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Speech and Voice Recognition Market by Technology (Speech and Voice Recognition), Vertical (Automotive, Consumer, Government, Enterprise, Healthcare, BFSI), Deployment (On Cloud & On-Premises/Embedded), and Geography - Global Forecast to 2024

Speech and Voice Recognition Market by Technology (Speech and Voice Recognition), Vertical (Automotive, Consumer, Government, Enterprise, Healthcare, BFSI), Deployment (On Cloud & On-Premises/Embedded), and Geography - Global Forecast to 2024

“Speech and voice recognition market is expected to grow at CAGR of 19.18% from 2018 to 2024.”
The speech and voice recognition market is expected to grow from USD 7.5 billion in 2018 to USD 21.5 billion by 2024, at a CAGR of 19.18%. The high growth potential in healthcare application, growing demand for voice authentication in mobile banking application, and rapid proliferation of multifunctional devices or smart speakers are a few major factors driving the growth of speech and voice recognition market. However, high cost of high-end voice recognition systems and lack of accuracy in speech and voice recognition systems in noisy and harsh environments is restraining the market growth.

“On-premises/Embedded expected to grow at highest CAGR during the forecast period.”
The on-premise/embedded segment is expected to witness high growth owing to the recent advancement of speech and voice recognition as a multifactor authentication application in BFSI and other enterprise application, whereas on-premise voice recognition is used for high degree of consumer data security.

“Speech and Voice Recognition market in APAC is expected to grow at highest CAGR during forecast period.”
The large consumer electronics industry in China and India offers significant expansion opportunities for the speech recognition market in APAC during the forecast period. Moreover, the growing focus on productivity in developed countries of APAC such as Japan and Singapore is further expected to drive the speech and voice recognition market in the enterprise segment during the forecast period. Furthermore, rapid technological advancements and a high degree of R&D in the country are expected to create several opportunities for the players in the speech and voice recognition market in this country.

Breakdown of profile of primary participants:
By Company Type: Tier 1 = 27%, Tier 2 = 41%, and Tier 3 = 32%
By Designation: C-Level Executives = 26%, Directors = 40%, and Others = 34%
By Region: North America = 47%, Europe = 28%, APAC = 19%, and RoW = 6%

Nuance (US), Microsoft (US), Alphabet (US), IBM (US), Amazon (US), Sensory (US), Cantab Research (UK), iflytek (China), Baidu (China), and Raytheon BBN Technologies (US) are a few key players in the speech and voice recognition market.

