Summary

The speech and voice recognition market is expected to grow from USD 8.3 billion in 2021 to USD 22.0 billion by 2026; it is expected to grow at a CAGR of 21.6% during the forecast period. The major driving factors for the growth of the speech and voice recognition market include increase in use of smart appliance and use of artificial intelligence technology to boost accuracy of speech and voice recognition system.
In terms of deployment mode on-premises to grow with the highest CAGR from 2021 to 2026
The on-premises/embedded segment is expected to witness high growth owing to the recent advancement of speech and voice recognition as a multifactor authentication system in BFSI and other enterprise applications, where on-premises voice recognition is used for a high degree of consumer data security. On-premises speech and voice recognition systems can be easily deployed with company data management and CRM software. An on-premises/embedded speech and voice recognition system has no formatting or coding issues while accessing databases.
Consumer vertical of speech and voice recognition market is expected to have the largest market share during the forecast period.
Mobile device authentication and control of wearable devices using voice commands are expected to drive the speech and voice recognition market. Alphabet (US), Apple (US), and Microsoft (US) are leveraging their huge customer base and neural networks to process, understand and take decisive actions based on real-time voice inputs from the user. 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, software developments, and relevant content developments are also driving the market for speech and voice recognition. 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.
APAC to grow at highest CAGR during the forecast period
The market in APAC is expected to grow during the forecast period. The growing focus on artificial intelligence (AI) in industries and enterprises is also expected to contribute toward the growth of the voice recognition market in Asia Pacific during the forecast period. Increasing digitalization and government policies favoring digitalization and technological innovations are also expected to drive the growth of market in APAC region.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the speech and voice recognition market. Following is the breakup of the profiles of primary participants for the report.
• By Company Type: Tier 1 – 27 %, Tier 2 – 41%, and Tier 3 – 32%
• By Designation: C-Level Executives – 26%, Managers – 40%, and Others – 34%
• By Region: North America– 47%, Europe – 28%, APAC – 19%, and RoW – 6%
The report profiles key players in the speech and voice recognition market and analyzes their market shares. Players profiled in this report are Apple (US), Microsoft (US), Amazon (US), Alphabet (US), IBM(US), CANTAB Research (UK), Sensory (US), Baidu (China), iFLYTEK (China) and SESTEK (Turkey), Raytheon BBN Technologies (US), Speak2web (US), M2SYS(US), M*Modal (US), VoiceVault(US), ValidSoft(UK), LumenVox(US), Acapela Group (Belgium), VocalZoom (Israel), BioTrust ID (Netherlands), Uniphore Software (India), iSpeech (US), GoVivace (US), Advance Voice Recognition System (US) and Dolbey (US).
Research Coverage
This report segments the speech and voice recognition market based on delivery method, technology, deployment mode, vertical, and region. It also describes major drivers, restraints, challenges, and opportunities about this market, as well as includes market share analysis, value chain analysis, porter’s five forces analysis, trade analysis, ecosystem, technological trends, pricing analysis, key patents, standards and frameworks, and case studies/use cases.
Reasons to Buy This Report
The report will help leaders/new entrants in the speech and voice recognition market in the following ways:
1. The report segments the speech and voice recognition market comprehensively and provides the closest market size estimation for all subsegments across regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities about the speech and voice recognition market.
3. The report will help stakeholders understand their competitors better and gain insights to improve their position in the speech and voice recognition market. The competitive landscape section describes the competitor ecosystem.

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