Market Research Logo

Speech and Voice Recognition Market by Technology (Speech Recognition, Voice Recognition), Vertical (Automotive, Consumer, Banking, Financial Services and Insurance (BFSI), Retail, Education, Healthcare & Government) and Geography - Global Forecast to 202

Speech and Voice Recognition Market by Technology (Speech Recognition, Voice Recognition), Vertical (Automotive, Consumer, Banking, Financial Services and Insurance (BFSI), Retail, Education, Healthcare & Government) and Geography - Global Forecast to 2023

“Speech and voice recognition market projected to grow at a CAGR of 19.80% between 2017 and 2023”
The speech and voice recognition market is expected to be valued at USD 6.19 billion in 2017 and is likely to reach USD 18.30 billion by 2023, at a CAGR of 19.80% between 2017 and 2023. The growing impact of artificial intelligence (AI) on the accuracy of speech and voice recognition and the increased demand for multifactor authentication are driving the market growth. However, oligopoly in the development of speech and voice recognition technology using neural networks is a restraint for this market.

“Speech recognition technology expected to hold largest share of market during forecast period”
The speech recognition technology is expected to hold the largest share of the market during the forecast period due to its growing use in multiple applications owing to the continuously decreasing word error rate (WER) of speech recognition algorithm with the developments in natural language processing and neural network technology. The speech recognition technology finds applications mainly across healthcare and consumer electronics sectors to produce health data records and develop intelligent virtual assistant devices, respectively.

“Speech and voice recognition market for consumer vertical expected to grow at highest CAGR during forecast period”
The market for the consumer vertical is expected to grow at the highest CAGR during the forecast period. The key factor contributing to this growth is the ability to integrate speech and voice recognition technologies into other consumer devices, such as refrigerators, ovens, mixers, and thermostats, with the growth of Internet of Things.

“Speech and voice recognition market in APAC expected to grow at highest CAGR during forecast period”
The speech and voice recognition market in APAC is expected to grow at the highest CAGR during the forecast period. The key factor contributing to the growth of the speech and voice recognition market in APAC is the increasing awareness among masses and lowered costs of biometric devices. The Americas is expected to hold the largest share of the market in 2017. This can be attributed to the increase in the deployment of biometric systems to ensure high level of security in countries such as the US, Canada, and Mexico.

Following is the breakdown of primary participants’ profiles by different parameters:
• By Company Type: Tier 1 – 43%, Tier 2 – 19%, and Tier 3 – 38%
• By Designation: C-Level Executives – 39%, Directors – 27%, and Others – 34%
• By Region: Americas – 24%, Europe – 20%, APAC – 37%, and RoW – 19%

The key players operating in the market include Nuance Communications, Inc. (US), Microsoft Corporation (US), Alphabet Inc. (US), Cantab Research Limited (UK), Sensory, Inc. (US), ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (US), Iflytek Co., Ltd. (China), VoiceVault Inc. (US), VoiceBox Technologies Corp. (US), LumenVox, LLC (US), and Acapela Group SA (Belgium).

Research Coverage:
The report covers the following market segments: technology, vertical, and geography. The report offers a detailed view of the market across 4 main regions—Americas, Europe, APAC, and RoW (comprising the Middle East and Africa). The strategic benchmarking has also been included in the report.

Reasons to Buy the Report:
• This report includes statistics pertaining to the speech and voice recognition market by technology, vertical, and geography.
• The report includes competitive leadership mapping of ~25 global companies.
• It provides major drivers, restraints, challenges, and opportunities for the speech and voice recognition market.
• The report includes illustrative segmentation, analysis, and forecast for the speech and voice recognition market based on its segments and subsegments.


