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.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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