Voice And Speech Recognition Market is anticipated to surpass US$87.200 billion by 2029 at a CAGR of 17.91%

NOIDA, UTTAR PARDESH, INDIA, April 1, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the voice and speech recognition market is projected to grow at a CAGR of 17.91% between 2022 and 2029 to reach US$87.200 billion by 2029.

The market for voice and speech recognition is expanding quickly due to the growing need for customized and hands-free user interfaces in a variety of industries. Developments in deep learning technologies, machine learning algorithms, and natural language processing (NLP) are major drivers of this sector. Applications include voice commands for cars, biometric authentication systems, healthcare dictation tools, and virtual assistants and smart speakers. The voice and speech recognition market is anticipated to continue growing and change how people interact with technology due to the increasing use of AI-powered voice recognition solutions, smart device proliferation, and the Internet of Things.

AI and machine learning are driving a rapid advancement in voice and speech recognition technology. This technology is transforming several industries, including virtual assistants, healthcare documentation, automotive interfaces, and accessibility tools, by enabling equipment to comprehend and respond to human speech. As voice and speech recognition technology continues to advance in precision, speed, and linguistic support, it is quickly taking the lead in contemporary human-computer interaction. Voice and speech recognition is becoming an essential part of the digital age due to factors including the proliferation of smart devices, IoT integration, and the demand for hands-free operation in many applications. These factors are driving the growth of this market.

The market is witnessing multiple collaborations and technological advancements, for instance, Apple presented software enhancements aimed at improving accessibility for hearing, vision, cognition, and mobility in May 2023. The business also unveiled innovative products designed for people who are nonverbal or in danger of losing their capacity to speak. Apple placed a strong emphasis on on-device machine learning to develop inclusive products that are accessible to all users, utilizing breakthroughs in hardware and software.

Access sample report or view details: https://www.knowledge-sourcing.com/report/global-voice-and-speech-recognition-market

Based on technology, it is segmented into speaker identification and verification, automatic speech recognition, and speed to text. In the voice and speech recognition market, the Automatic Speech Recognition (ASR) segment is anticipated to grow at a substantial rate. Applications such as virtual assistants, dictation tools, and transcription services are powered by ASR technology, which makes it possible to convert spoken words into text in real-time. ASR is being adopted by several industries, including healthcare, automotive, education, and customer service, because of the growing desire for hands-free operation, seamless human-computer connection, and enhanced accessibility. ASR systems' accuracy, speed, and linguistic support are also being improved by developments in deep learning algorithms, neural networks, and natural language processing (NLP) approaches, which are fueling the industry's expansion.

Based on deployment, the voice and speech recognition market is expected to increase significantly in the cloud deployment sector. Because cloud-based solutions are affordable, flexible, and scalable, companies of all sizes find them appealing. Additionally, voice recognition systems perform better and are more accurate because of developments in cloud computing, artificial intelligence, and data processing. Adoption is further accelerated by the simplicity of interaction with other cloud-based services and apps. Furthermore, the need for cloud-based voice and speech recognition systems is being supported by the expanding trends of remote work, virtual collaboration, and mobile devices, setting up this market segment for significant growth.

Based on end-users, the market is segmented into automotive, BFSI, government, retail, healthcare, hospitality, education, and others. The voice and speech recognition market is anticipated to grow significantly in the healthcare sector. Voice recognition technology is being used in healthcare to improve patient care by enabling hands-free documentation, streamlining workflow, and providing voice-enabled clinical support. Voice and speech recognition technologies are becoming more widely integrated by healthcare providers due to the growing emphasis on digitalization, electronic health records (EHR), and telemedicine services. Additionally, improvements in voice biometrics and AI-driven natural language processing (NLP) algorithms boost security and accuracy, which encourages the use of voice recognition technology in medical settings and positions it as a significant growth area in the voice and speech recognition industry.

Based on geography the voice and speech recognition industry in North America is expanding significantly due to several factors. Voice recognition system innovation is being fueled by the region's extensive use of cutting-edge technology like AI and machine learning. The healthcare, automotive, consumer electronics, and enterprise applications industries are the main drivers of this expansion. The market is expanding because of the rising demand for voice-activated devices, smart speakers, virtual assistants, and better customer experiences. North America is the market leader for voice and speech recognition in part because of the region's strong infrastructure, governmental rules that are in place, large number of technology businesses, and high level of consumer acceptance of voice-based interfaces.

As a part of the report, the major players operating in the voice and speech recognition market that have been covered are Lumenvox, Sestek, Apple Inc., IBM, Microsoft, Alphabet (Google Inc.), Meta, Sensory Inc., Assembly AI, Amazon Web services.

The market analytics report segments the voice and speech recognition market on the following basis:

• BY TECHNOLOGY

o Speaker identification and verification
o Automatic speech recognition (ASR)
o Speech to text

• BY DEPLOYMENT

o Cloud
o On-premise

• BY END USER

o Automotive
o BFSI
o Government
o Retail
o Healthcare
o Hospitality
o Education
o Others

• BY GEOGRAPHY

o North America

• United states
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• Germany
• France
• United Kingdom
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

o Asia Pacific

• China
• Japan
• India
• South Korea
• Indonesia
• Taiwan
• Others

Companies Profiled:

• LumenVox
• SESTEK
• Apple Inc.
• IBM
• Microsoft
• Alphabet Inc. (Google LLC)
• Meta
• Sensory Inc.
• AssemblyAI
• Amazon Web Services, Inc.

Explore More Reports:

• Digital Assistant Market: https://www.knowledge-sourcing.com/report/global-digital-assistance-market

• Global Optical Character Recognition Market: https://www.knowledge-sourcing.com/report/global-optical-character-recognition-market

• Automatic Content Recognition Market: https://www.knowledge-sourcing.com/report/automatic-content-recognition-market

Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
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