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Speech and Voice Recognition Market by Deployment Mode (On-Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), Vertical and Geography (Americas, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2027

Speech and Voice Recognition Market by Deployment Mode (On-Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), Vertical and Geography (Americas, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2027

The global speech and voice recognition market size is projected to grow from USD 9.4 Billion in 2022 to USD 28.1 Billion by 2027, it is expected to grow at a CAGR of 24.4% from 2022 to 2027. The key factors contributing to the growth of the speech and voice recognition market include increasing demand in healthcare for improving efficiency and the growing use of smart appliances.Speech and voice recognition technologies are mostly used in the healthcare sector to report health checkups, data entry, and when the doctor or the attendant/nurse is unavailable.

Such software solutions enable healthcare professionals to enter notes into the electric health record (EHR) system or their computers without taking time out from patient care and remain productive throughout the day. This eliminates the need for healthcare providers to stay late at work to complete paperwork, allowing them to visit more patients during the day. Easy to use and hands-free features of an automated speech recognition system in medical applications enable doctors to get their work done efficiently, driving the speech and voice recognition market growth.

Extensive penetration of speech and voice recognition technologies in smart appliances

The demand for smart homes and smart appliances is increasing owing to various factors, including the growing internet penetration, rapid technological advancements, and increased focus on home automation to achieve security and convenience. The COVID-19 pandemic has also prompted the use of smart devices and appliances in almost every aspect of daily life. People are encouraged to work from home, leading to high demand for speech and voice recognition technology-based products.

Manufacturers of smart appliances are adding the voice recognition feature to their products to enable users to control all their appliances from a single speech and voice recognition technology-based product. The demand for products such as Alexa, Cortana, and Siri, has increased significantly. Samsung Electronics (South Korea), a leading manufacturer of smart appliances, has introduced the Smart Things app with inbuilt voice recognition technology to allow users to control all the appliances in the house with single voice commands. Several other manufacturers, such as Whirlpool and Philips, have similar voice-activated control solutions. As consumers move toward automation, the demand for speech and voice recognition technology-based products is also likely to increase.

APAC is the fastest-growing region in theSPEECH AND VOICE RECOGNITION market

The speech and voice recognition market in Asia Pacific is expected to grow at the highest CAGR from 2022 to 2027 owing to technological advancements, improved awareness regarding the benefits of these technologies among the masses, and the low cost of speech and voice recognition devices. China, Japan, and India are the key countries in the Asia Pacific region for the speech and voice recognition market. Baidu (China) and iFlytek (China) are the top two companies in the region operating in the speech and recognition market.

The breakup of primaries conducted during the study is depicted below:
•By Company Type: Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 –20%
•By Designation: C-Level Executives – 35%,Directors – 25%, and Others – 40%
•By Region: North America– 45%, Europe – 20%, APAC– 30%, Rest of world–5%

ResearchCoverage
The report segments the speech and voice recognitionmarket and forecasts its size, by volume and value, based on region (Americas, Europe, Asia Pacific, and RoW), Deployment Mode (On-Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition),andVerticals (automotive, enterprise, consumer, banking, financial services, and insurance (BFSI), government, retail, healthcare, military, legal, education, and others (aerospace, utilities, and travel & tourism)). The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the speech and voice recognitionmarket. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.

Key Benefits of Buying ThisReport
1This report includes market statistics pertaining to thedeployment mode, technology, verticals, and region.
2An in-depth value chain analysis has been done to provide deep insight into thespeech and voice recognitionmarket.
3Major market drivers, restraints, challenges, and opportunities have been detailed in this report.
4Illustrative segmentation, analyses, and forecasts for the market basedon deployment mode, technology,verticals,and regionhave been conducted to providean overall view of thespeech and voice recognition market.
5The report includes an in-depth analysis and ranking of key players.
Table of Contents

