Voice And Speech Recognition Market Size, Share & Trends Report

Voice And Speech Recognition Market Size, Share & Trends Analysis Report By Function (Speech Recognition, Voice Recognition), By Technology, By Vertical, By Region, 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

Market Segmentation

Voice And Speech Recognition Function Outlook (Revenue, USD Million, 2017 - 2030)
- Voice recognition
  - Speaker identification
  - Speaker verification
- Speech recognition
  - Automatic speech recognition
  - Text-to-speech
Voice And Speech Recognition Technology Outlook (Revenue, USD Million, 2017 - 2030)
- AI-based
- Non-AI based
Voice And Speech Recognition Vertical Outlook (Revenue, USD Million, 2017 - 2030)
- Automotive
- BFSI
- Consumer
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Others
Voice And Speech Recognition Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
  - North America Voice and Speech Recognition Market, by function
    - Voice recognition
      - Speaker identification
      - Speaker verification
    - Speech recognition
      - Automatic speech recognition
      - Text to speech
  - North America Voice and Speech Recognition Market, by technology
    - AI-based
    - Non-AI based
  - North America Voice and Speech Recognition Market, by vertical
    - Automotive
    - BFSI
    - Consumer
    - Education
    - Enterprise
    - Government
    - Healthcare
    - Legal
    - Military
    - Retail
    - Others
  - U.S.
    - U.S. Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - U.S. Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - U.S. Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Canada
    - Canada Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Canada Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Canada Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Mexico
    - Mexico Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Mexico Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Mexico Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
- Europe
  - Europe Voice and Speech Recognition Market, by function
    - Voice recognition
      - Speaker identification
      - Speaker verification
    - Speech recognition
      - Automatic speech recognition
      - Text to speech
  - Europe Voice and Speech Recognition Market, by technology
    - AI-based
    - Non-AI based
  - Europe Voice and Speech Recognition Market, by vertical
    - Automotive
    - BFSI
    - Consumer
    - Education
    - Enterprise
    - Government
    - Healthcare
    - Legal
    - Military
    - Retail
    - Others
  - Germany
    - Germany Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Germany Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Germany Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - UK
    - UK Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - UK Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - UK Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - France
    - France Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - France Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - France Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Italy
    - Italy Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Italy Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Italy Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Spain
    - Spain Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Spain Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Spain Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - The Netherlands
    - The Netherlands Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - The Netherlands Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - The Netherlands Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Switzerland
    - Switzerland Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Switzerland Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Switzerland Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Poland
    - Poland Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Poland Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Poland Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
- Asia Pacific
  - Asia Pacific Voice and Speech Recognition Market, by function
    - Voice recognition
      - Speaker identification
      - Speaker verification
    - Speech recognition
      - Automatic speech recognition
      - Text to speech
  - Asia Pacific Voice and Speech Recognition Market, by technology
    - AI-based
    - Non-AI based
  - Asia Pacific Voice and Speech Recognition Market, by vertical
    - Automotive
    - BFSI
    - Consumer
    - Education
    - Enterprise
    - Government
    - Healthcare
    - Legal
    - Military
    - Retail
    - Others
  - China
    - China Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - China Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - China Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Japan
    - Japan Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Japan Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Japan Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - India
    - India Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - India Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - India Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - South Korea
    - South Korea Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - South Korea Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - South Korea Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Singapore
    - Singapore Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Singapore Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Singapore Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Pakistan
    - Pakistan Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Pakistan Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Pakistan Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Malaysia
    - Malaysia Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Malaysia Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Malaysia Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Australia
    - Australia Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Australia Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Australia Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Hong Kong
    - Hong Kong Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Hong Kong Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Hong Kong Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Vietnam
    - Vietnam Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Vietnam Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Vietnam Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
- South America
  - South America Voice and Speech Recognition Market, by function
    - Voice recognition
      - Speaker identification
      - Speaker verification
    - Speech recognition
      - Automatic speech recognition
      - Text to speech
  - South America Voice and Speech Recognition Market, by technology
    - AI-based
    - Non-AI based
  - South America Voice and Speech Recognition Market, by vertical
    - Automotive
    - BFSI
    - Consumer
    - Education
    - Enterprise
    - Government
    - Healthcare
    - Legal
    - Military
    - Retail
    - Others
  - Brazil
    - Brazil Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Brazil Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Brazil Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Argentina
    - Argentina Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Argentina Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Argentina Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Chile
    - Chile Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Chile Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Chile Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
- Middle East & Africa
  - Middle East & Africa Voice and Speech Recognition Market, by function
    - Voice recognition
      - Speaker identification
      - Speaker verification
    - Speech recognition
      - Automatic speech recognition
      - Text to speech
  - Middle East & Africa Voice and Speech Recognition Market, by technology
    - AI-based
    - Non-AI based
  - Middle East & Africa Voice and Speech Recognition Market, by vertical
    - Automotive
    - BFSI
    - Consumer
    - Education
    - Enterprise
    - Government
    - Healthcare
    - Legal
    - Military
    - Retail
    - Others
  - UAE
    - UAE Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - UAE Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - UAE Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Saudi Arabia
    - Saudi Arabia Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Saudi Arabia Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Saudi Arabia Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Israel
    - Israel Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Israel Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Israel Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - South Africa
    - South Africa Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - South Africa Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - South Africa Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others
  - Nigeria
    - Nigeria Voice and Speech Recognition Market, by function
      - Voice recognition
        
