Market revenue in 2023 | USD 20,257.3 million |
Market revenue in 2030 | USD 53,668.7 million |
Growth rate | 14.9% (CAGR from 2023 to 2030) |
Largest segment | Speech recognition |
Fastest growing segment | Voice Recognition |
Historical data covered | 2018 - 2022 |
Base year for estimation | 2023 |
Forecast period covered | 2024 - 2030 |
Quantitative units | Revenue in USD million |
Market segmentation | Voice Recognition, Speech Recognition |
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The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to voice and speech recognition market will help companies and investors design strategic landscapes.
Speech recognition was the largest segment with a revenue share of 64.67% in 2023. Horizon Databook has segmented the Global voice and speech recognition market based on voice recognition, speech recognition covering the revenue growth of each sub-segment from 2018 to 2030.
Voice has emerged as a viable authentication method because the voice is a unique characteristic of an individual, just like fingerprints or iris. What sets voice apart as a preferred authentication method for online transactions is its ability to partner with the telephone to deliver remarkably accurate remote authentication.
Banking institutions are introducing voice biometric systems as core credentials for customer login. For instance, Atom Bank PLC (U.K.) uses ConfidentID, a mobile user voice biometrics based authentication service powered by Doan's IdentityX platform. The software is already in use worldwide at airports and international border controls.
Horizon Databook provides a detailed overview of global-level data and insights on the Global voice and speech recognition market , including forecasts for subscribers. This global databook contains high-level insights into Global voice and speech recognition market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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