Voice Recognition Market Size, Share & Trends Report

Voice Recognition Market Size, Share & Trends Analysis Report By Component, By Application (Artificial Intelligence, Non-Artificial Intelligence), By Vertical, By Regions, And Segment Forecasts, 2018 - 2024

  • Published Date: Apr, 2018
  • Base Year for Estimate: 2016
  • Report ID: GVR-1-68038-094-1
  • Format: Electronic (PDF)
  • Historical Data: 2014
  • Number of Pages: 100

Industry Analysis

The global voice recognition market size was valued at USD 55.17 billion in 2016 and is expected to grow at a CAGR of 11.0% during the forecast period of 2016 to 2024. The industry is expected to witness a high growth with the rising popularity of voice-activated devices and appliances such as lights, thermostats, and other voice-enabled devices.

Voice has emerged as a viable authentication method because 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 extremely accurate remote authentication. The integration of voice recognition systems in cars is gaining worldwide popularity as more countries initiate “hands-free” regulations governing the use of mobile phones while driving vehicles.

Europe voice recognition market

The voice recognition technology provides options for customizing voice commands that enable hands-free dictation. It eliminates the need for an individual to open, edit, or send a specific file and send it through a simple voice command. The mobile voice recognition system enables clinicians to translate their voice into rich, detailed clinical description that is recorded in the Electronic Health Record (EHR) System. It is very user-friendly as it contains numerous features such as “help” option, which helps consumers or an enterprise to learn methods to customize it as per their needs.The usage of manual interfaces to enter data into a navigation system results in significant safety risks; whereas, speech destination entry helps drivers to follow the route correctly while keeping their eye on the road. The manufacturers focusing on innovations in their products through voice recognition is expected to accelerate the market growth during the forecast period.

Few of the voice recognition programs lack the ability to understand the context of the language to interpret the content in its true sense. With limited decoding capabilities, these programs may lead to errors causing confusion and misinterpretation of facts. There can be numerous opportunities emerging from extending the reach of Internet of Things; which would benefit a number of traditionally offline devices from innovative means of user interactions in addition to the traditional means such as touch screens and buttons.

The global voice recognition market is estimated to grow significantly over the forecast period due to the technological advancements and its escalating use in advanced electronic devices. The enhanced devices component segment is predicted to gain traction over the forecast period.

Component Insights

The enhanced devices segment accounted for majority of the overall market share (in terms of revenue) in 2015 and is projected to witness a significant growth over the forecast period). The increasing demand for voice-integrated navigation systems and workstations is compelling the growth of the enhanced devices segment. The segment is anticipated to grow at a CAGR of 12.7% from 2016 to 2024.

In terms of revenue, the hardware segment accounted for the largest market share in 2015. The segment is expected to lose substantial market share over the next eight years. The decrease in the market share of hardware components can be attributed to a decline in their prices and also a notable growth in the software segment.

The software segment is projected to emerge as the fastest growing component segment, expanding at a CAGR of 17.4% from 2016 to 2024. The component segments witnessing significant growth include voice recognition solutions working on the principle of Automatic Speech Recognition (ASR), speaker verification, and audio mining.

Application Insights

The artificial intelligence-based solutions application segment is expected to gain momentum as the system recognizes the patterns of speech accurately. Artificial intelligence exceptionally transforms the speech into well-structured algorithms by undergoing certain stages including the representation of speech units, formulation, and development of recognition algorithms, as well as the demonstration of correct inputs.

This segment accounted for approximately 30% of the overall market share (in terms of revenue). The voice recognition market, on the basis of applications can be classified into artificial intelligence, and non-artificial intelligence.

The non-artificial intelligence segment accounted for majority of the overall market share (in terms of revenue) in 2015. The segment is predicted to lose its market share by 2024 (in terms of revenue).

Vertical Insights

The voice recognition technique is extensively used in consumer electronics devices such as smartphones, tablets, laptops, and connected devices. The rising demand for the Internet of Things (IoT) devices is further fueling the demand for voice recognition in the consumer vertical. The consumer segment was expected to expand at a CAGR of 13.9% over the forecast period.

Voice recognition market

The voice recognition software developer offers mobile and desktop voice recognition solutions to enterprises and consumers. It helps individuals to create and transcribe their documents in a cost-effective manner. This software helps in the dictation of student assignments, and creates and sends emails through simple voice commands.

The voice recognition technology is leveraged in the government sector to provide tailored, phone-based customer service solutions in speech-driven agency directory applications. This helps government offices and agencies in delivering cost-effective and differentiated services in the midst of budget constraints, shortfalls of staff, and increasing number of citizens.

Regional Insights

The voice recognition market in the North American region accounted for the majority of the overall market share (in terms of revenue) in 2015. The segment is expected to gain relatively a high market share during the forecast period.

The Asia Pacific regional market is expected to grow over the forecast period. This region is estimated to be the key regional market over the forecast period owing to the rise in demand for home automation in countries such as China, Japan, and India. The rise in demand can be attributed to the growth in regional building infrastructure industry.

Voice Recognition Market Share Insights

Some of the key industry participants of the voice recognition market include Apple, Inc., Amazon, Inc., Baidu, Inc., Facebook, Inc., Google, Inc., IBM Corporation, Microsoft Corporation, and Nuance Communications. The various competitors prevalent in the market are challenged to provide innovative offerings, which help consumers, address changing technologies, business practices, and security needs.

Major companies in the industry are focusing on increasing the recognition accuracy to outwit the competition. Industry participants have entered into strategic partnership and mergers & acquisition to strengthen their product portfolio and geographical presence.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014

Forecast period

2017 - 2024

Market representation

Revenue in USD Million & CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America and MEA

Country scope

U.S., Canada, UK, Germany, France, China, Japan, India, South Korea and Brazil

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis on industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global voice recognition market report on the basis of component, application, vertical, and region:

  • Component Outlook (USD Billion; 2013 - 2024)

    • Hardware

    • Software

      • Automatic Speech Recognition

      • Speaker Verification

      • Audio Mining

    • Enhanced Devices

  • Application Outlook (USD Billion; 2013 - 2024)

    • Artificial Intelligence

    • Non-artificial Intelligence

  • Vertical Outlook (USD Billion; 2013 - 2024)

    • Automotive

    • BFSI

    • Consumer

    • Government

    • Retail

    • Healthcare

    • Home Security & Automation

    • Others

  • Regional Outlook (USD Billion; 2013 - 2024)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • UK

      • France

    • Asia Pacific

      • China

      • Japan

      • India

      • South Korea

    • Latin America

      • Brazil

    • Middle East & Africa

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