Speech and Voice Recognition Market

Speech and Voice Recognition Market by Deployment Mode (On-Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), Vertical and Geography (Americas, Europe, APAC, Rest of the World) - Global Forecast to 2027

Report Code: SE 4365 Jun, 2022, by marketsandmarkets.com

[285 Pages Report] The Speech and voice recognition market size is valued at USD 9.4 billion in 2022 and is anticipated to be USD 28.1 billion by 2027; growing at a CAGR of 24.4% from 2022 to 2027.

Factors such as increasing demand in healthcare for improving efficiency and the growing use of smart appliances are driving the growth of the market during the forecast period.

Speech and Voice Recognition Market

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COVID-19 Impact

The speech and voice recognition market has been witnessing significant growth over the years owing to the increasing demand for speech and voice-based biometric systems for Multifactor authentication, the growing impact of AI on the accuracy of speech and voice recognition, and the rapid proliferation of smart speakers. The COVID-19 pandemic affected the market positively and negatively. The demand for smart appliances and devices has increased, with most of the population working from home. This has also created an opportunity for speech and voice recognition providers. However, many people also focused on maintaining the basic lifestyle during the pandemic, avoiding purchasing luxurious or non-essential products for a short period.

Speech And Voice Recognition Market Dynamics

Driver: Escalated use of speech and voice recognition software by healthcare professionals

Many healthcare professionals spend a significant amount of time typing notes and reports and maintaining each patient's medical records as documenting every minute detail is of utmost importance in healthcare. However, these tasks take time from more productive chores such as treating and interacting personally with patients. Hence, doctors and physicians prefer using natural language processing (NLP) algorithm-based voice recognition software solutions. Speech and voice recognition technologies are mostly used in the healthcare sector to report health checkups, data entry, and when the doctor or the attendant/nurse is unavailable. Such software solutions enable healthcare professionals to enter notes into the electric health record (EHR) system or their computers without taking time out from patient care and remain productive throughout the day. This eliminates the need for healthcare providers to stay late at work to complete paperwork, allowing them to visit more patients during the day. Easy to use and hands-free features of an automated speech recognition system in medical applications enable doctors to get their work done efficiently, driving the speech and voice recognition market growth. Thus, increased productivity leads to increased cash flow.

Restraint: Limitation of software to understand contextual relation of words in different languages

Words with similar sounds but different meanings are called homophones, for example, "right/write" or "bye/by/buy." AI may struggle to identify homophones in a sentence without a comprehensive language model and training on these terms with reference to appropriate contexts. Many terms in English and Roman languages have several meanings. For instance, the “cell” can be a part of an organism, a prison room, or an area of radio coverage (cell phone). Also, heteronyms with diverse meanings are common in most languages. For example, in English, "close" means "to shut" or "near," and "converse" means "to talk" or "the opposite." Therefore, it might not be easy to know when to use the correct homonyms while translating the content. To solve this challenge, the translator must be well-versed with the spoken language and the language in which the text will be translated. This may necessitate the in-depth understanding of both languages by the translator.

Opportunity:Increasing popularity of online shopping

Customer buying behavior is shifting in both developed and developing countries. There is a trend of buying things online. Customers may shop products, enquire about prices and features from the comfort of their own homes, and even receive personalized recommendations based on their previous purchases. This experience can be made even more frictionless and participatory with the use of voice assistants. According to the Conversational Commerce Survey by Capgemini in 2017, 41% of consumers prefer a voice assistant to a website or app while shopping online since it allows them to automate their usual shopping operations. Searching for products and services, creating a shopping list, adding items to a shopping cart, making a purchase, checking the status of orders, providing feedback on products and services, using the customer support service, and making recommendations for the product or service to other potential customers are just a few of the customer touchpoints where voice assistants can be useful. Customers' faster adoption and usage of voice assistants, along with a surge in online commerce, present an opportunity for voice assistant application solutions and service providers.

Challenge: Increased errors due to background noise

A quiet environment is important for the smooth working of speech and voice recognition technology. Too much background noise can affect the results of speech and voice recognition. One of the major challenges of using speech and voice recognition technologies effectively in outdoor environments or large public spaces and offices.

