South East Asia Intelligent Voice Market Size, Trends [2031]

Report Description

South East Asia Intelligent Voice Market Outlook 2031

The South East Asia Intelligent Voice Market was valued at USD 164.7 Million in 2022 and is projected to reach USD 799.0 Million by 2031, expanding at a CAGR of 19.5 % during the forecast period. An intelligent voice is a computer-processed voice by various programs to perform numerous tasks, such as speech recognition, speaker authentication, instruction analysis, and automatic answers.

An intelligent voice system usually uses artificial intelligence and machine learning algorithms to improve its performance and accuracy. It can also adapts to different languages, accents, speech styles, and acoustic environments. An intelligent voice system can provides many benefits for users, such as convenience, efficiency, accessibility, and security. Intelligent voice systems, is applied to speech-to-text, text-to-speech, voice recording, transcription, and voice assistant.

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Macro-economic Factors

GDP Growth and Income Disparities

The economic well-being of a country, plays a pivotal role in shaping the market for speech and voice recognition. Higher GDP often correlates with increased consumer spending and business investments, fostering the integration of advanced technologies. On the contrary, income disparities affect the accessibility of such technologies.

In economically diverse societies, disparities in purchasing power limit widespread adoption, creating a digital divide. For instance, in high-GDP countries, the proliferation of voice-activated devices, such as smart speakers, has been substantial. However, in regions with significant income inequality, the adoption is at a slow rate, hindering the democratization of these technologies.

Government Regulations and Policies

The regulatory environment influences the development and deployment of speech and voice recognition systems. Governments shape the market through policies that address privacy concerns, data protection, and industry standards. Stringent regulations impede innovation, while well-crafted policies generate consumer confidence and encourage industry growth.

For instance, numerous crucial considerations to are required to be considered when setting up data and AI frameworks for the governments in the region. Digital development in Southeast Asia varies by from country to country, with each country at a different stage of its digital transformation journey. It is critical important to evaluate the timing and appropriateness of frameworks to ensure that rules do not stifle investment and innovation.

Furthermore, a multi-stakeholder approach is essential to start with a shared understanding of the technology and the desired end -goal for society. A recent session held by Tech for Good Institute with stakeholders in Vietnam emphasizes the necessity of having terminology and expectations aligned in financial inclusion.

South East Asia Intelligent Voice Market Dynamics

Market Driver - Increasing demand for voice-enabled devices, owing to the rising applications in automobile, banking, healthcare, retail, smart homes, and connected devices

Voice AI is allowing automobiles to become autonomous, customized, and connected. Manufacturers remain competitive and provide in-car technology, as customer interest is raised in utilizing speech AI to enhance the driving experience. For instance, in 2021, General Motors (GM) joined the artificial intelligence revolution by collaborating with Microsoft to use OpenAI's ChatGPT and enable virtual assistants in its vehicles.

Users use the voice assistant to change temperature settings, close and open- door locks, and identify the current fuel level. GM is switching from a customizable Android OS-based infotainment system to a Google Android Auto OS-based system. Furthermore, consumers are increasingly using intelligent voice personal assistants for shopping, due to their benefit of being hands-free and speech-controlled, allowing consumers to multi-task during conversations, and authenticating users by voice printing.

Intelligent voice technology has been integrated into the BFSI sector, due to its several applications, ranging from biometric verification to speech-driven transactions. Voice allows for rapid completion of tasks and is extremely useful in customer assistance, account administration, user authentication, and other areas, thus driving the market.

Market Driver - Innovation in Artificial Intelligence (Al) and Machine Learning (ML)

AI and machine learning (ML) are fundamental technologies that have led to advances in speech and voice recognition system. They allow this system to learn and adapt to various accents, dialects, and languages, boosting its accuracy and usability. Massive volumes of data are processed by AI and ML, which is critical for training and enhancing speech and voice recognition systems.

Several countries are implementing "hands-free" legislation, limits the use of mobile devices while driving. Furthermore, the adoption of voice-activated in-car infotainment systems is increasing across the globe. Speech product developers are focusing on innovations to enhance the output of speech and voice recognition systems, which is expected to boost the market during the forecast period.

Doctors and physicians use smartphone speech recognition technology to translate their voices into a rich, in-depth clinical description that is kept in the Electronic Health Record (EHR) system. The increased usage of voice-enabled loT devices in smart home automation is expected to drive the market in the coming years. Many traditionally offline devices benefit from IoT-enabled devices, as they provide cutting-edge user experiences with touch displays and buttons.

