Top Emerging Trends Of Voice And Speech Recognition Market Progress Forecast 2030 |Grand View Research, Inc.

Posted by Mrudula Karmarkar on September 19th, 2022

The global voice and speech recognition market size is anticipated to reach USD 53.66 billion by 2030, registering a CAGR of 15.3% over the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to witness an upsurge in the adoption of voice-activated systems, voice-enabled devices, and voice-enabled virtual assistant systems owing to the rising applications in the banking and automobile sectors. The escalating need to counter fraudulent activities and enhance security in the banking sector is boosting the adoption of voice biometrics for the authentication of users. The automobile sector is expected to gain momentum owing to advances in technology & emergence of innovative concepts, such as autonomous and connected cars.

The integration of the voice-activated software in future cars is anticipated to adopt technologies, such as noise abatement for selectively ignoring driving & passenger noises for providing an error-free and seamless experience to the operator. Voice recognition is also a core technology that is widely used in the healthcare sector to enhance the Electronic Health Record (HER) systems by providing an ease to the doctor to speak and keep the records instead of manual typing or writing. In 2018, the healthcare vertical held the largest market share and it is expected to grow significantly over the forecast period. AI-based voice and speech recognition software is expected to grow at the fastest CAGR from 2022 to 2030.

This is due to the continuous development of machine learning techniques and the integration of connected devices with personal assistants. For instance, Dragon Drive is a personal assistant developed by Nuance Communication Inc. that integrates various household appliances, cars, and smartphones that can be connected to a hub through the internet. Thus, an individual can get alerts about daily chores, work schedules, traffic updates, and many more alerts through the Dragon Drive. In addition, sentiment analysis using the changes in the pitch of the voice is anticipated to provide an opportunity to the market. However, the lack of accuracy of these technologies in recognizing the regional accents and dialects is expected to limit the market growth.

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The market is anticipated to be driven by technological advancements and the rising adoption of advanced electronic devices. Voice-activated biometrics used for security purposes help in providing access to authenticated users for performing a transaction. The growing use of voice biometrics is among the major factors driving the market growth. The increasing demand for voice-driven navigation systems and workstations is impelling growth in the hardware and software segments.

Voice And Speech Recognition Market Report Highlights

• A rising trend in the development of Artificial Intelligence (AI)-based systems is expected to be the key factor driving the market growth over the forecast period
• Leveraging deep learning algorithms in voice & speech solutions for better search results is expected to be the key factor for the growth of the AI-based technology segment
• The deployment of speech recognition solutions in consumer and retail verticals is anticipated to lead to the high market growth
• This can be attributed to the changing lifestyles in countries, such as the U.S., Germany, and the U.K.
• Moreover, the growing adoption of smart electronics in India, China, Japan, and Brazil is likely to drive the market growth in the consumer vertical
• North America and the Asia Pacific are anticipated to witness considerable growth owing to the presence of several U.S.- and China-based players, such as Apple, Inc., Facebook, Inc., Baidu, Inc., Amazon.com, Inc., and Alphabet, Inc., working toward the development of this technology
• Key industry participants are focusing on integrating the AI technology in speech & voice recognition software to build superior products that would increase their user customer base

The 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. The developers of voice and speech products are focusing on innovations, which are expected to accelerate the market growth over the forecast period. The use of voice recognition technology in smartphones enables doctors and clinicians to translate their voice into a rich, detailed clinical description, which is recorded in the Electronic Health Record (EHR) system. The increasing penetration of voice-enabled IoT devices in smart home automation is expected to drive the market in the near future. IoT-enabled devices would benefit a number of traditionally offline devices with innovative means of user interactions in addition to traditional means, such as touch screens and buttons.

Vendors in the market are focusing on increasing the customer base to gain a competitive edge. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions and partnerships. In September 2020, Cantab Research entered into a partnership with Nuix, the creator of innovative software that transforms data into actionable intelligence. Together, Speechmatics and Nuix are bringing highly accurate, secure speech recognition technology to businesses through an end-to-end software solution.

Industry players are heavily investing in R&D for the development of voice & speech recognition-integrated AI technology. For instance, in September 2020, Microsoft and Nuance Communications introduced Nuance Dragon Ambient eXperience (DAX), an Ambient Clinical Intelligence (ACI) solution, now integrated into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes. In March 2018, IBM launched Watson Assistant, a smart enterprise voice recognition and the assistant system powered by AI, cloud, and IoT. Some of the prominent players in the global voice and speech recognition market include:

• Advanced Voice Recognition Systems, Inc.
• Agnitio S.L.
• Amazon.com, Inc.
• Api.ai
• Apple, Inc.
• Anhui USTC iFlytek, Ltd.
• Baidu, Inc.
• BioTrust ID B.V.
• CastleOS Software, LLC
• Facebook, Inc.
• Google, Inc.
• International Business Machines Corp.
• Microsoft Corp.
• MModal, Inc.