Speech Recognition Market - Growth Factors, Key Players and Regional Forecast 2024 • Aggregate Research International

Market Scenario:

Speech recognition also called as automatic speech recognition (ASR), computer speech recognition, involves use of computational linguistics enabling recognition and translation of human speech and languages into text and computer languages. The global speech recognition market is anticipated to generate USD 16.0 billion at a CAGR of ~16% during the forecast period ending 2023.

Market Dynamics:

Drivers

Technological advancements such as automated systems, human machine interface, artificial intelligence and Internet of Things (IOT), and others are the critical technical drivers of the market.

Explosive adoption of biometric security in complimentary industries such as banking, finance etc., growing adoption of mobiles and smart devices, customer care services, and others are driving the market. Growing demand for automation such as voice dialing, call routing, domestic appliance control, search, data entry, and speech-to-text processing in word processors and others are commercial drivers of the market. Speech recognition systems are also employed in the aviation and defense industry to reduce pilot load.

Advances such as deep learning and big data has translated into enthusiasm and investments by many global players such as Google, Microsoft, IBM, Amazon, Apple to just name a few. Thus speech recognition is expected to be ubiquitous as mobile phones in the near future and an indispensable part of the technological companies. The impetus provided by governments across the world for Electronic Health Record (EHR) System is also expected to boost the market.

Restraints

Issues with accuracy, correct accent, and clarity have frustrated the market as well as users. The high cost of installation and maintenance coupled with concerns for data security and the nascent stage of new technology are other constraints on the market.

Segmentation:

To generate a bird’s view of Speech Recognition Market is segmented by type, technology, verticals, and region.

Type – speaker dependent and speaker independent.

Technology – non- artificial intelligence based and artificial intelligence based.

Verticals – military, automotive, healthcare, finance, media & entertainment, government, and others.

Regions – North America, Europe, Asia Pacific, and rest of the world.

Regional Analysis:

North America led by the U.S. accounts for the largest market share of the speech recognition market. The security application followed by automation especially in mobiles accounts for the largest usage of the speech recognition market. Europe is expected to possess the second largest market share led by Germany, France and the U.K.

However the market is expected to shift in favor of the Asia Pacific countries such as China, Japan, and India. The growing adoption of smart devices, growing economic and industrial clout, large unmet needs, economies of scale and scope and others are the prime determinants of this seismic shift in the market.

The Middle East and Africa market is expected to generate moderate growth with the Gulf economies of Saudi Arabia, and UAE generating the major market share.

Dominant Players:

Some of the key players in the global speech recognition market are Google Inc. (U.S.),Microsoft Corporation (U.S.), VoiceVault (U.S.), Advanced Voice Recognition Systems (U.S.), Nuance Communications, Inc. (U.S.), Acapela Group SA (Belgium), Agnitio SL (Spain), Fluent.ai Inc. (Canada), Raytheon BBN Technologies (U.S.), VoiceBox Technologies Corp. (U.S.), LumenVox LLC.(U.S), Sensory, Inc. (U.S.), ReadSpeaker Holding B.V. (Netherlands), Iflytek Co., Ltd. (China), AT&T Inc. (U.S.), and others

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