Research Coverage:
The study covers the speech and voice recognition market. It aims at estimating the market size and growth potential of this market, across different segments, such as by technology, deployment type, vertical, and region. The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall speech and voice recognition market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • DEFINITION
    • SCOPE OF THE STUDY
      • 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 AND DATA TRIANGULATION
    • RESEARCH ASSUMPTIONS
  • EXECUTIVE SUMMARY
  • PREMIUM INSIGHTS
    • ATTRACTIVE OPPORTUNITIES IN SPEECH AND VOICE RECOGNITION MARKET
    • SPEECH AND VOICE RECOGNITION MARKET, BY TECHNOLOGY
    • SPEECH RECOGNITION MARKET, BY TYPE, 2018–2024
    • SPEECH AND VOICE RECOGNITION, BY VERTICAL AND COUNTRY IN APAC
    • SPEECH AND VOICE RECOGNITION MARKET, BY GEOGRAPHY
  • 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, 2016–2024 (USD BILLION)
    • VOICE RECOGNITION
      • INCREASED USE OF BIOMETRICS DUE TO THE GROWING THREAT OF CYBERSECURITY AND DATA BREACHES
        • Table VOICE RECOGNITION MARKET, BY REGION, 2016–2024 (USD MILLION)
    • SPEECH RECOGNITION
      • SPEECH RECOGNITION IS CONTINUOUSLY GAINING TRACTION IN CERTAIN HEALTHCARE SEGMENTS—MOST PROMINENTLY RADIOLOGY
        • Table SPEECH RECOGNITION MARKET, BY REGION, 2016–2024 (USD BILLION)
        • Table SPEECH RECOGNITION MARKET, BY TYPE, 2016–2024 (USD BILLION)
        • Table AUTOMATIC SPEECH RECOGNITION MARKET, BY REGION, 2016–2024 (USD BILLION)
        • Table TEXT TO SPEECH MARKET, BY REGION, 2016–2024 (USD MILLION)
  • SPEECH AND VOICE RECOGNITION MARKET, BY DEPLOYMENT MODE
    • INTRODUCTION
      • Table SPEECH AND VOICE RECOGNITION MARKET, BY DEPLOYMENT MODE, 2016–2024 (USD BILLION)
    • ON CLOUD
      • ON-CLOUD IS EXPECTED TO ACCOUNT FOR THE LARGEST MARKET BY FAR WHEN COMPARED TO ON-PREMISES SOLUTIONS.
        • Table ON CLOUD SPEECH & VOICE RECOGNITION MARKET, BY REGION, 2016–2024 (USD MILLION)
    • ON-PREMISES/EMBEDDED
      • ON-PREMISE/EMBEDDED SEGMENT IS EXPECTED TO WITNESS HIGHER GROWTH DURING THE FORECAST PERIOD
        • Table ON-PREMISES/EMBEDDED SPEECH AND VOICE RECOGNITION MARKET, BY REGION, 2016–2024 (USD MILLION)
  • SPEECH AND VOICE RECOGNITION MARKET, BY VERTICAL
    • INTRODUCTION
      • Table SPEECH AND VOICE RECOGNITION MARKET, BY VERTICAL, 2016–2024 (USD MILLION)
      • Table VOICE RECOGNITION MARKET, BY VERTICAL, 2016–2024 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET, BY VERTICAL, 2016–2024 (USD MILLION)
    • AUTOMOTIVE
      • ROLE OF SPEECH AND VOICE RECOGNITION TECHNOLOGY IN AUTONOMOUS CARS
        • Table SPEECH AND VOICE RECOGNITION MARKET IN AUTOMOTIVE, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN AUTOMOTIVE, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN AUTOMOTIVE, BY REGION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN AUTOMOTIVE, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN AUTOMOTIVE, BY REGION, 2016–2024 (USD MILLION)
    • ENTERPRISE
      • MARKET FOR ENTERPRISE ROBOTICS APPLICATION EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD.
        • Table SPEECH AND VOICE RECOGNITION MARKET IN ENTERPRISE, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN ENTERPRISE, BY REGION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN ENTERPRISES, BY REGION (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN ENTERPRISE, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN ENTERPRISE, BY APPLICATION, 2016–2024 (USD MILLION)
    • CONSUMER
      • GROWTH IN THE NUMBER OF VOICE CONTROL-BASED SMART ASSISTIVE DEVICES IN CONSUMER VERTICAL
        • Table SPEECH AND VOICE RECOGNITION MARKET IN CONSUMER, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN CONSUMER, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION IN CONSUMER MARKET, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION IN CONSUMER, BY REGION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN CONSUMER, BY REGION, 2016–2024 (USD MILLION)
    • BANKING, FINANCIAL SERVICES, & INSURANCE (BFSI)
      • GROWING DEMAND FOR VOICE AUTHENTICATION IN MOBILE BANKING APPLICATIONS
        • Table VOICE RECOGNITION MARKET IN BANKING, FINANCIAL SERVICES, & INSURANCE, BY REGION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN BANKING, FINANCIAL SERVICES, & INSURANCE, BY REGION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN BANKING, FINANCIAL SERVICES, & INSURANCE, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN BANKING, FINANCIAL SERVICES, & INSURANCE, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH & VOICE RECOGNITION MARKET IN BANKING, FINANCIAL SERVICES, & INSURANCE, BY APPLICATION, 2016–2024 (USD MILLION)
    • GOVERNMENT
      • DEMAND FOR BIOMETRIC TECHNOLOGIES HAS INCREASED THE DEMAND FOR SPEECH AND VOICE RECOGNITION SYSTEM IN THE GOVERNMENT SECTOR
        • Table SPEECH RECOGNITION MARKET IN GOVERNMENT, BY REGION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN GOVERNMENT, BY REGION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN GOVERNMENT, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH & VOICE RECOGNITION MARKET IN GOVERNMENT, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN GOVERNMENT, BY APPLICATION (USD MILLION)