Consumers of speech recognition technology largely measure its performance based on accuracy and speed. Accuracy of speech recognition is measured using the word error rate (WER). Despite recent advancements, the WER of speech and voice recognition technologies cannot match the WER of humans. In a survey of smartphone owners on their expectations for improvements in voice assistants,' accuracy' received 40% of the votes. Speech and voice recognition aims to convert a speech signal accurately and efficiently into a text message. Companies are developing complex algorithms and focusing on deep learning to make speech and voice recognition systems more robust. However, the systems are not 100% accurate and efficient, and further developments and research activities are in progress to make them effective even in noisy environments.

In the coming years, companies that focus more on eliminating this problem through deeper research have more chances of providing better products and applications that can better adapt to users' speaking habits and reduce the rate of errors by differentiating background noise from that of the user.

APAC held the largest market for the speech and voice recognition market in 2027 owing to the technological advancements and the rising demand for speech and voice recognition systems in the medical.

During the forecast period, APAC held the largest share of market in 2027 and is expected to continue its upward growth trend. From 2022 to 2027, the region is expected to have the highest CAGR. The market in Asia Pacific is growing owing to technological advancements, improved awareness regarding the benefits of these technologies among the masses, and the low cost of speech and voice recognition devices. China, Japan, and India are the key countries in the Asia Pacific region for market. Baidu (China) and iFlytek (China) are the top two companies in the region operating in the speech and recognition market. The surge in the adoption of voice assistant devices in China is the major reason for the market growth. The constant developments in healthcare and other applications will accelerate the demand for voice recognition technology-based products in the region. The market in India is expected to witness the highest growth during the forecast period.

Speech and Voice Recognition Market by Region

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Key Market Players

The speech and voice recognition market is dominated by a few globally established players such as Apple (US), Microsoft (US), IBM (US), Alphabet (US), Amazon (US), Baidu (China), iFlytek (China) and SESTEK (Turkey), speak2web (US), and Verint (US).

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Scope of the Report

Report Metric

Scope

Market size available for years

2018–2027

Base year considered

2021

Forecast period

2022–2027

Forecast units

Value (USD Million) and Volume (Thousand Units)

Segments covered

By Technology, By Deployment mode, By Vertical, and By Region.

Geographies covered

Americas, Europe, Asia Pacific, and Rest of World

Companies covered

The key players in the speech and voice recognition market are Apple (US), Microsoft (US), IBM (US), Alphabet (US), Amazon (US),Baidu (China), iFLYTEK (China) and SESTEK (Turkey), speak2web (US), and Verint (US), Speechmatics (UK), Deepgram (US), Voiceitt (Israel), Voicegain( US), Sensory (US), AssemblyAI (US), Verbit (US), Otter.aI (US), Rev (US), Raytheon BBN Technologies (US), M2SYS (US), M*Modal (US), ValidSoft (UK), LumenVox (US), Acapela Group (Belgium), VocalZoom (Israel), Uniphore Software (India), iSpeech (US), GoVivace (US), Advanced Voice recognition systems (Arizona), Dolbey (US), ReadSpeaker (Netherlands), Pareteum Corporation (US), SoundHound Inc (US).

The study categorizes the speech and voice recognition market based on Technology, Deployment mode, Vertical, and Region.

By Technology:

  • Speech Recognition
  • Automatic Speech Recognition
  • Text-To-Speech
  • Voice Recognition
  • Speaker Identification
  • Speaker Verification

By Deployment mode:

  • On Cloud
  • On-Premises/Embedded

By Vertical:

  • Automotive
  • Enterprise
  • Consumer
  • Banking, Finance Service & Insurance (BFSI)
  • Government
  • Retail
  • Healthcare
  • Military
  • Legal
  • Education
  • Others

By Region:

  • Americas
  • Europe
  • APAC
  • RoW

Recent Developments

  • In April 2021, Verint launched Verint Virtual Assistant (IVA), a low-code conversational AI offering, which can rapidly turn the existing conversation data into automated self-service experiences. It allows business professionals to quickly deploy a production-ready chatbot to deflect calls and support customers. Verint IVA enables businesses to expand capabilities across the enterprise with boundless intelligence for both voice and digital.
  • In September 2020, Microsoft and Nuance Communications introduced Nuance Dragon Ambient eXperience (DAX), an ambient clinical intelligence (ACI) solution, to integrate it into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes.
  • In December 2019, Amazon Web Services introduced Amazon Transcribe Medical, an automated speech recognition service that will help developers add medical dictation and documentation to their apps.
  • In March 2018, IBM launched Watson Assistant, a smart enterprise voice recognition and the assistant system powered by AI, cloud, and IoT.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 36)
    1.1 STUDY OBJECTIVES
    1.2 DEFINITION
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 SUMMARY OF CHANGES
    1.4 STUDY SCOPE
           1.4.1 MARKETS COVERED
           1.4.2 GEOGRAPHIC SCOPE
           1.4.3 YEARS CONSIDERED
    1.5 CURRENCY
    1.6 LIMITATIONS
    1.7 STAKEHOLDERS