1INTRODUCTION36
1.1STUDY OBJECTIVES36
1.2DEFINITION36
1.2.1INCLUSIONS AND EXCLUSIONS37
1.3SUMMARY OF CHANGES37
1.4STUDY SCOPE38
1.4.1MARKETS COVERED38
1.4.2GEOGRAPHIC SCOPE38
1.4.3YEARS CONSIDERED39
1.5CURRENCY39
1.6LIMITATIONS39
1.7STAKEHOLDERS40
2RESEARCH METHODOLOGY41
2.1RESEARCH DATA41
FIGURE 1PROCESS FLOW: SPEECH AND VOICE RECOGNITION
MARKET SIZE ESTIMATION41
FIGURE 2SPEECH AND VOICE RECOGNITION MARKET: RESEARCH DESIGN42
2.1.1SECONDARY AND PRIMARY RESEARCH43
FIGURE 3RESEARCH APPROACH43
2.1.2SECONDARY DATA43
2.1.2.1Secondary sources44
2.1.2.2Key secondary sources44
2.1.3PRIMARY DATA44
2.1.3.1Primary sources45
2.1.3.2Key industry insights45
2.1.3.3Primary interview breakup46
2.1.3.4List of key primary respondents46
2.1.3.5Breakdown of primaries46
2.2MARKET SIZE ESTIMATION47
2.2.1BOTTOM-UP APPROACH47
2.2.1.1Approach for arriving at market size by bottom-up analysis47
FIGURE 4SPEECH AND VOICE RECOGNITION MARKET: BOTTOM-UP APPROACH48
2.2.2TOP-DOWN APPROACH48
2.2.2.1Approach for capturing market size by top-down analysis48
FIGURE 5SPEECH AND VOICE RECOGNITION MARKET: TOP-DOWN APPROACH49
2.3MARKET BREAKDOWN AND DATA TRIANGULATION49
FIGURE 6DATA TRIANGULATION49
2.4RESEARCH ASSUMPTIONS50
2.5LIMITATIONS51
2.6RISK ASSESSMENT51
TABLE 1RISK ASSESSMENT51
3EXECUTIVE SUMMARY52
3.1SPEECH AND VOICE RECOGNITION MARKET: POST-COVID-1953
FIGURE 7IMPACT OF COVID-19 ON SPEECH AND VOICE RECOGNITION MARKET53
FIGURE 8SPEECH RECOGNITION TO ACCOUNT FOR LARGER MARKET SHARE THROUGHOUT FORECAST PERIOD54
FIGURE 9ON-CLOUD DEPLOYMENT MODE TO DOMINATE SPEECH AND VOICE RECOGNITION MARKET DURING FORECAST PERIOD54
FIGURE 10CONSUMER VERTICAL TO DOMINATE SPEECH AND VOICE RECOGNITION MARKET BETWEEN 2022 AND 202755
FIGURE 11AMERICAS HELD LARGEST MARKET SHARE IN 202156
4PREMIUM INSIGHTS57
4.1ATTRACTIVE GROWTH OPPORTUNITIES IN SPEECH AND VOICE RECOGNITION MARKET57
FIGURE 12INCREASING DEMAND FOR SPEECH AND VOICE RECOGNITION TECHNOLOGY-BASED PRODUCTS IN ASIA PACIFIC TO DRIVE MARKET GROWTH57
4.2SPEECH AND VOICE RECOGNITION MARKET, BY TECHNOLOGY57
FIGURE 13SPEECH RECOGNITION TECHNOLOGY TO ACCOUNT FOR LARGER MARKET SHARE THAN VOICE RECOGNITION TECHNOLOGY DURING FORECAST PERIOD57
4.3SPEECH AND VOICE RECOGNITION MARKET, BY DEPLOYMENT MODE58
FIGURE 14ON-CLOUD SEGMENT TO COMMAND SPEECH AND VOICE RECOGNITION MARKET IN 202258
4.4SPEECH AND VOICE RECOGNITION MARKET IN AMERICAS, BY REGION AND TECHNOLOGY58
FIGURE 15NORTH AMERICA AND SPEECH RECOGNITION TECHNOLOGY TO ACCOUNT FOR MAJORITY OF MARKET SHARE IN AMERICAS BY 202758
4.5SPEECH AND VOICE RECOGNITION MARKET, BY VERTICAL59
FIGURE 16CONSUMER VERTICAL TO EXHIBIT HIGHEST CAGR FROM 2022 TO 202759
4.6SPEECH AND VOICE RECOGNITION MARKET, BY COUNTRY (2021)60
FIGURE 17INDIA TO EXHIBIT HIGHEST CAGR IN GLOBAL SPEECH AND VOICE RECOGNITION MARKET FROM 2022 TO 202760
5MARKET OVERVIEW61
5.1INTRODUCTION61
5.2MARKET DYNAMICS62
FIGURE 18DRIVERS, RESTRAINTS, OPPORTUNITIES AND CHALLENGES62
5.2.1DRIVERS63
5.2.1.1Escalated use of speech and voice recognition software by healthcare professionals63
5.2.1.2Extensive penetration of speech and voice recognition technologies in smart appliances63