    • RETAIL
      • SPEECH AND VOICE RECOGNITION CAN HELP RETAILERS COMBAT COLLUSIVE FRAUD, THEREBY REDUCING LOSSES
        • Table SPEECH RECOGNITION MARKET IN RETAIL, BY REGION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN RETAIL, BY REGION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN RETAIL, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN RETAIL, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH AND VOICE RECOGNITION MARKET IN RETAIL, BY APPLICATION, 2016–2024 (USD MILLION)
    • HEALTHCARE
      • DEMAND FOR HIGH-QUALITY CARE AND REDUCED COST, AS WELL AS INCREASED REGULATORY COMPLIANCE, IS FUELLING THE GROWTH OF THE MARKET FOR THE HEALTHCARE VERTICAL
        • Table VOICE RECOGNITION MARKET IN HEALTHCARE, BY REGION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN HEALTHCARE, BY REGION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN HEALTHCARE, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN HEALTHCARE, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH & VOICE RECOGNITION MARKET IN HEALTHCARE, BY APPLICATION, 2016–2024 (USD MILLION)
    • MILITARY
      • VOICE RECOGNITION SYSTEMS CAN IMPROVE THE ACCESS CONTROL SYSTEMS TO ENHANCE THE SAFETY OF WEAPONS AND PREMISES
        • Table SPEECH & VOICE RECOGNITION MARKET IN MILITARY, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN MILITARY, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN MILITARY, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN MILITARY, BY REGION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN MILITARY, BY REGION, 2016–2024 (USD MILLION)
    • LEGAL
      • HIGH DEMAND FOR SPEECH RECOGNITION SOFTWARE IN LAW OFFICES DRIVES THE SPEECH AND VOICE RECOGNITION MARKET IN THE LEGAL VERTICAL
        • Table SPEECH & VOICE RECOGNITION MARKET IN LEGAL, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN LEGAL VERTICAL, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN LEGAL, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN LEGAL, BY REGION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN LEGAL, BY REGION, 2016–2024 (USD MILLION)
    • EDUCATION
      • INCREASING USE OF SPEECH AND VOICE RECOGNITION TECHNOLOGY IN THE EDUCATION OF TEMPORARILY AND PERMANENTLY DISABLED STUDENTS
        • Table VOICE RECOGNITION MARKET IN EDUCATION, BY REGION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN EDUCATION, BY REGION, 2016–2024 (USD MILLION)
        • Table SPEECH RECOGNITION MARKET IN EDUCATION, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table VOICE RECOGNITION MARKET IN EDUCATION, BY APPLICATION, 2016–2024 (USD MILLION)
        • Table SPEECH & VOICE RECOGNITION MARKET IN EDUCATION, BY APPLICATION, 2016–2024 (USD MILLION)
    • OTHERS
      • Table VOICE RECOGNITION MARKET IN OTHERS, BY REGION, 2016–2024 (USD MILLION)
      • Table SPEECH RECOGNITION MARKET IN OTHERS, BY REGION, 2016–2024 (USD MILLION)
  • SPEECH AND VOICE RECOGNITION MARKET, BY GEOGRAPHY
    • INTRODUCTION
      • Table SPEECH AND VOICE RECOGNITION MARKET, BY REGION, 2016–2024 (USD BILLION)
      • Table SPEECH RECOGNITION MARKET, BY REGION, 2016–2024 (USD BILLION)
      • Table VOICE RECOGNITION MARKET, BY REGION, 2016–2024 (USD MILLION)
    • AMERICAS
      • Table SPEECH AND VOICE RECOGNITION MARKET IN AMERICAS, BY COUNTRY, 2016–2024 (USD MILLION)
      • US
      • CANADA
      • REST OF THE AMERICAS
    • EUROPE
      • Table SPEECH AND VOICE RECOGNITION MARKET IN EUROPE, BY COUNTRY, 2016–2024 (USD MILLION)
      • UK
      • GERMANY
      • FRANCE
      • REST OF EUROPE
    • APAC
      • Table SPEECH AND VOICE RECOGNITION MARKET IN APAC, BY COUNTRY, 2016–2024 (USD MILLION)
      • JAPAN
      • CHINA
      • INDIA
      • REST OF APAC
    • ROW
      • Table SPEECH AND VOICE RECOGNITION MARKET IN ROW, BY REGION, 2016–2024 (USD MILLION)
      • MIDDLE EAST
      • AFRICA
  • COMPETITIVE LANDSCAPE
    • INTRODUCTION
    • MARKET RANKING ANALYSIS: SPEECH & VOICE RECOGNITION MARKET
    • COMPETITIVE SITUATIONS AND TRENDS
      • PRODUCT LAUNCHES AND DEVELOPMENTS
        • Table PRODUCT LAUNCHES AND DEVELOPMENTS (2016–2018)
      • PARTNERSHIPS AND COLLABORATIONS
        • Table PARTNERSHIPS AND COLLABORATIONS (2015–2018)
      • ACQUISITIONS
        • Table ACQUISITIONS, 2016–2018
    • COMPETITIVE LEADERSHIP MAPPING
      • VISIONARY LEADERS
      • DYNAMIC DIFFERENTIATORS
      • INNOVATORS
      • EMERGING COMPANIES
    • STRENGTH OF PRODUCT PORTFOLIO
    • BUSINESS STRATEGY EXCELLENCE
  • COMPANY PROFILES
    • KEY PLAYERS
      • NUANCE COMMUNICATION
      • MICROSOFT
      • ALPHABET
      • IBM
      • SENSORY
      • CANTAB RESEARCH
      • AMAZON
      • BAIDU
      • IFLYTEK
      • RAYTHEON BBN TECHNOLOGIES
    • OTHER COMPANIES
      • M2SYS
      • MMODAL
      • VOICEVAULT
      • VALIDSOFT
      • LUMENVOX
      • ACAPELA GROUP
      • VOCALZOOM
      • BIOTRUST ID
      • UNIPHORE SOFTWARE
  • APPENDIX
    • INSIGHTS OF INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

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