2 RESEARCH METHODOLOGY (Page No. - 41)
    2.1 RESEARCH DATA
           FIGURE 1 PROCESS FLOW: SPEECH AND VOICE RECOGNITION MARKET SIZE ESTIMATION
           FIGURE 2 SPEECH RECOGNITION MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY AND PRIMARY RESEARCH
                    FIGURE 3 RESEARCH APPROACH
           2.1.2 SECONDARY DATA
                    2.1.2.1 Secondary sources
                    2.1.2.2 Key secondary sources
           2.1.3 PRIMARY DATA
                    2.1.3.1 Primary sources
                    2.1.3.2 Key industry insights
                    2.1.3.3 Primary interview breakup
                    2.1.3.4 List of key primary respondents
                    2.1.3.5 Breakdown of primaries
    2.2 MARKET SIZE ESTIMATION
           2.2.1 BOTTOM-UP APPROACH
                    2.2.1.1 Approach for arriving at market size by bottom-up analysis
                               FIGURE 4 MARKET: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    2.2.2.1 Approach for capturing market size by top-down analysis
                               FIGURE 5 MARKET: TOP-DOWN APPROACH
    2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
           FIGURE 6 DATA TRIANGULATION
    2.4 RESEARCH ASSUMPTIONS
    2.5 LIMITATIONS
    2.6 RISK ASSESSMENT
           TABLE 1 RISK ASSESSMENT

3 EXECUTIVE SUMMARY (Page No. - 52)
    3.1 SPEECH AND VOICE RECOGNITION MARKET: POST-COVID-19
           FIGURE 7 IMPACT OF COVID-19 ON SPEECH RECOGNITION MARKET
           FIGURE 8 SPEECH RECOGNITION TO ACCOUNT FOR LARGER MARKET SHARE THROUGHOUT FORECAST PERIOD
           FIGURE 9 ON-CLOUD DEPLOYMENT MODE TO DOMINATE MARKET DURING FORECAST PERIOD
           FIGURE 10 CONSUMER VERTICAL TO DOMINATE VOICE RECOGNITION MARKET BETWEEN 2022 AND 2027
           FIGURE 11 AMERICAS HELD LARGEST MARKET SHARE IN 2021

4 PREMIUM INSIGHTS (Page No. - 57)
    4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN MARKET
           FIGURE 12 INCREASING DEMAND FOR SPEECH AND VOICE RECOGNITION TECHNOLOGY-BASED PRODUCTS IN ASIA PACIFIC TO DRIVE MARKET GROWTH
    4.2 MARKET, BY TECHNOLOGY
           FIGURE 13 SPEECH RECOGNITION TECHNOLOGY TO ACCOUNT FOR LARGER MARKET SHARE THAN VOICE RECOGNITION TECHNOLOGY DURING FORECAST PERIOD
    4.3 MARKET, BY DEPLOYMENT MODE
           FIGURE 14 ON-CLOUD SEGMENT TO COMMAND IN 2022
    4.4 MARKET IN AMERICAS, BY REGION AND TECHNOLOGY
           FIGURE 15 NORTH AMERICA AND SPEECH RECOGNITION TECHNOLOGY TO ACCOUNT FOR MAJORITY OF MARKET SHARE IN AMERICAS BY 2027
    4.5 VOICE RECOGNITION MARKET, BY VERTICAL
           FIGURE 16 CONSUMER VERTICAL TO EXHIBIT HIGHEST CAGR FROM 2022 TO 2027
    4.6 MARKET, BY COUNTRY (2021)
           FIGURE 17 INDIA TO EXHIBIT HIGHEST CAGR IN GLOBAL MARKET FROM 2022 TO 2027