FIGURE 19SALES DATA FOR VOICE ASSISTANT DEVICES OFFERED BY KEY BRANDS, 202064
5.2.1.3Elevated demand for speech and voice recognition technologies to transcribe audio64
5.2.1.4Strong requirement for voice-based biometric systems, especially by financial service providers, for multifactor authentication and mobile banking applications64
FIGURE 20USE OF VOICE RECOGNITION TO PREVENT IDENTITY THEFT IN BANKING AND FINANCE65
FIGURE 21DATA BREACH COMPLAINTS IN US (2018–2020)66
5.2.1.5Successful integration of AI into speech and voice recognition systems to achieve more accurate results66
FIGURE 22DRIVERS FOR SPEECH AND VOICE RECOGNITION MARKET AND THEIR IMPACT67
5.2.2RESTRAINTS67
5.2.2.1Limitation of software to understand contextual relation of words in different languages67
5.2.2.2Need for numerous channels in speech-to-text APIs while transcribing audio data that includes multiple channels68
5.2.2.3Limited capacity to recognize and respond to customer intent68
5.2.2.4Concerns regarding data privacy and security68
5.2.2.5High cost of high-end voice recognition systems deployed in automobiles68
5.2.2.6Requirement for huge investment keeps small players out68
FIGURE 23RESTRAINTS FOR SPEECH AND VOICE RECOGNITION MARKET AND THEIR IMPACT69
5.2.3OPPORTUNITIES69
5.2.3.1Customer preference for cloud-based speech-to-text software69
5.2.3.2Increasing popularity of online shopping69
5.2.3.3Development of personalized applications for users70
5.2.3.4Integration of speech and voice recognition technology with mobile applications70
5.2.3.5Development of speech and voice recognition software for micro-linguistics and local languages70
5.2.3.6Application of speech and voice recognition in service robotics71
5.2.3.7Focus on utilizing speech and voice recognition technologies for educating disabled students71
5.2.3.8Deployment of speech and voice recognition technology in autonomous cars72
5.2.3.9Consumer preference for technologically advanced products72
FIGURE 24OPPORTUNITIES FOR SPEECH AND VOICE RECOGNITION MARKET
AND THEIR IMPACT73
5.2.4CHALLENGES74
5.2.4.1Creating unique vocabulary for various industries74
5.2.4.2Limited awareness regarding availability and benefits of voice assistant technologies74
5.2.4.3Increased errors due to background noise74
5.2.4.4Lack of standardized platform for development of customized products75
5.2.4.5Slow network speeds posing challenge to cloud-based speech recognition services75
FIGURE 25CHALLENGES FOR SPEECH AND VOICE RECOGNITION MARKET AND THEIR IMPACT75
5.3VALUE CHAIN ANALYSIS76
FIGURE 26VALUE CHAIN ANALYSIS: SPEECH AND VOICE RECOGNITION MARKET76
5.4ECOSYSTEM77
FIGURE 27SPEECH AND VOICE RECOGNITION MARKET: ECOSYSTEM77
TABLE 2SPEECH AND VOICE RECOGNITION MARKET: ECOSYSTEM77
5.4.1REVENUE SHIFT IN SPEECH AND VOICE RECOGNITION MARKET79
FIGURE 28REVENUE SHIFT IN SPEECH AND VOICE RECOGNITION MARKET79
5.5PATENT ANALYSIS79
TABLE 3IMPORTANT PATENT REGISTRATIONS, 2017–202180
FIGURE 29COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS82
FIGURE 30ANNUAL NUMBER OF PATENTS GRANTED OVER LAST 10 YEARS82
TABLE 4TOP 10 PATENT OWNERS83
5.6TRADE ANALYSIS83
TABLE 5IMPORT STATISTICS: SOUND RECORDING OR SOUND REPRODUCING APPARATUS, BY COUNTRY, 2017–2021 (USD THOUSAND)83
TABLE 6EXPORT STATISTICS: SOUND RECORDING OR SOUND REPRODUCING APPARATUS, BY COUNTRY, 2017–2021 (USD THOUSAND)84
5.7TARIFF ANALYSIS84
TABLE 7TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY NETHERLANDS IN 202085
TABLE 8TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY CHINA IN 202085
TABLE 9TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY UK IN 202085
TABLE 10TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY US IN 202086
TABLE 11TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY GERMANY IN 202086
5.8CASE STUDY ANALYSIS87
TABLE 12SESTEK HELPS TEKNOSA TO INCREASE FIRST-CALL RESOLUTION RATE AND SHORTEN CALL DURATIONS AT CONTACT CENTER87
TABLE 13SESTEK HELPS AGENTS AT AL BARAKA BANK CONTACT CENTER TO SIGNIFICANTLY IMPROVE THEIR EFFICIENCY AND REDUCE WORKLOAD87
TABLE 14MICROSOFT TRANSLATOR APPLICATION FACILITATES MULTILINGUAL PARENT–TEACHER COMMUNICATION AT CHINOOK MIDDLE SCHOOL88
TABLE 15IBM WATSON HELPS BRADESCO BANK TO REDUCE RESPONSE TIME88
TABLE 16ALEXA HELPS HAWAII PACIFIC HEALTH TO ENHANCE PATIENT EXPERIENCE BY QUERY RESOLUTION89
TABLE 17CHATBOT BY ROANUZ ANSWERS USER QUERIES QUICKLY89

