Global Voice Recognition Market Insights
Voice Recognition Market size was valued at USD 3.5 billion in 2021, and it is expected to reach a value of USD 12.16 billion by 2030, at a CAGR of more than 16.4% over the forecast period (2022–2030).
Voice recognition market is an advanced method of biometrics, also known as speech recognition which can recognize an individual’s spoken words and phrases, and then transform the words spoken into a modern form of technology by getting that in a text-based process that supports reading, recognizing, and processed by technology. It also helps in delivering end results in a short time in making charts, notes and reports for patients; as it can speedily articulate notes and saves enough time while doing treatment.
The vendors in the biometric segment are upgrading easy installation, and are cost-effective automatic speech recognition (ASR) applications, which are expected to contribute to the growth of the voice recognition market. Voice recognition is used for biometric safety purposes, and by recognizing the voice of a specific person to allow or deny access. The biometric technology available in mobile banking needs authentic users’ identity proof by the navigation of commands to help them in making transactions.
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Analysis:
Global Voice Recognition Market Segmental Analysis
Global voice recognition market is segmented based on the deployment model, technology and vertical. Based on deployment model voice recognition Voice Recognition Market is segmented into cloud, on-premise. Based on technology, the Voice Recognition Market is segmented into artificial intelligence based and non-artificial intelligence based. Based on vertical, Voice Recognition Market is categorized as automotive, healthcare, BFSI, aerospace, government & defense, and others.
Voice Recognition Market Analysis by Technology
Based on technology, the voice recognition market is segmented into artificial intelligence based and non-artificial intelligence based. The artificial intelligence based technology sub-segment will acquire the fastest growth rate as observed during the forecast period. Because there is high demand for the artificial intelligence-based technology due to the capability of the system to well-recognize the speech patterns precisely. Today, in the modern world, the interest towards machine learning and original language capturing is projected to accelerate the growth of the segment.
However, the non-artificial intelligence-based technology segment led the market with a share of more than 72.00% of the global revenue in 2021 and the segment is also expected to continue the dominance at a steady CAGR during the projected period.
Voice Recognition Market Analysis by Vertical
Based on type, the voice recognition market is segmented into automotive, healthcare, BFSI, aerospace, government & defense, and others. Awareness of the modern voice recognition technology in vehicles and automotives sector gives opportunity to users to give command or voice instructions to the speech recognition system in the vehicle. These instructions in vehicles are operated through the infotainment systems in the cars.
The healthcare sub-segment registered the highest share of more than 29.00% in 2021. Voice recognition is still in a growing stage, lots of modifications are going to develop and these are installed in the healthcare segment including pathology, radiology, emergency medicine, and others.
Voice Recognition Market Top Player's Company Profiles
- Nuance Communications Inc. (US)
- Auraya Systems
- LumenVox
- Microsoft Corporation
- Advanced Voice Recognition Systems Inc.
- Voice Biometrics Group
- Google, Inc.
- Facebook, Inc.
- Raytheon Company
- Apple, Inc.
- Baidu
- Amazon
- Read Speaker
- Speech Matics
- Assembly AI
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