        Speaker identification
        
        Speaker verification
      - Speech recognition
        
        Automatic speech recognition
        
        Text to speech
    - Nigeria Voice and Speech Recognition Market, by technology
      - AI-based
      - Non-AI based
    - Nigeria Voice and Speech Recognition Market, by vertical
      - Automotive
      - BFSI
      - Consumer
      - Education
      - Enterprise
      - Government
      - Healthcare
      - Legal
      - Military
      - Retail
      - Others

Voice And Speech Recognition Market Dynamics

Driver: Increasing demand for Voice biometrics systems for user authentication

Voice biometrics has gained popularity as a reliable authentication method due to its unique characteristics, similar to fingerprints or iris. Unlike traditional passwords, voice is a distinctive trait of an individual, making it a secure and convenient way to authenticate online transactions. The ability of voice to work remotely through a phone makes it a preferred choice for banking institutions implementing voice biometric systems for customer login. For instance, Atom Bank PLC in the UK uses ConfidentID, a voice biometrics-based authentication service powered by Daon's IdentityX platform. This technology is already in use at airports and international border controls worldwide. The increasing preference for biometrics over traditional password methods will drive the adoption of speech and speech recognition technology during the forecast period, as customers find it more convenient and secure.

The growth of speech recognition in car voice and speech recognition systems

The integration of voice recognition technology in vehicles is gaining popularity worldwide due to the increasing number of countries implementing hands-free driving laws that prohibit the use of mobile phones while driving cars. Companies such as Apple, Google, and Nuance Communications are leading the way in this field. For instance, Google's Android Auto allows users to connect their phone screens to their car's dashboard and use all its functions while driving. Voice commands also help drivers keep their eyes on the road, as manual interfaces for entering data into navigation systems pose significant safety risks. Speech destination entry, on the other hand, enables drivers to follow the route accurately without taking their eyes off the road. Manufacturers focusing on innovations in voice recognition technology are expected to accelerate market growth.

Restraint: Lack of accuracy in voice and speech recognition system

Voice and speech recognition programs face several challenges that can lead to errors and inaccuracies. These challenges include difficulty understanding accents, differentiating between similar-sounding words, and struggling to interpret speech in noisy environments. Achieving a high level of accuracy can be challenging, and the error rate of speech-to-text solutions is not 100%. The lack of visual elements makes designing interactive voice user interfaces (VUIs) more complex, and training language models can be time-consuming. Additionally, speech recognition is difficult to implement in real-time environments, and noise poses a significant challenge, affecting the accuracy of speech recognition systems. These limitations can impact the overall accuracy and reliability of voice and speech recognition systems, potentially hampering their market growth. Despite these challenges, voice and speech recognition technology continues to advance, and researchers are exploring new approaches to improve accuracy and overcome these limitations.

What Does This Report Include?

This section will provide insights into the contents included in this voice and speech recognition market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.

Voice and speech recognition market qualitative analysis

Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
- Company overview
- Financial performance
- Product benchmarking
- Latest strategic developments

Voice and speech recognition market quantitative analysis

Market size, estimates, and forecast from 2017 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance

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