5.9PORTER'S FIVE FORCES ANALYSIS90
TABLE 18SPEECH AND VOICE RECOGNITION MARKET: PORTER'S FIVE FORCES ANALYSIS, 202090
5.9.1THREAT OF NEW ENTRANTS90
5.9.2THREAT OF SUBSTITUTES91
5.9.3BARGAINING POWER OF BUYERS91
5.9.4BARGAINING POWER OF SUPPLIERS91
5.9.5INTENSITY OF RIVALRY91
5.10TECHNOLOGY ANALYSIS92
5.10.1MICROSOFT ALLOWS USERS CONTROL OVER USING VOICE CLIPS TO IMPROVE SPEECH RECOGNITION ALGORITHM92
5.10.2APPLE DEVELOPS AI MODEL FOR AUTOMATIC SPEECH TRANSCRIPTION AND SPEAKER RECOGNITION92
5.10.3SPEECHMATICS LAUNCHES SPEECH RECOGNITION SERVICE ON MICROSOFT AZURE92
5.10.4CRESCENDO SPEECH PROCESSING SOFTWARE OFFERS MULTILINGUAL SUPPORT92
5.10.5FACEBOOK'S AI OPEN SOURCE PROVIDES NEW DATASET FOR SPEECH RECOGNITION93
5.10.6LUMENVOX LAUNCHED NEXT-GENERATION AUTOMATIC SPEECH RECOGNITION (ASR) ENGINE WITH TRANSCRIPTION93
5.10.7SENSORY'S SPEECH RECOGNITION MODEL HELPS UNDERSTAND CHILDREN’S VOICE PATTERN93
5.11KEY REGULATIONS FOR SPEECH AND VOICE RECOGNITION MARKET94
TABLE 19NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS94
TABLE 20EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS95
TABLE 21ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS95
TABLE 22ROW: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS95
5.12CODES AND STANDARDS96
TABLE 23SPEECH AND VOICE RECOGNITION CODES AND STANDARDS96
5.13PRICING ANALYSIS96
TABLE 24AVERAGE SELLING PRICE OF SPEECH RECOGNITION SOFTWARE97
5.14KEY STAKEHOLDERS & BUYING CRITERIA97
5.14.1KEY STAKEHOLDERS IN BUYING PROCESS97
FIGURE 31INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS97
TABLE 25INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS (%)98
5.14.2BUYING CRITERIA98
FIGURE 32KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS98
TABLE 26KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS99

5.15KEY CONFERENCES AND EVENTS (2022–2023)99
TABLE 27SPEECH AND VOICE RECOGNITION MARKET: DETAILED LIST OF CONFERENCES & EVENTS99
6TYPES OF SPEECH AND VOICE RECOGNITION SYSTEMS102
6.1INTRODUCTION102
FIGURE 33DELIVERY METHODS IN SPEECH AND VOICE RECOGNITION102
6.2ARTIFICIAL INTELLIGENCE-BASED102
6.2.1ARTIFICIAL INTELLIGENCE IS MOST EFFECTIVE TECHNIQUE FOR FLAWLESS AND ACCURATE SPEECH RECOGNITION102
6.3NON-ARTIFICIAL INTELLIGENCE-BASED103
6.3.1NON-AI-BASED SYSTEMS OFFER INDUSTRY-LEADING ACCURACY, SECURITY, AND CONSISTENCY103
7SPEECH AND VOICE RECOGNITION MARKET, BY TECHNOLOGY105
7.1INTRODUCTION106
FIGURE 34SPEECH AND VOICE RECOGNITION MARKET SEGMENTATION,
BY TECHNOLOGY106
FIGURE 35VOICE RECOGNITION TECHNOLOGY TO RECORD HIGHER CAGR THAN SPEECH RECOGNITION TECHNOLOGY DURING FORECAST PERIOD107
TABLE 28SPEECH AND VOICE RECOGNITION MARKET, BY TECHNOLOGY,
2018–2021 (USD MILLION)107
TABLE 29SPEECH AND VOICE RECOGNITION MARKET, BY TECHNOLOGY,
2022–2027 (USD MILLION)107
7.2VOICE RECOGNITION108
7.2.1NON-CONTACT, EASY-TO-USE, AND NON-INTRUSIVE FEATURES OF VOICE RECOGNITION DEVICES ARE EXPECTED TO FACILITATE THEIR DEMAND IN COMING YEARS108
FIGURE 36VOICE RECOGNITION PHASE PROCESS109
TABLE 30VOICE RECOGNITION MARKET, BY REGION, 2018–2021 (USD MILLION)109
TABLE 31VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)109
7.2.2SPEAKER IDENTIFICATION110
7.2.2.1Speaker identification technology authenticates users by capturing unique speech characteristics110
7.2.3SPEAKER VERIFICATION110
7.2.3.1Speaker verification technology is increasingly used in banks and financial services for security purposes110
FIGURE 37SPEAKER VERIFICATION PROCESS111
7.3SPEECH RECOGNITION111
7.3.1MULTILINGUAL ENVIRONMENTS ARE EXPECTED TO WITNESS HIGH DEMAND FOR SPEECH RECOGNITION TECHNOLOGY TO ELIMINATE LANGUAGE BARRIERS111
TABLE 32SPEECH RECOGNITION MARKET, BY REGION, 2018–2021 (USD MILLION)112
TABLE 33SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)112

