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Stratview Research has launched a new report on the “Voice Recognition Market” and forecast to 2028. This report provides deep insights into the revenue, market trends, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of the Voice Recognition Market during the forecast period.

Market Insights

The voice recognition market was valued at USD 4.18 billion in 2022 and is likely to grow at a CAGR of 15.12% during 2023-2028 to reach USD 9.79 billion in 2028.

What is voice recognition?

Voice recognition technology allows voice and speech identification including the frequency, pitch, and accent of any speaker. It is used to identify, distinguish, or authenticate a particular speaker’s voice.

Many companies are already using this tool for different purposes. Hands-free callings, voice biometrics for user verification, etc. are a few applications where this technology is being used widely.

COVID-19 IMPACT

The global pandemic Covid-19 largely impacted all the major industries in the year 2020. However, the voice recognition market boomed during this period. As the whole world was in lockdown, the number of people working from home increased generating a need for intelligent and smart equipment. Due to a need for contactless human engagement, speech technology for finding and aiding in entertainment, communication, and medical fields was adopted.

Market Dynamics

The voice recognition market has experienced significant growth in recent years, driven by several key factors. Below given are a few -

Rising adoption in Medical Industry – Doctors, therapists, and other medical professionals can dictate notes and medical details into their Electronic Health Record (HER) platforms using voice recognition enabling them to save writing time. The adoption of voice recognition in the medical industry is expected to grow rapidly in the coming years.

Increasing Demand for Voice-Enabled Devices: Rising adoption of voice-enabled devices, such as smart speakers, smartphones, and wearable devices, has powered the demand for voice recognition technology. Different sources state that there are more than 70 percent of consumers rely on voice search instead of typing.

Growing adoption of voice recognition technology in smart devices – There is widespread usage of voice recognition technology in devices like smart TVs, vacuum cleaners, Wi-Fi smart thermostats with voice control, etc. For instance, the GE profile top load 900 series washing machine uses Amazon Alexa which allows owners to use their voice as a command.

Increasing adoption of Artificial Intelligence (AI) and other technologies – A rapid growth in the demand for voice recognition technology can be witnessed due to the adoption of AI across end-user verticals. AI efficiently converts speech into algorithms. Hence, with the rising number of AI-based digital assistants, such as Alexa and Cortana, the demand for voice recognition will grow simultaneously.

Smart Cars with smart features – Automotive industry has witnessed a surge and is expected to grow in the coming years too. Technological advancements like voice assistance, etc. are a part of innovations in the automotive industries. For instance, Toyota and Google have partnered to bring AI-powered voice assistants that will be featured in every new car from Toyota and Lexus such as the Toyota Corolla family, Tundra and Sequoia and Lexus NX, RX, and all-electric RZ from 2023 onwards.

Major key players covered in this report:

This section of the Voice Recognition Market report explains the expansion plans, M&A, investment analysis, funding, revenues in manufacturers, etc. of the leading players. Here is a list of major key players of the industry.

Aculab PLC

Agnitio S.L.

Auraya Systems

Aware, Inc.

Daon, Inc.

ID R&D, Inc.

Mobvoi Information Technology Company Limited

NEC Corporation

Nuance Communications, Inc.

OneVault.

Customization of the Report:

With this detailed report, Stratview Research also offers customization options to its clients to meet their requirements. Please connect with our sales team at [email protected]. You can also get in touch with us on (+1-313-307-4176) to share your research requirements.

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Stratview Research is one of the leading global Market Research agencies helping clients tract the ever-evolving market scenarios through our customised and syndicated reports. Our reports include both quantitative and qualitative market data, gathered with the help of our across-the-board and reliable secondary sources and our in-depth interviews with the key players within the market. Our market valuations, derived from primary and secondary research, keep our clients informed about major market trends, opportunities, and challenges that may help or hamper their growth prospects in the industry.