications, Inc.

·         Raytheon Company

·         SemVox GmbH

·         Sensory, Inc.

About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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Lithium Market Trends: Opportunities and Challenges in the Industry

Concerted efforts toward a fossil fuel-free economy have encouraged stakeholders to tap into the global lithium market. Automotive conglomerates are banking on lithium minerals used in the production of electric vehicles and rechargeable batteries. Lithium metal is adding value across industries, including aerospace and defense, with applications expanding in glass & ceramics, grid storage and consumer electronics.

In layman’s language, lithium is a vital component in solid-state batteries and lithium-ion batteries. It provides higher energy density, repeated charging and discharging and more usable capacity vis-à-vis other battery types. Lithium-ion batteries use a lithium compound as graphite at the negative electrode and material at the positive electrode. These batteries can predominantly perform around 500 to 10,000 cycles of charging and discharging.

Li-ion batteries have emerged as a compelling technology to do away with conventional fossil-fuel powered devices. They have created a cycle of increased production, reduced cost and heightened demand across industries. According to the IEA, the annual output of lithium-ion batteries is likely to more than quadruple by 2030 (from 2020 levels).

Unfolding Clean Energy Potentials of Lithium Carbonate

As global watchdogs strive to shift toward a carbon-free world, miners are counting on lithium carbonate—a chemical compound composed of oxygen, lithium and carbon—to boost the production of lithium-ion batteries. The rising footfall of EVs, smartphones and laptops has underscored the value proposition of lithium carbonate. In essence, the compound has become sought-after in spacecraft and manufacturing submarines, alluding to the compelling opportunities it presents.

With governments implementing rigorous emission regulations and offering incentives, including subsidies for EV adoption, investments in lithium are poised to gain ground.  In January 2023, General Motors joined forces with Lithium Americas for the development of U.S.-sourced lithium production on the back of a USD 650 million equity investment. It is reported that lithium carbonate will be used from Thacker Pass in the former’s proprietary ultium battery cells. The lithium market could generate USD 74.80 billion in revenue by 2030. The bullish growth suggests the prospect lithium carbonate holds in the global landscape.

Lithium Market Report Highlights

• In terms of revenue, the hydroxide product segment is projected to register the fastest CAGR from 2024 to 2030. The rapid development of battery technologies is projected to remain a key driver for the segment.
• Automotive was the largest application segment in 2023. The rising penetration of Electric Vehicles (EVs), along with stringent emission regulations by government bodies, is the key focus area for market vendors.
• The consumer electronics segment is projected to witness the highest CAGR over the forecast period in terms of revenue due to the high demand for electronic products, such as smartphones, laptops, wearables, portable speakers, and tablets.
• Asia Pacific was the largest regional market in 2023 in terms of both volume and revenue. The region's growth can be attributed to heavy investments in lithium mining and lithium-ion battery technologies.
• In terms of revenue, Europe held the second-largest market share in 2023. The growth of the region is attributable to the rising penetration of EVs and growing concerns about Greenhouse Gas (GHG) emissions

Automakers Bank on Lithium

Li-ion batteries have become a vital source for the electrification of vehicles, including cars, scooters, buses, trucks and bicycles. Incumbents are expected to invest in the lightest metal to help automakers address challenges, including CO2 reduction, fuel economy and powertrain performance. Meanwhile, the shortage of lithium has compelled automakers to inject funds into the mining business. To illustrate, in January 2023, Tesla amended its agreement with Piedmont Lithium to supply the American automaker with spodumene concentrate from North American Lithium.

Automakers, including BMW, Volkswagen and Tesla, are exploring options to bolster lithium procurement and supply chain. Several reports claim Tesla’s lithium extraction facility could open in mid-2024 in Texas. Meanwhile, in February 2024, BMW Group teamed up with Albemarle, wherein the latter will supply battery-grade lithium to help the German behemoth keep up with the demand for high-performance premium EVs. The two companies are likely to invest in the technology for more energy-dense and safer lithium-ion batteries.

List of Key Players in the Lithium Market

• Albemarle Corporation
• Ganfeng Lithium Co., Ltd.
• SQM S.A.
• Tianqi Lithium Corporation
• Livent Corporation
• Lithium Americas Corp
• Pilbara Minerals
• Orocobre Limited Pty Ltd
• Mineral Resources

 

Africa Bets Big on Mining

While Africa has largely relied on oil, lithium mining in the region has turned out to be a happy hunting ground. So much so that in October 2023, the Nigerian government apparently stated that companies would not be permitted to mine and export raw lithium unless they established processing and refining plants in Nigeria. Prominently, lithium is currently mined in Ekiti, Kogi, Nassarawa, Cross River States and Kwara. Besides, the mineral is profoundly mined in Namibia, Zimbabwe, Mali, Ghana and the Democratic Republic of the Congo.

Future is Lithium?

Amidst shifting consumer preference, the advent of state-of-the-art technologies and tightening regulations, battery prices have dipped and OEMs have bolstered their supply chains. Demand for lithium is likely to rise on the back of the EV trend, providing revenue-boosting opportunities for EV producers, mining companies and other stakeholders. Indeed, most of the future battery technologies may also need the mineral in various chemical forms.