7.3.2AUTOMATIC SPEECH RECOGNITION112
7.3.2.1Advancements in ASR technology empower businesses to improve customer experience112
7.3.3TEXT-TO-SPEECH113
7.3.3.1Integration of AI and ML technologies into TTS software enables conversion of text into natural-sounding audio113
FIGURE 38AUTOMATIC SPEECH RECOGNITION TECHNOLOGY TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD114
TABLE 34SPEECH RECOGNITION MARKET, BY TYPE, 2018–2021 (USD MILLION)114
TABLE 35SPEECH RECOGNITION MARKET, BY TYPE, 2022–2027 (USD MILLION)114
8SPEECH AND VOICE RECOGNITION MARKET, BY DEPLOYMENT MODE115
8.1INTRODUCTION116
FIGURE 39DEPLOYMENT MODES IN SPEECH AND VOICE RECOGNITION116
FIGURE 40ON-CLOUD SPEECH AND VOICE RECOGNITION SOLUTIONS TO HOLD MAXIMUM MARKET SHARE IN 2027116
TABLE 36SPEECH AND VOICE RECOGNITION MARKET, BY DEPLOYMENT MODE,
2018–2021 (USD MILLION)117
TABLE 37SPEECH AND VOICE RECOGNITION MARKET, BY DEPLOYMENT MODE,
2022–2027 (USD MILLION)117
8.2ON-CLOUD117
8.2.1ON-CLOUD SEGMENT TO CAPTURE LARGER MARKET SHARE DURING FORECAST PERIOD117
TABLE 38ON-CLOUD: SPEECH AND VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)118
TABLE 39ON-CLOUD: SPEECH AND VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)119
8.3ON-PREMISES/EMBEDDED119
8.3.1ON-PREMISES DEPLOYMENT PROJECTED TO WITNESS HIGHER GROWTH RATE DURING FORECAST PERIOD119
TABLE 40ON-PREMISES/EMBEDDED: SPEECH AND VOICE RECOGNITION MARKET,
BY REGION, 2018–2021 (USD MILLION)120
TABLE 41ON-PREMISES/EMBEDDED: SPEECH AND VOICE RECOGNITION MARKET,
BY REGION, 2022–2027 (USD MILLION)120
9SPEECH AND VOICE RECOGNITION MARKET, BY VERTICAL121
9.1INTRODUCTION122
FIGURE 41CONSUMER VERTICAL TO COMMAND SPEECH AND VOICE RECOGNITION MARKET DURING FORECAST PERIOD122
TABLE 42SPEECH AND VOICE RECOGNITION MARKET, BY VERTICAL,
2018–2021 (USD MILLION)123
TABLE 43SPEECH AND VOICE RECOGNITION MARKET, BY VERTICAL,
2022–2027 (USD MILLION)123
FIGURE 42GOVERNMENT VERTICAL TO HOLD LARGEST SHARE OF VOICE RECOGNITION MARKET IN 2027124
TABLE 44VOICE RECOGNITION MARKET, BY VERTICAL, 2018–2021 (USD MILLION)125
TABLE 45VOICE RECOGNITION MARKET, BY VERTICAL, 2022–2027 (USD MILLION)125
FIGURE 43CONSUMER VERTICAL TO HOLD LARGEST SHARE OF SPEECH RECOGNITION MARKET IN 2027126
TABLE 46SPEECH RECOGNITION MARKET, BY VERTICAL, 2018–2021 (USD MILLION)126
TABLE 47SPEECH RECOGNITION MARKET, BY VERTICAL, 2022–2027 (USD MILLION)127
9.2AUTOMOTIVE127
9.2.1INCREASING USE OF SPEECH AND VOICE RECOGNITION TECHNOLOGIES IN IN-CAR INFOTAINMENT SYSTEMS127
FIGURE 44VEHICLE INSURANCE APPLICATION TO RECORD HIGHER CAGR IN SPEECH AND VOICE RECOGNITION MARKET DURING FORECAST PERIOD129
TABLE 48AUTOMOTIVE: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2018–2021 (USD MILLION)129
TABLE 49AUTOMOTIVE: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2022–2027 (USD MILLION)129
TABLE 50AUTOMOTIVE: SPEECH RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)130
TABLE 51AUTOMOTIVE: SPEECH RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)130
TABLE 52AUTOMOTIVE: VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)130
TABLE 53AUTOMOTIVE: VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)130
TABLE 54AUTOMOTIVE: SPEECH RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)131
TABLE 55AUTOMOTIVE: SPEECH RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)131
TABLE 56AUTOMOTIVE: VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)131
TABLE 57AUTOMOTIVE: VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)132
9.3ENTERPRISE132
9.3.1GROWING ADOPTION OF VIRTUAL ASSISTANTS IN POST-PANDEMIC PERIOD TO BOOST MARKET GROWTH132
TABLE 58ENTERPRISE: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2018–2021 (USD MILLION)133
TABLE 59ENTERPRISE: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2022–2027 (USD MILLION)133
TABLE 60ENTERPRISE: SPEECH RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)133
TABLE 61ENTERPRISE: SPEECH RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)134
TABLE 62ENTERPRISE: VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)134
TABLE 63ENTERPRISE: VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)134
TABLE 64ENTERPRISE: SPEECH RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)135
TABLE 65ENTERPRISE: SPEECH RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)135
TABLE 66ENTERPRISE: VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)135
TABLE 67ENTERPRISE: VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)136
9.4CONSUMER136
9.4.1SURGING ADOPTION OF VOICE-CONTROLLED SMART ASSISTIVE DEVICES136
FIGURE 45MOBILE DEVICE CONTROL APPLICATION TO CAPTURE LARGER SHARE OF SPEECH AND VOICE RECOGNITION MARKET FOR CONSUMER VERTICAL IN 2027137
TABLE 68CONSUMER: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2018–2021 (USD MILLION)137
TABLE 69CONSUMER: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2022–2027 (USD MILLION)138
TABLE 70CONSUMER: SPEECH RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)138
TABLE 71CONSUMER: SPEECH RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)138
TABLE 72CONSUMER: VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)138
TABLE 73CONSUMER: VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)139
TABLE 74CONSUMER: SPEECH RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)139
TABLE 75CONSUMER: SPEECH RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)139
TABLE 76CONSUMER: VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)140
TABLE 77CONSUMER: VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)140
9.5BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI)140
9.5.1RISING NEED FOR VOICE AUTHENTICATION IN MOBILE BANKING TO STIMULATE MARKET GROWTH140
TABLE 78BFSI: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)141
TABLE 79BFSI: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)142
TABLE 80BFSI: SPEECH RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)142
TABLE 81BFSI: SPEECH RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)142
TABLE 82BFSI: VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)143
TABLE 83BFSI: VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)143
TABLE 84BFSI: SPEECH RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)143
TABLE 85BFSI: SPEECH RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)144
TABLE 86BFSI: VOICE RECOGNITION MARKET, BY REGION, 2018–2021 (USD MILLION)144
TABLE 87BFSI: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)144
9.6GOVERNMENT145
9.6.1INCREASING USE OF SPEECH AND VOICE RECOGNITION SYSTEMS TO IMPROVE EFFICIENCY BOOSTS MARKET GROWTH145
FIGURE 46PROOF-OF-LIFE APPLICATION TO LEAD SPEECH AND VOICE RECOGNITION MARKET FOR GOVERNMENT VERTICAL FROM 2022 TO 2027146
TABLE 88GOVERNMENT: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2018–2021 (USD MILLION)146
TABLE 89GOVERNMENT: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2022–2027 (USD MILLION)146
TABLE 90GOVERNMENT: SPEECH RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)147
TABLE 91GOVERNMENT: SPEECH RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)147
TABLE 92GOVERNMENT: VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)147
TABLE 93GOVERNMENT: VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)147
TABLE 94GOVERNMENT: SPEECH RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)148