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • MARKET DEFINITION
    • STUDY SCOPE
      • MARKETS COVERED
      • GEOGRAPHIC SCOPE
      • YEARS CONSIDERED FOR THE STUDY
    • CURRENCY
    • LIMITATIONS
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • RESEARCH DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • MARKET SIZE ESTIMATION
      • BOTTOM-UP APPROACH
      • TOP-DOWN APPROACH
    • MARKET BREAKDOWN & DATA TRIANGULATION
    • RESEARCH ASSUMPTIONS
  • EXECUTIVE SUMMARY
  • PREMIUM INSIGHT
    • ATTRACTIVE MARKET OPPORTUNITIES IN THE SPEECH AND VOICE RECOGNITION MARKET
    • GLOBAL SPEECH AND VOICE RECOGNITION MARKET, BY TECHNOLOGY
    • APAC HELD THE LARGEST SHARE OF THE GLOBAL SPEECH AND VOICE RECOGNITION MARKET IN 2017
    • CHINA DOMINATED THE SPEECH AND VOICE RECOGNITION MARKET IN APAC IN 2017
    • FRAUD INVESTIGATION APPLICATION IN SPEECH AND VOICE RECOGNITION MARKET
  • MARKET OVERVIEW
    • INTRODUCTION
    • MARKET DYNAMICS
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
  • DELIVERY METHODS IN SPEECH AND VOICE RECOGNITION
    • INTRODUCTION
    • ARTIFICIAL INTELLIGENCE (AI) BASED
    • NON-ARTIFICIAL INTELLIGENCE BASED
  • SPEECH AND VOICE RECOGNITION MARKET, BY TECHNOLOGY
    • INTRODUCTION
      • Table SPEECH AND VOICE RECOGNITION MARKET, BY TECHNOLOGY, 2014-2023 (USD MILLION)
    • VOICE RECOGNITION
      • SPEAKER IDENTIFICATION
      • SPEAKER VERIFICATION
        • Table VOICE RECOGNITION MARKET, BY VERTICAL, 2014-2023 (USD MILLION)
        • Table VOICE RECOGNITION MARKET, BY REGION, 2014-2023 (USD MILLION)
        • Table VOICE RECOGNITION MARKET FOR AUTOMOTIVE, BY REGION, 2014-2023 (USD MILLION)
        • Table VOICE RECOGNITION MARKET FOR ENTERPRISE, BY REGION, 2014-2023 (USD MILLION)
        • Table VOICE RECOGNITION MARKET FOR CONSUMER ELECTRONICS, BY REGION, 2014-2023 (USD MILLION)
        • Table VOICE RECOGNITION MARKET FOR FINANCE, BY REGION, 2014-2023 (USD MILLION)
        • Table VOICE RECOGNITION MARKET FOR GOVERNMENT, BY REGION, 2014-2023 (USD MILLION)
        • Table VOICE RECOGNITION MARKET FOR RETAIL, BY REGION, 2014-2023 (USD MILLION)
        • Table VOICE RECOGNITION MARKET FOR HEALTHCARE, BY REGION, 2014-2023 (USD MILLION)
        • Table VOICE RECOGNITION MARKET FOR MILITARY, BY REGION, 2014-2023 (USD MILLION)
        • Table VOICE RECOGNITION MARKET FOR EDUCATION, BY REGION, 2014-2023 (USD MILLION)
        • Table VOICE RECOGNITION MARKET FOR LEGAL, BY REGION, 2014-2023 (USD MILLION)
        • Table VOICE RECOGNITION MARKET FOR OTHERS, BY REGION, 2014-2023 (USD MILLION)
    • SPEECH RECOGNITION
      • AUTOMATIC SPEECH RECOGNITION
      • TEXT TO SPEECH
        • Table SPEECH RECOGNITION MARKET, BY TYPE, 2014-2023 (USD MILLION)
        • Table AUTOMATIC SPEECH RECOGNITION MARKET, BY REGION, 2014-2023 (USD MILLION)
        • Table TEXT-TO-SPEECH MARKET, BY REGION, 2014-2023 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET, BY VERTICAL, 2014-2023 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET FOR AUTOMOTIVE, BY REGION, 2014-2023 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET FOR ENTERPRISE, BY REGION, 2014-2023 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET FOR CONSUMER, BY REGION, 2014-2023 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET FOR FINANCE, BY REGION, 2014-2023 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET FOR GOVERNMENT, BY REGION, 2014-2023 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET FOR RETAIL, BY REGION, 2014-2023 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET FOR HEALTHCARE, BY REGION, 2014-2023 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET FOR MILITARY, BY REGION, 2014-2023 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET FOR EDUCATION, BY REGION, 2014-2023 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET FOR LEGAL, BY REGION, 2014-2023 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET FOR OTHERS, BY REGION, 2014-2023 (USD MILLION)
