Voice and Speech Recognition Software Market

Voice and Speech Recognition Software Market by Technology (Non-AI Based and AI-based), Functions (Speech Recognition [Text to Speech and Automatic Speech Recognition] and Voice Recognition [Speaker Verification and Speaker Identification]), Verticals (BFSI, Consumer, Education, Enterprise, Government, Healthcare, Legal, Military, Retail, Automotive, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-3590
  • Author: Growth Market Reports
  • Rating: 4.7
  • Total Reviews: 2
  • No. Of Pages: 209
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The global voice and speech recognition software market size was valued at USD billion in 2020 and is expected to expand at a CAGR of during the forecast period, 2021–2028. 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 Market

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. 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.

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 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.

Attributes

Details

Report Title

Voice and Speech Recognition Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Technology (Non-AI Based and AI-based), Functions (Speech Recognition [Text to Speech and Automatic Speech Recognition] and Voice Recognition [Speaker Verification and Speaker Identification]), and Verticals (BFSI, Consumer, Education, Enterprise, Government, Healthcare, Legal, Military, Retail, Automotive, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Amazon.com, Inc.; Api.ai; Apple, Inc.; Anhui USTC iFlytek o., Ltd.; Baidu, Inc.; BioTrust ID B.V.; CastleOS Software, LLC.; Advanced Voice Recognition Systems, Inc.; and Agnitio S.L.

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.

Voice and Speech Recognition Software Market

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.

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.

Voice and Speech Recognition Software Market

Segments

Segments Covered in the Report

The global voice and speech recognition software market has been segmented on the basis of

Technology

  • Non-AI Based
  • AI-based

Functions

  • Speech Recognition
    • Text To Speech
    • Automatic Speech Recognition
  • Voice Recognition
    • Speaker Verification
    • Speaker Identification

 Verticals

  • BFSI
  • Consumer
  • Education
  • Enterprise
  • Government
  • Healthcare
  • Legal
  • Military
  • Retail
  • Automotive
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Amazon.com, Inc.
  • Api.ai
  • Apple, Inc.
  • Anhui USTC iFlytek o., Ltd.
  • Baidu, Inc.
  • BioTrust ID B.V.
  • CastleOS Software, LLC.
  •  Advanced Voice Recognition Systems, Inc.
  • Agnitio S.L

Competitive Landscape

Key players competing in the global voice and speech recognition software market are Amazon.com, Inc.; Api.ai; Apple, Inc.; Anhui USTC iFlytek o., Ltd.; Baidu, Inc.; BioTrust ID B.V.; CastleOS Software, LLC.; Advanced Voice Recognition Systems, Inc.; and Agnitio S.L.

To acquire a competitive advantage in the market, major corporations primarily concentrate on improving recognition accuracy. To increase their regional reach and product portfolio, some corporations have formed strategic alliances such as mergers, partnership, and acquisitions. For example, in July 2017, Baidu Inc. partnered with Conexant Systems, Inc. to provide consumer speech recognition kits to make easier for device makers and developers to incorporate DeurOS into their devices.

Voice and Speech Recognition Software Market

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Voice and Speech Recognition Software Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Voice and Speech Recognition Software Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Voice and Speech Recognition Software Market - Supply Chain
  4.5. Global Voice and Speech Recognition Software Market Forecast
     4.5.1. Voice and Speech Recognition Software Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Voice and Speech Recognition Software Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Voice and Speech Recognition Software Market Absolute $ Opportunity
5. Global Voice and Speech Recognition Software Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Voice and Speech Recognition Software Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Voice and Speech Recognition Software Demand Share Forecast, 2019-2026
6. North America Voice and Speech Recognition Software Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Voice and Speech Recognition Software Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Voice and Speech Recognition Software Demand Share Forecast, 2019-2026
7. Latin America Voice and Speech Recognition Software Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Voice and Speech Recognition Software Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Voice and Speech Recognition Software Demand Share Forecast, 2019-2026
8. Europe Voice and Speech Recognition Software Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Voice and Speech Recognition Software Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Voice and Speech Recognition Software Demand Share Forecast, 2019-2026
9. Asia Pacific Voice and Speech Recognition Software Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Voice and Speech Recognition Software Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Voice and Speech Recognition Software Demand Share Forecast, 2019-2026
10. Middle East & Africa Voice and Speech Recognition Software Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Voice and Speech Recognition Software Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Voice and Speech Recognition Software Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Voice and Speech Recognition Software Market: Market Share Analysis
  11.2. Voice and Speech Recognition Software Distributors and Customers
  11.3. Voice and Speech Recognition Software Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)

Segments Covered in the Report

The global voice and speech recognition software market has been segmented on the basis of

Technology

  • Non-AI Based
  • AI-based

Functions

  • Speech Recognition
    • Text To Speech
    • Automatic Speech Recognition
  • Voice Recognition
    • Speaker Verification
    • Speaker Identification

 Verticals

  • BFSI
  • Consumer
  • Education
  • Enterprise
  • Government
  • Healthcare
  • Legal
  • Military
  • Retail
  • Automotive
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Amazon.com, Inc.
  • Api.ai
  • Apple, Inc.
  • Anhui USTC iFlytek o., Ltd.
  • Baidu, Inc.
  • BioTrust ID B.V.
  • CastleOS Software, LLC.
  •  Advanced Voice Recognition Systems, Inc.
  • Agnitio S.L

Key players competing in the global voice and speech recognition software market are Amazon.com, Inc.; Api.ai; Apple, Inc.; Anhui USTC iFlytek o., Ltd.; Baidu, Inc.; BioTrust ID B.V.; CastleOS Software, LLC.; Advanced Voice Recognition Systems, Inc.; and Agnitio S.L.

To acquire a competitive advantage in the market, major corporations primarily concentrate on improving recognition accuracy. To increase their regional reach and product portfolio, some corporations have formed strategic alliances such as mergers, partnership, and acquisitions. For example, in July 2017, Baidu Inc. partnered with Conexant Systems, Inc. to provide consumer speech recognition kits to make easier for device makers and developers to incorporate DeurOS into their devices.

Voice and Speech Recognition Software Market

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