TABLE 95GOVERNMENT: SPEECH RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)148
TABLE 96GOVERNMENT: VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)148
TABLE 97GOVERNMENT: VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)149
9.7RETAIL149
9.7.1INCREASING USE OF ADVANCED TECHNOLOGIES BY RETAILERS TO PROVIDE PERSONALIZED EXPERIENCE TO CUSTOMERS SUPPORTS MARKET GROWTH149
TABLE 98RETAIL: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)150
TABLE 99RETAIL: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)150
TABLE 100RETAIL: SPEECH RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)150
TABLE 101RETAIL: SPEECH RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)151
TABLE 102RETAIL: VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)151
TABLE 103RETAIL: VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)151
TABLE 104RETAIL: SPEECH RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)152
TABLE 105RETAIL: SPEECH RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)152
TABLE 106RETAIL: VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)152
TABLE 107RETAIL: VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)153
9.8HEALTHCARE153
9.8.1GROWING RELIANCE OF CARE PROVIDERS ON SPEECH AND VOICE RECOGNITION TO AVOID ERRORS, INCREASE PRODUCTIVITY, AND IMPROVE EFFICIENCY OF STAFF TO FUEL MARKET GROWTH153
FIGURE 47SPECIAL-PURPOSE ROBOTS EXPECTED TO REGISTER HIGHER CAGR IN SPEECH AND VOICE RECOGNITION MARKET FOR HEALTHCARE DURING FORECAST PERIOD154
TABLE 108HEALTHCARE: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2018–2021 (USD MILLION)154
TABLE 109HEALTHCARE: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2022–2027 (USD MILLION)154
TABLE 110HEALTHCARE: SPEECH RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)155
TABLE 111HEALTHCARE: SPEECH RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)155
TABLE 112HEALTHCARE: VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)155
TABLE 113HEALTHCARE: VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)155
TABLE 114HEALTHCARE: SPEECH RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)156
TABLE 115HEALTHCARE: SPEECH RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)156
TABLE 116HEALTHCARE: VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)156
TABLE 117HEALTHCARE: VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)157
9.9MILITARY157
9.9.1ONGOING INNOVATION IN SPEECH RECOGNITION TECHNOLOGY-BASED PRODUCTS TO FACILITATE THEIR DEMAND IN MILITARY APPLICATIONS157
TABLE 118MILITARY: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2018–2021 (USD MILLION)158
TABLE 119MILITARY: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2022–2027 (USD MILLION)158
TABLE 120MILITARY: SPEECH RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)158
TABLE 121MILITARY: SPEECH RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)158
TABLE 122MILITARY: VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)159
TABLE 123MILITARY: VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)159
TABLE 124MILITARY: SPEECH RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)159
TABLE 125MILITARY: SPEECH RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)160
TABLE 126MILITARY: VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)160
TABLE 127MILITARY: VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)160
9.10LEGAL161
9.10.1ELEVATING ADOPTION OF SPEECH AND VOICE RECOGNITION TOOLS BY LAW FIRMS TO FUEL MARKET GROWTH161
TABLE 128LEGAL: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)161
TABLE 129LEGAL: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)162
TABLE 130LEGAL: SPEECH RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)162
TABLE 131LEGAL: SPEECH RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)162
TABLE 132LEGAL: VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)162
TABLE 133LEGAL: VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)162
TABLE 134LEGAL: SPEECH RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)163
TABLE 135LEGAL: SPEECH RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)163
TABLE 136LEGAL: VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)163
TABLE 137LEGAL: VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)164
9.11EDUCATION164
9.11.1RISING USE OF SPEECH AND VOICE RECOGNITION TO EDUCATE DISABLED STUDENTS TO CREATE GROWTH OPPORTUNITIES164
FIGURE 48EDUCATION FOR DISABLED & E-LEARNING SEGMENT TO RECORD HIGHER CAGR IN SPEECH AND VOICE RECOGNITION MARKET DURING FORECAST PERIOD165
TABLE 138EDUCATION: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2018–2021 (USD MILLION)165
TABLE 139EDUCATION: SPEECH AND VOICE RECOGNITION MARKET, BY APPLICATION, 2022–2027 (USD MILLION)165
TABLE 140EDUCATION: SPEECH RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)166
TABLE 141EDUCATION: SPEECH RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)166
TABLE 142EDUCATION: VOICE RECOGNITION MARKET, BY APPLICATION,
2018–2021 (USD MILLION)166
TABLE 143EDUCATION: VOICE RECOGNITION MARKET, BY APPLICATION,
2022–2027 (USD MILLION)166
TABLE 144EDUCATION: SPEECH RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)167
TABLE 145EDUCATION: SPEECH RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)167
TABLE 146EDUCATION: VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)167
TABLE 147EDUCATION: VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)168
9.12OTHERS168
TABLE 148OTHERS: SPEECH RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)169
TABLE 149OTHERS: SPEECH RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)169
TABLE 150OTHERS: VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)169
TABLE 151OTHERS: VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)170
10SPEECH AND VOICE RECOGNITION MARKET, BY REGION171
10.1INTRODUCTION172
FIGURE 49SPEECH AND VOICE RECOGNITION MARKET SEGMENTATION, BY REGION172
FIGURE 50ASIA PACIFIC TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD172
FIGURE 51SPEECH AND VOICE RECOGNITION MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR FROM 2022 TO 2027173
TABLE 152SPEECH AND VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)173
TABLE 153SPEECH AND VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)173
10.2AMERICAS174
FIGURE 52AMERICAS: SPEECH AND VOICE RECOGNITION MARKET SNAPSHOT175
TABLE 154AMERICAS: SPEECH AND VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)175
TABLE 155AMERICAS: SPEECH AND VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)176
TABLE 156NORTH AMERICA: SPEECH AND VOICE RECOGNITION MARKET, BY COUNTRY, 2018–2021 (USD MILLION)176
TABLE 157NORTH AMERICA: SPEECH AND VOICE RECOGNITION MARKET, BY COUNTRY, 2022–2027 (USD MILLION)176
10.2.1NORTH AMERICA176
10.2.1.1US177
10.2.1.1.1Prominent presence of key market players boosts demand for speech and voice recognition technologies177
10.2.1.2Canada177
10.2.1.2.1High deployment of voice-activated biometrics in banking applications to support market growth177
10.2.1.3Mexico178
10.2.1.3.1Strong focus of giant companies on setting up development centers in Mexico to create growth opportunities178
10.2.2SOUTH AMERICA178
10.2.2.1Rapid internet penetration to drive market growth178