  • SPEECH AND VOICE RECOGNITION MARKET, BY VERTICAL
    • INTRODUCTION
      • Table SPEECH AND VOICE RECOGNITION MARKET, BY VERTICAL, 2014-2023 (USD MILLION)
      • Table VOICE RECOGNITION MARKET, BY VERTICAL, 2014-2023 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET, BY VERTICAL, 2014-2023 (USD MILLION)
    • AUTOMOTIVE
      • Table SPEECH AND VOICE RECOGNITION MARKET FOR AUTOMOTIVE, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET FOR AUTOMOTIVE, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table VOICE RECOGNITION MARKET IN AUTOMOTIVE, BY APPLICATION, 2014-2023 (USD MILLION)
    • ENTERPRISE
      • Table SPEECH AND VOICE RECOGNITION MARKET FOR ENTERPRISE, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET FOR ENTERPRISE, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table VOICE RECOGNITION MARKET FOR ENTERPRISE, BY APPLICATION, 2014-2023 (USD MILLION)
    • CONSUMER
      • Table SPEECH AND VOICE RECOGNITION MARKET FOR CONSUMER, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET FOR CONSUMER, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table VOICE RECOGNITION MARKET FOR CONSUMER, BY APPLICATION, 2014-2023 (USD MILLION)
    • BANKING, FINANCIAL SERVICES, &INSURANCE
      • Table SPEECH AND VOICE RECOGNITION MARKET FOR BANKING, FINANCIAL SERVICES, &INSURANCE, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET IN BANKING, FINANCIAL SERVICES & INSURANCE, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table VOICE RECOGNITION MARKET IN FINANCIAL SERVICES & INSURANCE, BY APPLICATION, 2014-2023 (USD MILLION)
    • GOVERNMENT
      • Table SPEECH AND VOICE RECOGNITION MARKET FOR GOVERNMENT, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET FOR GOVERNMENT, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table VOICE RECOGNITION MARKET FOR GOVERNMENT, BY APPLICATION, 2014-2023 (USD MILLION)
    • RETAIL
      • Table SPEECH AND VOICE RECOGNITION MARKET FOR RETAIL, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET FOR RETAIL, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table VOICE RECOGNITION MARKET FOR RETAIL, BY APPLICATION, 2014-2023 (USD MILLION)
    • HEALTHCARE
      • Table SPEECH AND VOICE RECOGNITION MARKET FOR HEALTHCARE, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET FOR HEALTHCARE, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table VOICE RECOGNITION MARKET FOR HEALTHCARE, BY APPLICATION, 2014-2023 (USD MILLION)
    • MILITARY
      • Table SPEECH AND VOICE RECOGNITION MARKET FOR MILITARY, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET FOR MILITARY, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table VOICE RECOGNITION MARKET FOR MILITARY, BY APPLICATION, 2014-2023 (USD MILLION)
    • LEGAL
      • Table SPEECH AND VOICE RECOGNITION MARKET FOR LEGAL, 2014-2023 (USD MILLION)
      • Table VOICE RECOGNITION MARKET FOR LEGAL, 2014-2023 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET FOR LEGAL, 2014-2023 (USD MILLION)
    • EDUCATION
      • Table SPEECH AND VOICE RECOGNITION MARKET FOR EDUCATION, BY APPLICATION, 2014-2023 (USD MILLION)
      • Table VOICE RECOGNITION MARKET FOR EDUCATION, BY TYPE, 2014-2023 (USD MILLION)
    • OTHERS
  • GEOGRAPHIC ANALYSIS
    • INTRODUCTION
      • Table SPEECH AND VOICE RECOGNITION MARKET, BY REGION, 2014-2023 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET, BY REGION, 2014-2023 (USD MILLION)