5 MARKET OVERVIEW (Page No. - 61)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 18 DRIVERS, RESTRAINTS, OPPORTUNITIES AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Escalated use of speech and voice recognition software by healthcare professionals
                    5.2.1.2 Extensive penetration of speech and voice recognition technologies in smart appliances
                               FIGURE 19 SALES DATA FOR VOICE ASSISTANT DEVICES OFFERED BY KEY BRANDS, 2020
                    5.2.1.3 Elevated demand for speech and voice recognition technologies to transcribe audio
                    5.2.1.4 Strong requirement for voice-based biometric systems, especially by financial service providers, for multifactor authentication and mobile banking applications
                               FIGURE 20 USE OF VOICE RECOGNITION TO PREVENT IDENTITY THEFT IN BANKING AND FINANCE
                               FIGURE 21 DATA BREACH COMPLAINTS IN US (2018–2020)
                    5.2.1.5 Successful integration of AI into speech and voice recognition systems to achieve more accurate results
                               FIGURE 22 DRIVERS FOR MARKET AND THEIR IMPACT
           5.2.2 RESTRAINTS
                    5.2.2.1 Limitation of software to understand contextual relation of words in different languages
                    5.2.2.2 Need for numerous channels in speech-to-text APIs while transcribing audio data that includes multiple channels
                    5.2.2.3 Limited capacity to recognize and respond to customer intent
                    5.2.2.4 Concerns regarding data privacy and security
                    5.2.2.5 High cost of high-end voice recognition systems deployed in automobiles
                    5.2.2.6 Requirement for huge investment keeps small players out
                               FIGURE 23 RESTRAINTS FOR SPEECH AND VOICE RECOGNITION MARKET AND THEIR IMPACT
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Customer preference for cloud-based speech-to-text software
                    5.2.3.2 Increasing popularity of online shopping
                    5.2.3.3 Development of personalized applications for users
                    5.2.3.4 Integration of speech and voice recognition technology with mobile applications
                    5.2.3.5 Development of speech and voice recognition software for micro-linguistics and local languages
                    5.2.3.6 Application of speech and voice recognition in service robotics
                    5.2.3.7 Focus on utilizing speech and voice recognition technologies for educating disabled students
                    5.2.3.8 Deployment of speech and voice recognition technology in autonomous cars
                    5.2.3.9 Consumer preference for technologically advanced products
                               FIGURE 24 OPPORTUNITIES FOR MARKET AND THEIR IMPACT
           5.2.4 CHALLENGES
                    5.2.4.1 Creating unique vocabulary for various industries
                    5.2.4.2 Limited awareness regarding availability and benefits of voice assistant technologies
                    5.2.4.3 Increased errors due to background noise
                    5.2.4.4 Lack of standardized platform for development of customized products
                    5.2.4.5 Slow network speeds posing challenge to cloud-based speech recognition services
                               FIGURE 25 CHALLENGES FOR SPEECH RECOGNITION MARKET AND THEIR IMPACT
    5.3 VALUE CHAIN ANALYSIS
           FIGURE 26 VALUE CHAIN ANALYSIS : MARKET
    5.4 ECOSYSTEM
           FIGURE 27 VOICE RECOGNITION MARKET: ECOSYSTEM
                    TABLE 2 MARKET: ECOSYSTEM
           5.4.1 REVENUE SHIFT IN MARKET
                    FIGURE 28 REVENUE SHIFT IN MARKET
    5.5 PATENT ANALYSIS
           TABLE 3 IMPORTANT PATENT REGISTRATIONS, 2017–2021
           FIGURE 29 COMPANIES WITH HIGHEST NUMBER OF PATENT APPLICATIONS
           FIGURE 30 ANNUAL NUMBER OF PATENTS GRANTED OVER LAST 10 YEARS
