Speech & Voice Recognition Market worth $42.15 billion by 2030, growing at a CAGR of 18.94% - Exclusive Report by 360iResearch

The "Speech & Voice Recognition Market by Delivery Method (Artificial Intelligence AI-Based, Non-Artificial Intelligence Based), Technology (Speech Recognition, Voice Recognition), Deployment Mode, Vertical - Global Forecast 2024-2030" report has been added to 360iResearch.com's offering.

The Global Speech & Voice Recognition Market to grow from USD 12.51 billion in 2023 to USD 42.15 billion by 2030, at a CAGR of 18.94%.

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Speech & voice recognition is a technology that enables machines to understand, process, and generate human speech by converting spoken words into text or commands. This interdisciplinary field combines various domains, such as artificial intelligence (AI), machine learning, linguistics, acoustics, and signal processing. Voice recognition primarily focuses on identifying the speaker's identity using their unique vocal characteristics or "voiceprints." On the other hand, speech recognition concentrates on understanding and transcribing spoken language without necessarily identifying the speaker. This technology has revolutionized industries by offering natural user interfaces in devices, such as smart speakers, virtual assistants, transcription services, and customer support automation systems. Rapid artificial intelligence (AI) advancement has significantly improved machine learning algorithms used in speech recognition systems, leading to a better understanding of complex human language patterns. Additionally, the rising demand for smart devices with integrated virtual assistants and government initiatives promoting digitalization have accelerated the adoption of these technologies. Despite several advancements, certain concerns associated with accents, dialects, and noisy environments create challenges for market growth. Opportunities continue to emerge across various sectors due to the increasing potential of speech and voice recognition. In healthcare settings, efficient implementation of speech-to-text transcription tools can allow medical professionals to access patient data quickly while maintaining a hands-free environment during surgical procedures.

In the Americas, the rising demand for voice-activated smart devices, coupled with substantial investments in artificial intelligence (AI), has led to the prominence of this technology. Major players such as Amazon Inc., Google LLC, and Microsoft Corporation in the United States continuously innovate and expand their product offerings to keep pace with growing consumer expectations. The Asia-Pacific (APAC) is emerging as a potential market for speech & voice recognition attributed to rapid urbanization, escalated internet penetration, and burgeoning smartphone usage. Countries including China, South Korea, India, Japan, and Australia are actively investing in AI research and IoT applications which positively impact the adoption of speech & voice recognition technologies. Furthermore, government initiatives focused on digital transformation also act as propellants for market growth in this region. Europe, the Middle East, and the African region is experiencing steady growth due to increased awareness about the benefits of employing speech & voice recognition systems. There is a rising demand for speech & voice recognition solutions across automotive, healthcare, retail, banking, finance services & insurance (BFSI), and consumer electronics. The European Union's investment in AI innovations reflects growth in the speech & voice recognition market.

Market Segmentation & Coverage:

This research report categorizes the Speech & Voice Recognition Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Delivery Method, market is studied across Artificial Intelligence AI-Based and Non-Artificial Intelligence Based. The Non-Artificial Intelligence Based is projected to witness significant market share during forecast period.

Based on Technology, market is studied across Speech Recognition and Voice Recognition. The Speech Recognition is further studied across Automatic Speech Recognition and Text-To-Speech. The Voice Recognition is further studied across Speaker Identification and Speaker Verification. The Speech Recognition is projected to witness significant market share during forecast period.

Based on Deployment Mode, market is studied across On Cloud and On-Premises/Embedded. The On Cloud is projected to witness significant market share during forecast period.

Based on Vertical, market is studied across Automotive, Banking, Finance Service & Insurance (BFSI), Consumer, Education, Enterprise, Government, Healthcare, Legal, Military, and Retail. The Enterprise is projected to witness significant market share during forecast period.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa is projected to witness significant market share during forecast period.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Speech & Voice Recognition Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Speech & Voice Recognition Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Speech & Voice Recognition Market, highlighting leading vendors and their innovative profiles. These include Acapela Group, Amazon Web Services, Inc., Apple Inc., AssemblyAI, Inc., audEERING GmbH, Baidu AI Cloud, Brainasoft, Chivox Co., Ltd., Cisco Systems, Inc., Dolbey and Company, Inc., Fulcrum Biometrics, Inc., Google LLC by Alphabet Inc., GoVivace Inc., Intel Corporation, International Business Machines Corporation, iSpeech, Inc., LumenVox GmbH, Meta Platforms, Inc., Microsoft Corporation, Nuance Communications, Inc., Oracle Corporation, RTX Corporation, SAP SE, Sensory, Inc., Sestek, and Telesign Corporation.

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Speech & Voice Recognition Market, by Delivery Method
7. Speech & Voice Recognition Market, by Technology
8. Speech & Voice Recognition Market, by Deployment Mode
9. Speech & Voice Recognition Market, by Vertical
10. Americas Speech & Voice Recognition Market
11. Asia-Pacific Speech & Voice Recognition Market
12. Europe, Middle East & Africa Speech & Voice Recognition Market
13. Competitive Landscape
14. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Speech & Voice Recognition Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Speech & Voice Recognition Market?
3. What is the competitive strategic window for opportunities in the Speech & Voice Recognition Market?
4. What are the technology trends and regulatory frameworks in the Speech & Voice Recognition Market?
5. What is the market share of the leading vendors in the Speech & Voice Recognition Market?
6. What modes and strategic moves are considered suitable for entering the Speech & Voice Recognition Market?

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