      • Table VOICE RECOGNITION MARKET, BY REGION, 2014-2023 (USD MILLION)
    • AMERICAS
      • DEPLOYMENT OF BIOMETRIC SYSTEMS FOR ENHANCED SECURITY
        • Table SPEECH AND VOICE RECOGNITION MARKET IN AMERICAS, BY COUNTRY, 2014-2023 (USD MILLION)
      • US
      • CANADA
      • REST OF THE AMERICAS
    • EUROPE
      • INCREASING ADOPTION OF SPEECH RECOGNITION TECHNOLOGY ACROSS HEALTHCARE
        • Table SPEECH AND VOICE RECOGNITION MARKET IN EUROPE, BY COUNTRY, 2014-2023 (USD MILLION)
      • UK
      • GERMANY
      • FRANCE
      • REST OF EUROPE
    • APAC
      • TECHNOLOGICAL ADVANCEMENT DRIVES THE MARKET IN APAC
        • Table SPEECH AND VOICE RECOGNITION MARKET IN APAC, BY COUNTRY, 2014-2023 (USD MILLION)
      • JAPAN
      • CHINA
      • INDIA
      • REST OF APAC
    • ROW
      • SPEECH AND VOICE RECOGNITION MARKET IN THE NASCENT STAGE
        • Table SPEECH AND VOICE RECOGNITION MARKET IN ROW, BY REGION, 2014-2023 (USD MILLION)
      • MIDDLE EAST
      • AFRICA
  • COMPETITIVE LANDSCAPE
    • INTRODUCTION
    • MARKET RANKING ANALYSIS: SPEECH & VOICE RECOGNITION MARKET
      • Table MARKET RANKING OF THE TOP 5 PLAYERS IN THE SPEECH & VOICE RECOGNITION MARKET, 2016
    • COMPETITIVE SCENARIO
    • RECENT DEVELOPMENTS
      • PRODUCT LAUNCHES
        • Table NEW PRODUCT LAUNCHES, 2013-2017
      • PARTNERSHIPS/COLLABORATIONS/AGREEMENTS
        • Table PARTNERSHIPS/ COLLABORATIONS/AGREEMENTS, 2014-2016
      • ACQUISITIONS
        • Table ACQUISITIONS, 2015-2016
    • COMPETITIVE LEADERSHIP MAPPING
      • VISIONARY LEADERS
      • DYNAMIC DIFFERENTIATORS
      • INNOVATORS
      • EMERGING COMPANIES
    • BUSINESS STRATEGY EXCELLENCE
    • STRENGTH OF PRODUCT PORTFOLIO
  • COMPANY PROFILES
    • NUANCE COMMUNICATIONS, INC.
      • OVERVIEW
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
      • RECENT DEVELOPMENTS
      • KEY RELATIONSHIPS
    • MICROSOFT CORPORATION
      • OVERVIEW
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
      • RECENT DEVELOPMENTS
      • KEY RELATIONSHIPS
    • ALPHABET INC.
      • OVERVIEW
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
      • RECENT DEVELOPMENTS
    • SENSORY, INC.
      • OVERVIEW
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
      • RECENT DEVELOPMENTS
      • KEY RELATIONSHIPS
    • CANTAB RESEARCH LIMITED
      • OVERVIEW
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
      • RECENT DEVELOPMENTS
      • KEY RELATIONSHIPS
    • READSPEAKER HOLDING B.V.
      • OVERVIEW
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
      • RECENT DEVELOPMENTS
      • KEY RELATIONSHIPS
    • PARETEUM CORPORATION
      • OVERVIEW
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
      • RECENT DEVELOPMENTS
      • KEY RELATIONSHIPS
    • IFLYTEK CO., LTD.
      • OVERVIEW
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
      • RECENT DEVELOPMENTS
      • KEY RELATIONSHIPS
    • VOICEVAULT INC.
      • OVERVIEW
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
      • RECENT DEVELOPMENTS
      • KEY RELATIONSHIPS
    • VOICEBOX TECHNOLOGIES CORP.
      • OVERVIEW
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
      • RECENT DEVELOPMENTS
      • KEY RELATIONSHIPS
    • LUMENVOX, LLC
      • OVERVIEW
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
      • RECENT DEVELOPMENTS
      • KEY RELATIONSHIPS
    • ACAPELA GROUP SA
      • OVERVIEW
      • STRENGTH OF PRODUCT PORTFOLIO
      • BUSINESS STRATEGY EXCELLENCE
      • RECENT DEVELOPMENTS
      • KEY RELATIONSHIPS
    • KEY INNOVATORS
      • VOCALZOOM LTD
      • BIOTRUST ID B.V.
      • UNIPHORE SOFTWARE SOLUTIONS PVT. LTD.
  • APPENDIX
    • INSIGHTS FROM INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report