According to MarketsandMarkets, the speech and voice recognition market is projected to grow from USD 9.4 billion in 2022 to USD 28.0 billion by 2027, at a CAGR of 24.4 % from 2022 to 2027. Major factors driving the growth of the speech and voice recognition market include increasing demand in healthcare for improving efficiency and the growing use of smart appliances.
Based on the technology speech and voice recognition market has been segmented into speech recognition and voice recognition. Speech recognition is dominating the speech and voice recognition market. It accounts for the largest market share in 2021. The elevating adoption of speech-enabled consumer electronics devices, including smart home devices, mobile devices, and wearable devices, is expected to result in the rapid growth of the speech recognition market in the coming years. Automatic speech recognition (ASR) technology is expected to dominate the speech recognition market throughout the forecast period.
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Based on the deployment mode the speech and voice recognition market has been segmented into On-cloud and on-premises/embedded. The on-premises/embedded segment is expected to witness a higher growth rate owing to the rising adoption of on-premises speech and voice recognition solutions by financial institutions and enterprises for multifactor authentication and keep consumer data highly secure.
speech and voice recognition systems are deployed across numerous verticals including automotive, enterprise, consumer, banking, financial services, and insurance (BFSI), government, retail, healthcare, legal, education, military, and others (aerospace, utilities, and travel & tourism) verticals. The speech and voice recognition market for the consumer vertical is expected to grow at the highest rate during the forecast period. The introduction of voice-based smart devices in the consumer sector has led to the launch of many innovative products in the market. The continuous decline in the cost of voice and speech devices such as mobile phones, computers, and smart speakers, and the constant development in voice and speech recognition software also drive the market for speech and voice recognition technologies. The increasing demand for intelligent virtual assistant smart speakers with voice capabilities is expected to be a prominent driver for the speech and voice recognition market for the consumer vertical during the forecast period.
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