Speech Recognition Market is Growing Due to Rising AI Integrations | Market In-Depth Analysis, Trends, Growth and Forecast 2027
Research Reports
May 20, 2022
Speech Recognition Market Overview:
The speech recognition market is expected to gain significant revenue growth. According to Market Research Future (MRFR), the global speech recognition market is projected to garner USD 16 billion by 2027, registering approximately 16% CAGR during the review period (2020-2027). The growing demand for an easy-to-use speech recognition API that can suit multiple fields and languages is a key driving force.
Increasing developments in speech recognition technology focusing on diversity so all accents and dialects can be understood equally create vast opportunities. Besides, the rising adoption of new voice-enabled learning tools that have the potential to address equity and bias boosts the market size. The growing use of speech recognition technology in education drives market growth.
Additionally, vast investments in developing high-performance and efficient speech recognition and the accelerating demand for more joyful and frictionless voice experiences influence the market value. Large upgrades in core offerings have enabled educational applications that have increased the interest of developers, educators, and researchers, democratizing educational resources’ access and mitigating the risks of implicit biases.
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Global Speech Recognition Market – Segmentations
This market is segmented into vehicle types, technologies, verticals, and regions. The type segment comprises speaker-dependent and speaker-independent. The technology segment comprises AI-based and non-AI-based. The vertical segment comprises military, automotive, healthcare, and others. The region segment comprises the Americas, Asia Pacific, Middle East & Africa, Europe, and rest-of-the-world.
Speech Recognition Market – Regional Analysis
North America dominates the global speech recognition market. Rapid developments in speech recognition technology and rising applications of this technology in cell phones boost the market value.
Besides, the increasing use of speech recognition and voice recognition solutions in mobile banking and buyer & IoT gadgets substantiate market revenues. The large presence of major manufacturers and high spending on automotive systems increase the adoption of speech recognition and, subsequently, market sales.
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Global Speech Recognition Market – Competitive Analysis
This market appears highly competitive and fragmented, with several well-established players forming a competitive landscape. These players incorporate strategies such as mergers & acquisitions, collaborations, partnerships, expansions, and product/ technology launches to gain a competitive advantage in this market.
They also make substantial investments in driving R&D activities and their expansion plans. The market is likely to witness constant innovations and new product launches, eventually intensifying competition among manufacturers.
Key Players:
Leading players in the global speech recognition market are Nuance Communications, Inc. (US), Agnitio SL (Spain), Microsoft Corporation (US), VoiceVault (US), Google Inc. (US), VoiceBox Technologies Corp. (US), LumenVox LLC. (US), Advanced Voice Recognition Systems (US), Raytheon BBN Technologies (US), Sensory, Inc. (US), Iflytek Co., Ltd. (China), ReadSpeaker Holding BV (Netherlands), Acapela Group SA (Belgium), AT&T Inc. (US), and Fluent.ai Inc. (Canada), among others.
Industry/ Innovation/ Related News:
April 19, 2022 — Imagine Learning, a leading provider of literacy solutions, announced a new partnership with SoapBox Labs, a speech recognition company to help educators quickly and accurately assess reading and language skills.
SoapBox’s speech recognition technology powers learning and play experiences for kids. Imagine Learning’s language & literacy program includes Fluent Reader+, a new tool based on its voice technology. Fluent Reader+ gives teaching professionals a seamless, scalable and more accurate approach to assessments of students’ reading and language Learning progress.
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Speech Recognition Market, By Type (Speaker Dependent, Speaker Independent), Technology (AI Based, Non-AI Based), Verticals (Military, Automotive, Healthcare) – Forecast Till 2027
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