Global Speech And Voice Recognition Market Size By Deployment (Cloud, On-premise), By End user (Automotive, Banking, Telecommunication), By Geographic Scope And Forecast

Speech and Voice Recognition Market Size And Forecast

Speech and Voice Recognition Market size was valued at USD 7.5 Billion in 2021 and is projected to reach USD 59.6 Billion by 2030, growing at a CAGR of 22.57% from 2022 to 2030.

Factors such as increased demand for health care to improve efficiency and increased use of smart devices are driving the market growth. Applying in-depth learning algorithms to voice and speech solutions for better search results is expected to be a key growth factor of the AI-based technology segment. The AI-based technology segment is expected to witness increased R&D activity. The Global Speech and Voice Recognition Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Speech and Voice Recognition Market Definition

Recognition of speech, or speech-to-text, is used for converting spoken content into digitally written content. Complex software can handle native speech, different voices, and different languages. Speech recognition uses a wide range of research in computer science, languages, and computer engineering. Many modern devices and text-based programs have speech recognition functions to allow easy or hands-free use of the device. Speech recognition software must adapt to the most flexible environment and the specific context of human speech. Software algorithms process and convert audio into text and are trained in different speech patterns, speech styles, languages, dialects, pronunciations, and sentences. The software also distinguishes spoken audio from background sound that is usually accompanied by a signal.

There are two types of speech recognition. One of them is speaker-dependent and the other one is speaker-independent. Speaker-based software is often used for call software, while independent speaker software is widely available in phone applications. The use of voice recognition can provide an alternative to typing on the keyboard. With its simplicity, it provides a quick way to type on a computer, tablet, or smartphone. You can speak to an external microphone, headset, or built-in microphone, and your words appear as text on the screen.

Global Speech and Voice Recognition Market Overview

Many healthcare professionals spend a lot of time taking notes and reports and keeping a record of each patient. However, these activities take time away from more productive activities such as treatment and personal contact with patients. Therefore, physicians and clinicians prefer to use voice recognition software. Such software is also widely used to document medical examinations, patient data, diagnostic records, etc., where a doctor or staff member is not available. Such software solutions allow healthcare professionals to insert notes into the (EHR) system or their computers without taking extra time out of patient care and remain productive throughout the day. This eliminates the need for health care providers to be late for work to fill out paperwork, which allows them to visit more patients during the day. The easy-to-use and hands-on features of the automated speech recognition software in medical systems enable physicians to perform their duties more effectively, furthering the growth of the speech market and voice recognition. Thus, an increase in productivity leads to an increase in cash flow.

There are many words with the same sounds but different meanings, called homophones. For example, right and write, bye or by or buy, etc. AI can find it difficult to identify synonyms in a sentence without a comprehensive language model and training in these terms concerning appropriate contexts. Many English and Roman words have several meanings. For example, a “cell” may be a component of a living thing, a prison cell, or a radio transmitter. Also, heteronyms with various meanings are common in many languages. For example, in English, “close” means “near” or “close,” and “talk” means “to speak” or “opposite.” Therefore, it may not be easy to know when to use the correct homonyms when translating content. To handle this challenge, the translator must be well versed in the vernacular and the language in which the text is to be translated. This may require a deeper understanding of both languages by the translator. The opportunity in this market is the rapid acquisition and use of the customer’s voice aids, as well as the expansion of online commerce, which provides access to solutions for applications and service providers.

Global Speech and Voice Recognition MarketSegmentation Analysis

The Global Speech and Voice Recognition Market is segmented based on Deployment, End user, and Geography.

<span data-sheets-userformat='{"2"12865,"3"{"1"0},"9"0,"12"0,"15""Calibri","16"12}' data-sheets-value='{"1"2,"2""According to Market Research, Global Speech, and Voice Recognition Market is growing at a faster pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2020 to 2027.\r\nGlobal Speech and Voice Recognition Market Definition\r\nSpeech recognition is a technology used in various devices such as cars, smartphones, and computers which enables system to identify the sound of spoken words and convert them into machine readable form. It uses linguistic units for speech and audio signals. These signals are measured by word error rate which helps to identify the inaccuracies occurred while processing. Moreover, there are numerous speech recognition technologies like Amazon Alexa, Google’s Google assistant, Apple Siri, and Microsoft Cortana that enable easy accessibility of interaction by people to their devices. The purpose of a speech technology is to increase speed, accuracy, and help improve the efficiency of the system.\r\nGlobal Speech and Voice Recognition Market Overview\r\nThe notable factors positively affecting the speech recognition market include increase in demand for speech recognition in automotive, increase in demand for voice biometric systems for user authentication, and high growth potential in healthcare application. However, lack of accuracy in harsh environments and high installation cost hamper the market growth. Moreover, rise in adoption of speech recognition in the consumer verticals and emergence of speech recognition in robotics offers huge market opportunities in the next six years.\r\nIncreasing demand for speech recognition in automotive. Technological advancements in speech and voice solutions such as voice dialing or voice biometric enhances performances of connected devices in the car. Speech recognition is used in the car for remote control and navigation system. The user will command through microphone installed in the remote control of the car. In addition, rise in demand for voice-driven navigation systems is expected to drive speech recognition technology market growth in the hardware and software segments. Integration of voice-enabled in-car infotainment systems is gaining popularity across the globe as several countries initiate “hands-free” regulations that govern the use of mobile phones while driving. Hence, advancement in technology drives the speech recognition market growth.\r\nTechnological advancements along with the rising adoption of advanced electronic devices are projected to stimulate the growth of the market during the forecast period. Voice-activated biometrics used for security purposes help in providing access to authenticated users for perfor