Voice to Text on Mobile Devices Market

The global voice to text on mobile devices market is projected to expand at a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to the advancement in computational linguistics technology that improves and increases accuracy in automatic speech recognition. Moreover, rising use of the technology for various consumer, industrial, and enterprise applications is another key factor boosting the market.

Voice to text on mobile devices enables the user to send and receive text messages, post updates and emails all hands-free. Voice to text consist of an accurate voice recognition technology and the devices assist in setting reminders, making appointments, and browsing the internet with the help of voice. The speech and voice recognition is an easy and effective medium that can perform several functions using electronic devices especially smartphone. The technology is widely used for various applications such as voice dialing, data entry, and voice to text processing.

The voice and speech recognition technology are rapidly growing across the globe. It is encouraged by the use of voice and speech recognition technology in various sectors including enterprise call centers, telecom devices, and in-car systems. User-facing applications such as mobile device authentication and wearable device management are expected to register an impressive growth in the demand for voice and speech recognition technology during the forecast period.

Market Drivers, Restraints, Trends, and Opportunities

• Growing prominence of social networking websites and the adoption of hands-free feature on smartphone are expected to boost the global voice to text on mobile device market growth during the forecast period.
• Rising instances of fraudulent activities and rising demand for its preventive solution from several firms such as enterprise, healthcare, and e-commerce retailers are driving the market growth.
• Voice-to-text on mobile devices enhances customer satisfaction and generates revenue for mobile network providers. This is expected to spur the market expansion.
• Increasing security concerns and several complicacy in the operation of the technology act as major challenges that are expected to hamper the market growth during the forecast period.
• Slow mobile network connections limit the penetration of voice to text on mobile devices, thereby, restraining the market growth.
• Technological advancements lead to introduction of accurate and small footprint speech recognition system which runs in real-time on modern mobile devices, which is expected to drive the market growth during the forecast period.

Scope of the Report

The report on the global voice to text on mobile devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Voice to Test on Mobile Devices Market Segment Insights

Consumer segment expected to constitute a significant market share

On the basis of verticals, the market is segmented into automotive, enterprise, finance, consumer, government, retail, healthcare, and others. The consumer segment is expected to constitute a significant market share during the forecast period. Growing penetration rate of speech and voice recognition technology in consumer electronic products such as smartphones, tablets and laptops is driving the segment growth. Moreover, companies such as Google, Apple, and Microsoft are strengthening their consumer base by undertaking conclusive actions on the basis of real-time voice inputs from the user. On the other hand, the healthcare segment is projected to expand at a healthy CAGR during the forecast period. Increasing number of people with different learning disabilities is anticipated to drive the demand for voice to text on mobile devices or computers. The speech to text software allows people with visual impairment or reading disabilities to convert their words into text on a computer or a mobile device. It is a key factor for increasing in the adoption of voice to text technology in the healthcare sector.

Artificial Intelligence segment expected to account for a considerable market share

Based on applications, the market is bifurcated into artificial intelligence (AI) and non-artificial intelligence. The AI segment is expected to account for a considerable market share during the forecast period. The technology assists in the transcription work of voice to text conversion effectively and allows users to navigate the devices easily. Recent advancements in technology such as natural language processing (NLP) have made it easy for devices to transcribe spoken words as they can detect unique characteristics of a language, spanning multiple areas across the globe. AI penetration helps to improve overall industry performance and customer experience. Additionally, it proliferate the use of intelligent virtual assistant (IVA), chatbots, and smart speakers in the devices.

Asia Pacific projected to represent a large market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to represent a large market share during the forecast period. The growing penetration of AI and Internet of Things (IoT) using consumer electronic devices is driving the market growth in this region. Rising adoption of voice-activated technology devices among a large number of consumers in emerging economies such as India, China, Indonesia, Australia, Japan and Singapore, are expected to fuel the regional market growth. On the other hand, the market in North America is anticipated to expand at a substantial CAGR during the forecast period. The large-scale deployment of biometric systems across various economic sectors, business enterprises, and offices in this region is expected to boost the regional market growth. The rising adoption of biometric systems is due to the rise in demand for ensuring high level of security.

Segments

The global voice to text on mobile devices market has been segmented on the basis of

Verticals

• Automotive
• Enterprise
• Finance
• Consumer
• Government
• Retail
• Healthcare
• Others

Applications

• Artificial Intelligence
• Non-artificial Intelligence

Regions

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

Competitive Landscape

Some of the key players in the global voice to text on smart devices market are Nuance Communications, Microsoft Inc., Agnitio SL, Biotrust, VoiceVault, VoiceBox Technologies Corp., LumenVox LLC, M2Sys LLC, Raytheon BBN Technologies, M2SyS LLC, ValidSoft UK Limited, Advanced Voice Recognition Systems, Sensory Inc., and MMODAL Inc.

Key players are focusing on agreements, partnerships, and collaborations to improve their market presence globally. They are also investing in research and development to enhance their product portfolio and acquire a large consumer base.