Market Restraint - Inability to recognize the contextual relationship of words in different languages

Without a complete language model and instruction on these concepts with regard to relevant contexts, Al may struggle to identify homophones in a phrase. Many words in the English and Roman languages have various meanings. For instance, a "cell" can be a portion of an organism, a prison cell, or a radio coverage area (cell phone).

Heteronyms having several meanings are also widespread in most languages. Thus, it is difficult to recognize when to apply the correct homonyms while translating the content. To overcome this difficulty, the translator is required to be fluent in both the spoken language and the language into which the material wants to be translated. This requires the translator to have a thorough understanding of both languages.

Market Opportunity- Technological advancements and innovations

The intelligent voice market is laden with a plethora of opportunities in industries, such as healthcare, automotive, and consumer electronics. The growing usage of virtual assistants and smart speakers in a variety of businesses raises the demand for sophisticated voice recognition technologies. Continuous technological breakthroughs, such as artificial intelligence, machine learning, and sensor technologies, present considerable prospects for South East Asia intelligent voice market.

These advancements allow voice recognition systems to become intelligent, adaptable, and capable of executing complicated tasks, broadening their application possibilities across multiple industries. Advancements such as real-time transcription services and voice biometrics are creating new avenues for growth.

These advancements aid in efficient patient record-keeping in the healthcare sector and allow hands-free and safe vehicle control in the automotive sector. Additionally, rising incorporation of speech recognition in home automation systems and voice-controlled virtual assistants propels the market. Increased smartphone usage and the proliferation of smart homes are expected to boost the market.

Scope of The South East Asia Intelligent Voice Market Report

The report on the South East Asia Intelligent Voice market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

South East Asia Intelligent Voice Market Segment Insight

The South East Asia Intelligent Voice market is segmented on the basis of Technology, Deployment and End-User.

Based on technology, the South East Asia Intelligent Voice market is divided into Voice Recognition and Speech Recognition. The speech recognition segment held large share of the market in 2022 and is projected to expand at a significant CAGR during the forecast period. The segment is driven by constant advancement in Artificial Intelligence (AI) and the creation of smart products, as well as the availability of high-speed internet connectivity.

Speech recognition implementations are appropriate for automobiles and mobile phones. Cloud and client-based voice recognition applications can greatly improve customer experience while saving enterprises money.

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Based on deployment, the South East Asia intelligent voice market is divided into on-premise and cloud-based. The cloud-based segment held significant share in 2022 and is projected to expand at a significant CAGR during the forecast period, owing to the rising demand for cloud solutions. Installations of cloud-based solutions are driven by increased use of cloud technology across enterprises.

The segment growth is further attributed to the rising customer demand for smart gadgets and acceptance of advanced technology. Increasing awareness of personal data safety and security is contributing to the segment growth.

Based on end-user, the South East Asia intelligent voice market is categorized as automotive, consumer goods, BFSI, retail & e-commerce, healthcare, aerospace & defense, education, media & entertainment, IT & telecommunication, and others. The automotive segment held a large market share in 2022 and is projected to expand at a significant CAGR during the forecast period.

Car manufacturers are increasingly focusing to implement intelligent voice in vehicles to enhance the driving experience, increase safety, and improve vehicle performance. Intelligent voice allows to control various functions in the car and enhanced driving experience.

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Country Outlook

On the basis of country, the intelligent voice market is segmented into Singapore, Thailand, Malaysia, Indonesia, Philippines, and the Rest of South East Asia (SEA).

Singapore accounted for a large share of the market in 2022 and the market in the country is expected to expand at a significant CAGR during the forecast period, owing to the increasing penetration of intelligent voice devices in various industries, including BFSI, healthcare, and automobile, in the country. Furthermore, the increasing adoption of voice-activated in-car infotainment systems is propelling the market in the country.

Additionally, several market players are focusing on the development of intelligent voice software for the banking and insurance industry, which drives the market in Singapore. For instance, Active.ai has developed a Triniti engine for the banking and insurance industry. This helps banks at every level starting from attracting customers to converting to engaging them.

Thailand held substantial market share in 2022 and the market in the country is projected to expand at a high CAGR during the forecast period, owing to the growing trend of home automation in the country. Additionally, the increasing adoption of voice-enabled IoT devices among large enterprises and SMEs is boosting the demand for intelligent voice across the country.

• For instance, ZWIZ.AI has developed a chatbot that is used by several banks, hotels, cinemas, and small shops. Customer directly order and pay at the shops & hotels by using this AI chatbot.