Voice And Speech Recognition Market Size, Share & Trends Report

Voice And Speech Recognition Market Size, Share & Trends Analysis Report By Function (Speech, Voice Recognition), By Technology (Artificial Intelligence Based, Non-Artificial Intelligence Based), By Vertical (Healthcare, BFSI), And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-094-1
  • Number of Pages: 100
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2023
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the voice and speech recognition market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for voice and speech recognition market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of voice and speech recognition market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Voice And Speech Recognition Market Categorization:

The voice and speech recognition market was categorized into four segments, namely function (Voice recognition, Speech recognition), technology (Artificial Intelligence Based, Non-Artificial Intelligence Based), vertical (Automotive, Enterprise, Consumer, BFSI, Government, Retail, Healthcare, Military, Legal, Education), and region (North America, Europe, Asia Pacific, South America, and Middle East & Africa).

Segment Market Methodology:

The voice and speech recognition market was segmented into function, technology, vertical, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The voice and speech recognition market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-nine countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; Italy; Spain; Netherlands; Switzerland; Poland; China; India; Japan; South Korea; Singapore; Malaysia; Australia; Hong Kong; Vietnam; Pakistan; Brazil; Argentina; Chile; UAE; Saudi Arabia; Israel; South Africa; Nigeria.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Voice and speech recognition market companies & financials:

The voice and speech recognition market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Advanced Voice Recognition Systems, Inc. - Advanced Voice Recognition Systems, Inc. (AVRS) is a software development company that specializes in the research and development of application and interface solutions for speech recognition technology. The company's patented technologies, proprietary algorithms, software, and hardware are utilized to provide end-users with speech recognition or speech-to-text technological solutions. AVRS aims to serve corporations, hospitals, medical product manufacturers and service providers, governmental entities, legal professionals, sales and service organizations, and law enforcement agencies. In April 2008, AVRS underwent an inverse acquisition through a Stock Exchange Agreement with Samoyed Energy Corp., a Nevada Corporation.

  • Agnitio S.L. - Agnitio S.L. is a private company that specializes in providing voice biometric solutions. The company offers a range of products, including voice verification systems, software for forensic voice sample analysis, and applications for law enforcement, defense, and intelligence purposes. Its customer base is primarily within the government and commercial sectors, encompassing areas such as BFSI, telecommunications, and enterprise security. Notable clients of Agnitio S.L. include the U.S. Department of Justice, the General Attorney Office PGR in Mexico, the U.S. Department of Defense, KLPD in the Netherlands, the Royal Mounted Canadian Police, and NBI in Finland. In the financial industry, the company serves institutions such as BBVA Bank, BNP Paribas, and Santander Bank. Operating in over 40 countries, Agnitio S.L. has established strategic partnerships with organizations like Verint Systems Inc.

  • Amazon.com, Inc. - Amazon.com, a prominent American online retailer and cloud computing service provider, has expanded its business to include its own branded consumer electronics devices, such as the Amazon Kindle e-readers, Fire TV, and Fire tablets. The company is also a major player in the cloud infrastructure services (IaaS) market. In addition to these offerings, Amazon provides low-cost products under its AmazonBasics brand. The company owns several subsidiaries, including IMDB, Diapers.com, Zappos, Kiva Systems, Goodreads, and Teachstreet. Amazon has developed a high-end wireless voice-enabled speaker called Echo, which is equipped with advanced features like music playback, voice interaction, audiobook playback, and real-time information provision.

  • Apple Inc. - Apple Inc. produces and designs digital devices such as communication gadgets, music players, software services, and accessories, as well as third-party applications and content. Their main products include iPhones, iPads, Mac computers, iOS software, iCloud storage, and iTunes media player. Apple distributes its products through direct sales, retailers, and third-party cellular network carriers, wholesalers, retailers, and value-added resellers. The company has developed a voice-activated intelligent assistant called Siri, which is integrated into various Apple products like iPhones, iPads, iPods, Apple Watches, and Apple TVs. Siri's speech technology was developed in collaboration with Nuance Communication Inc. Apple sells its products to consumers, enterprises, educational institutions, and government organizations worldwide.

