Voice and Speech Recognition Software Market Forecast 2031

Report Description

Voice and Speech Recognition Software Market Outlook 2031

The global voice and speech recognition software market size was valued at USD 17.17 Billion in 2022 and is expected to reach USD 59.93 Billion by 2031 expand at a CAGR 14.9% of during the forecast period, 2023–2031. The growth of the market is attributed to voice-enabled in-car infotainment systems and growing use of voice biometrics.

Voice and speech recognition software is a programmer that uses speech recognition algorithms to recognize spoken languages that allow users to take appropriate action accordingly towards their business goals. Voice-activated biometrics are used for security purposes to help authenticated users gain access to perform easy and secure transaction.

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In addition to traditional forms of user interface such as touch screens and buttons, the integration of Internet of Things (IoT)-enabled devices offer several benefits to users of a variety of typically offline gadgets. The COVID-19 pandemic had forced governments across countries to impose strict rules and regulations as well as certain preventive measures to curb the virus spread or reduce the risk of contamination.  

With the imposition of emergency lockdown and movement restriction, most businesses had to rely on digital infrastructure to continue their operations to some extent. As a result, the demand for speech technology for finding and assistance in the entertainment, communication, and medical fields have increased rapidly.

Moreover, doctors and clinicians may utilise speech recognition technology on their cell phones to convert their voice into precise clinical descriptions, which are then stored in EHR systems.

Voice and Speech Recognition Software Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for voice-enabled Internet of Things (IoT) devices in smart home automation is expected to boost the market growth.
• Rising demand for voice and speech recognition software to streamline the business workflow is a major key factor that drives the market growth.
• Lack of accuracy in the voice and speech recognition systems as well as high cost of installation are anticipated to hinder the market growth during the forecast period.
• Advancement of technology for voice and speech recognition software and the development assistance of human robot communication are expected to create lucrative growth opportunities of the market in the coming years.

Scope of The Voice and Speech Recognition Software Market Report

The report on the global voice and speech recognition software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Voice and Speech Recognition Software Market Segment Insights

AI-based segment is projected to expand at a considerable CAGR

On the basis of technology, the voice and speech recognition software market is bifurcated into non-AI based and AI-based. The AI-based segment is projected to expand at a considerable CAGR during the forecast period since the system properly identifies speech patterns. Moreover, the growth of the voice and speech recognition software is likely to accelerate further in the future years due to wide innovation in number of AI-based digital assistants such as Alexa and Cortana.

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Voice recognition segment is expected to hold significant share of the market

In terms of functions, the market is divided into speech recognition and voice recognition. The speech recognition segment is further classified as text to speech and automatic speech recognition. While, the voice recognition segment is sub-categorized as speaker verification and speaker identification. In the coming years, the voice recognition segment is expected to hold significant market share due to increasing demand for the system.

Moreover, the integration of speech recognition with Virtual Reality (VR) is another key aspect for the segment growth. Furthermore, this technology can aid doctors and radiologists in managing patient information.

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Automotive segment to grow at a robust rate

Based on verticals, the voice and speech recognition software market is segregated into BFSI, consumer, education, enterprise, government, healthcare, legal, military, retail, automotive, and others. The automotive segment is expected to grow at a robust rate during the projected period as a result of the increasing usage of voice-enabled technology in automotive entertainment systems.

Moreover, the consumer and retail segment is expected to be one of the fastest-growing categories during the forecast period owing to the growing popularity of connected devices and personal assistants such as Google Home and Amazon Alexa throughout Europe and Asia Pacific.

North America to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to increasing use of mobile banking, IoT devices, and consumer electronics.

However, the market of Europe is anticipated to expand at a rapid pace during the forecast period due to rising demand of connected devices in the home automation and automotive industry in the region.

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