10.3EUROPE178
FIGURE 53EUROPE: SPEECH AND VOICE RECOGNITION MARKET SNAPSHOT179
TABLE 158EUROPE: SPEECH AND VOICE RECOGNITION MARKET, BY COUNTRY,
2018–2021 (USD MILLION)180
TABLE 159EUROPE: SPEECH AND VOICE RECOGNITION MARKET, BY COUNTRY,
2022–2027 (USD MILLION)180
10.3.1UK180
10.3.1.1Strong government support and technological advancements boost market growth180
10.3.2GERMANY181
10.3.2.1Greater reliance on AI and cognitive technologies in enterprises to fuel demand for speech and voice recognition technologies181
10.3.3FRANCE182
10.3.3.1Significant focus on improving air traffic control fosters growth of speech and voice recognition market182
10.3.4REST OF EUROPE182
10.4ASIA PACIFIC183
FIGURE 54ASIA PACIFIC: SPEECH AND VOICE RECOGNITION MARKET SNAPSHOT183
TABLE 160ASIA PACIFIC: SPEECH AND VOICE RECOGNITION MARKET, BY COUNTRY, 2018–2021 (USD MILLION)184
TABLE 161ASIA PACIFIC: SPEECH AND VOICE RECOGNITION MARKET, BY COUNTRY, 2022–2027 (USD MILLION)184
10.4.1JAPAN184
10.4.1.1Rapid deployment of Al into innovative robotic devices fuels market growth184
10.4.2CHINA185
10.4.2.1Robust presence of key market players is boosting market growth185
10.4.3INDIA186
10.4.3.1Large-scale technological development and increasing number of mobile and internet users to drive market growth186
10.4.4REST OF ASIA PACIFIC186
10.5ROW186
FIGURE 55SPEECH AND VOICE RECOGNITION MARKET IN ROW, 2022 VS. 2027187
TABLE 162ROW: SPEECH AND VOICE RECOGNITION MARKET, BY REGION,
2018–2021 (USD MILLION)187
TABLE 163ROW: SPEECH AND VOICE RECOGNITION MARKET, BY REGION,
2022–2027 (USD MILLION)187
10.5.1MIDDLE EAST188
10.5.1.1Remarkable adoption of voice assistant devices fosters demand for speech and voice recognition technologies188
10.5.2AFRICA188
10.5.2.1Africa to record higher CAGR than Middle East in speech and voice recognition market in RoW from 2022 to 2027188