  • Baidu, Inc. - Baidu Inc., a prominent Chinese Internet search company, offers a platform for new businesses to connect with potential customers in addition to its search services. The company's operations are divided into three segments: search services, iQiyi, and transaction services. The transaction services segment encompasses Baidu takeout delivery, Baidu Nuomi, Baidu Connect, Baidu Maps, and Baidu Wallet. Baidu's iQiyi segment is an online video platform that features a vast content library. Baidu is currently developing a voice recognition application called "Deep Speech 2," which can also recognize Mandarin speech. The company also provides Wrap-CTC as a software development kit that can be integrated into various applications to incorporate this voice recognition technology.

  • BioTrust ID B.V. - BioTrust ID B.V. is a company that offers biometric authentication software. Their technology combines personal information and physical attributes, such as voice patterns or facial features, for user authentication. BioTrust ID B.V. Provides solutions for account recovery, mobile authentication, caller authentication, proof-of-life, proof of presence, and E-signing. The company caters to various industries including financial services, travel, healthcare, and government. BioTrust ID B.V. Was formed through the merger of VoiceTrust and USoft B.V. In November 2015. The company has additional offices and R&D locations worldwide. BioTrust ID B.V.'s clients include Eno, Koninklijke Philips N.V., Lloyd's Register Group Services Limited, Inspectie van het Onderwijs, Strukton, Gemeente Utrecht, Menzis, Pluripharm, Sandd, Lloyds Banking Group, Achmea.nl, ABN AMRO Bank N.V., Frontica Business Solutions, AXA, ITV plc, Eurocontrol, Skyteam, Robobank, Schiphol, and KLM.

  • Google LLC - Google LLC deals in providing solutions to various companies related to Internet and computer software. The international company focusses on Internet-related services and products. The business is a wholly-owned subsidiary of Alphabet, Inc. Google operates its business from 70 offices in over 40 countries (as of December 2015) across the globe. Google’s voice recognition product portfolio includes Google Now and application programming interfaces such as Google Cloud Search API. The company provides several products and services including Application Programming Interfaces (APIs), enterprise products, productivity tools, search engines, social networking applications, mobile devices, and advertisement services.

  • International Business Machines Corporation - IBM Corporation, commonly referred to as IBM, is a prominent multinational technology and consulting corporation that operates in over 170 countries. IBM provides various solutions such as IT consulting and services, computer hardware, and software. The company is known for manufacturing and commercializing computer hardware, software, and middleware, as well as offering infrastructure, consulting, and hosting services in various fields such as nanotechnology and mainframe computers. IBM offers a range of services including business, IT, outsourcing, financing, lab services, and training. One of the voice recognition products offered by IBM is Watson Speech-to-Text.

  • Microsoft - Microsoft Corporation is a well-known company that produces and distributes computer hardware, software, and consumer electronics devices. Its operations span over 210 countries worldwide. Microsoft manufactures products such as Xbox and devices and provides solutions for businesses, developers, IT professionals, students, and educators. The company has developed an intelligent virtual assistant called Cortana that utilizes speech recognition technology. In addition to Cortana, Microsoft offers APIs and SDKs such as the Microsoft Speech API, which integrates speech recognition technology and speech synthesis processes within Windows applications like Microsoft Office, Microsoft Agent, and Microsoft Speech Server.

  • M*Modal, Inc. - M*Modal, Inc. Is a U.S.-based technology and healthcare solutions provider that caters to the healthcare industry worldwide. The company operates in various countries including India, the Philippines, Belgium, Canada, and the UK, in addition to the U.S. M*Modal offers speech understanding solutions to the healthcare industry that combine natural language understanding and native speech recognition techniques to create clinically encoded and structured documents. In February 2019, the company's technology business was acquired by 3M, a multinational conglomerate organization headquartered in the U.S. This acquisition helped M*Modal expand its global reach and client base. In July 2012, M*Modal was acquired by One Equity Partners, the private investment arm of JP Morgan Chase & Co., for nearly USD 1.1 billion. M*Modal's product portfolio includes speech recognition solutions, virtual assistant solutions, and transcription solutions, which are now offered under 3M's clinical solutions product division. 

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Voice And Speech Recognition Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2017 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Voice And Speech Recognition Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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