Global Speech recognition Market Segments, Insights, Trends, Demand and Size will reach USD 48.28 million by 2030
Research Reports
Jul 13, 2023
Market Research Future Insights
According to MRFR analysis, the global Speech Recognition Market is expected to register a CAGR of ~21.30% from 2022 to 2030 and hold a value of over USD 48.28 billion by 2030.
The speech recognition market refers to the technology that enables machines to understand and interpret human speech. It involves the conversion of spoken language into written text or commands, allowing users to interact with various devices and applications through voice inputs. The market has witnessed significant growth in recent years, driven by increasing adoption across sectors such as healthcare, automotive, retail, and customer service. The COVID-19 pandemic has had a notable impact on the speech recognition market. With the rise in remote work and virtual communication, the demand for speech recognition solutions has surged. It has facilitated remote collaboration, transcription services, and voice-controlled virtual assistants, which have become essential tools in a contactless work environment. The healthcare sector also experienced a growing need for speech recognition in telemedicine and remote patient monitoring, enhancing efficiency and reducing the risk of virus transmission.
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Key Players
Some of the market key players are
- Nuance Communications, Inc. (U.S.),
- Microsoft Corporation (U.S.),
- Agnitio SL (Spain),
- VoiceVault (U.S.),
- VoiceBox Technologies Corp. (U.S.),
- Google Inc. (U.S.),
- LumenVox LLC. (U.S),
- Raytheon BBN Technologies (U.S.),
- Advanced Voice Recognition Systems (U.S.),
- Sensory, Inc. (U.S.),
- ReadSpeaker Holding B.V. (Netherlands),
- Iflytek Co. Ltd. (China),
- Acapela Group SA (Belgium),
- AT&T Inc. (U.S.),
- ai Inc. (Canada)
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Regional Analysis
The speech recognition market exhibits regional variations in terms of adoption and market size. North America has been a leading region in the market, driven by the presence of major technology companies, high investments in research and development, and a strong emphasis on technological advancements. Europe is also a significant market, with countries like the UK, Germany, and France witnessing increased adoption of speech recognition solutions in various sectors.The Asia Pacific region is experiencing rapid growth in the speech recognition market due to the expanding industrial and commercial sectors, rising smartphone penetration, and the adoption of advanced technologies. Countries like China, Japan, and India are key contributors to the market’s growth in this region. Latin America and the Middle East and Africa regions are also witnessing a gradual adoption of speech recognition technology, driven by increasing digitization, technological advancements, and growing awareness of the benefits of speech recognition in various sectors such as healthcare, banking, and customer service.
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Market Segmentation
The Global Speech recognition market has been segmented into Technology and Delivery Methods
Based on Technology: Speech Recognition and Voice Recognition
Based on Delivery Methods: Non-artificial intelligence-based and Artificial Intelligence Based
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