11COMPETITIVE LANDSCAPE189
11.1INTRODUCTION189
11.2REVENUE ANALYSIS OF TOP 5 COMPANIES189
FIGURE 56REVENUE ANALYSIS (USD MILLION), 2017–2021189
11.3KEY PLAYER STRATEGIES/RIGHT TO WIN190
TABLE 164OVERVIEW OF STRATEGIES DEPLOYED BY KEY MANUFACTURERS OF
SPEECH AND VOICE RECOGNITION PRODUCTS190
11.4MARKET SHARE ANALYSIS190
TABLE 165SPEECH AND VOICE RECOGNITION MARKET:
DEGREE OF COMPETITION (2021)190
FIGURE 57MARKET SHARE ANALYSIS: SPEECH AND VOICE
RECOGNITION MARKET, 2021191
11.5COMPANY EVALUATION QUADRANT192
11.5.1STARS192
11.5.2EMERGING LEADERS192
11.5.3PERVASIVE COMPANIES192
11.5.4PARTICIPANTS192
FIGURE 58SPEECH AND VOICE RECOGNITION MARKET COMPANY EVALUATION QUADRANT, 2021193
11.6STRENGTH OF PRODUCT PORTFOLIO194
11.7BUSINESS STRATEGY EXCELLENCE194
11.8COMPETITIVE BENCHMARKING195
TABLE 166COMPETITIVE BENCHMARKING: SPEECH AND VOICE RECOGNITION MARKET195
FIGURE 59COMPANY VERTICAL FOOTPRINT: SPEECH AND VOICE RECOGNITION MARKET196
TABLE 167COMPANY TECHNOLOGY FOOTPRINT: SPEECH AND VOICE RECOGNITION MARKET197
TABLE 168COMPANY REGION FOOTPRINT: SPEECH AND VOICE RECOGNITION MARKET198
11.9SME EVALUATION QUADRANT FOR SPEECH AND VOICE RECOGNITION MARKET, 2021199
11.9.1PROGRESSIVE COMPANIES199
11.9.2RESPONSIVE COMPANIES199
11.9.3DYNAMIC COMPANIES199
11.9.4STARTING BLOCKS199
FIGURE 60SPEECH AND VOICE RECOGNITION MARKET STARTUP/SME EVALUATION QUADRANT, 2021200
11.10COMPETITIVE SITUATION AND TRENDS201
11.10.1PRODUCT LAUNCHES AND DEVELOPMENTS201
TABLE 169PRODUCT LAUNCHES AND DEVELOPMENTS, 2018–2021201
11.10.2DEALS202
TABLE 170DEALS, 2018–2021202

Report Title: Speech and Voice Recognition Market by Deployment Mode (On-Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), Vertical and Geography (Americas, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2027


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