           TABLE 4 TOP 10 PATENT OWNERS
    5.6 TRADE ANALYSIS
           TABLE 5 IMPORT STATISTICS: SOUND RECORDING OR SOUND REPRODUCING APPARATUS, BY COUNTRY, 2017–2021 (USD THOUSAND)
           TABLE 6 EXPORT STATISTICS: SOUND RECORDING OR SOUND REPRODUCING APPARATUS, BY COUNTRY, 2017–2021 (USD THOUSAND)
    5.7 TARIFF ANALYSIS
           TABLE 7 TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY NETHERLANDS IN 2020
           TABLE 8 TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY CHINA IN 2020
           TABLE 9 TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY UK IN 2020
           TABLE 10 TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY US IN 2020
           TABLE 11 TARIFF FOR SOUND RECORDING OR SOUND REPRODUCING APPARATUS EXPORTED BY GERMANY IN 2020
    5.8 CASE STUDY ANALYSIS
           TABLE 12 SESTEK HELPS TEKNOSA TO INCREASE FIRST-CALL RESOLUTION RATE AND SHORTEN CALL DURATIONS AT CONTACT CENTER
           TABLE 13 SESTEK HELPS AGENTS AT AL BARAKA BANK CONTACT CENTER TO SIGNIFICANTLY IMPROVE THEIR EFFICIENCY AND REDUCE WORKLOAD
           TABLE 14 MICROSOFT TRANSLATOR APPLICATION FACILITATES MULTILINGUAL PARENT–TEACHER COMMUNICATION AT CHINOOK MIDDLE SCHOOL
           TABLE 15 IBM WATSON HELPS BRADESCO BANK TO REDUCE RESPONSE TIME
           TABLE 16 ALEXA HELPS HAWAII PACIFIC HEALTH TO ENHANCE PATIENT EXPERIENCE BY QUERY RESOLUTION
           TABLE 17 CHATBOT BY ROANUZ ANSWERS USER QUERIES QUICKLY
    5.9 PORTER'S FIVE FORCES ANALYSIS
           TABLE 18 SPEECH AND VOICE RECOGNITION MARKET: PORTER'S FIVE FORCES ANALYSIS, 2020
           5.9.1 THREAT OF NEW ENTRANTS
           5.9.2 THREAT OF SUBSTITUTES
           5.9.3 BARGAINING POWER OF BUYERS
           5.9.4 BARGAINING POWER OF SUPPLIERS
           5.9.5 INTENSITY OF RIVALRY
    5.10 TECHNOLOGY ANALYSIS
           5.10.1 MICROSOFT ALLOWS USERS CONTROL OVER USING VOICE CLIPS TO IMPROVE SPEECH RECOGNITION ALGORITHM
           5.10.2 APPLE DEVELOPS AI MODEL FOR AUTOMATIC SPEECH TRANSCRIPTION AND SPEAKER RECOGNITION
           5.10.3 SPEECHMATICS LAUNCHES SPEECH RECOGNITION SERVICE ON MICROSOFT AZURE
           5.10.4 CRESCENDO SPEECH PROCESSING SOFTWARE OFFERS MULTILINGUAL SUPPORT
           5.10.5 FACEBOOK'S AI OPEN SOURCE PROVIDES NEW DATASET FOR SPEECH RECOGNITION
           5.10.6 LUMENVOX LAUNCHED NEXT-GENERATION AUTOMATIC SPEECH RECOGNITION (ASR) ENGINE WITH TRANSCRIPTION
           5.10.7 SENSORY'S SPEECH RECOGNITION MODEL HELPS UNDERSTAND CHILDREN’S VOICE PATTERN
    5.11 KEY REGULATIONS FOR VOICE RECOGNITION MARKET
                    TABLE 19 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 20 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 21 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
                    TABLE 22 ROW: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    5.12 CODES AND STANDARDS
                    TABLE 23 SPEECH AND VOICE RECOGNITION CODES AND STANDARDS
    5.13 PRICING ANALYSIS
                    TABLE 24 AVERAGE SELLING PRICE OF SPEECH RECOGNITION SOFTWARE
    5.14 KEY STAKEHOLDERS & BUYING CRITERIA
           5.14.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 31 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS
                    TABLE 25 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP 3 APPLICATIONS (%)
           5.14.2 BUYING CRITERIA
                    FIGURE 32 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS
                    TABLE 26 KEY BUYING CRITERIA FOR TOP 3 APPLICATIONS
    5.15 KEY CONFERENCES AND EVENTS (2022–2023)
                    TABLE 27 VOICE RECOGNITION MARKET: DETAILED LIST OF CONFERENCES & EVENTS

6 TYPES OF SPEECH AND VOICE RECOGNITION SYSTEMS (Page No. - 102)
    6.1 INTRODUCTION
           FIGURE 33 DELIVERY METHODS IN SPEECH AND VOICE RECOGNITION
    6.2 ARTIFICIAL INTELLIGENCE-BASED
           6.2.1 ARTIFICIAL INTELLIGENCE IS MOST EFFECTIVE TECHNIQUE FOR FLAWLESS AND ACCURATE SPEECH RECOGNITION
    6.3 NON-ARTIFICIAL INTELLIGENCE-BASED
           6.3.1 NON-AI-BASED SYSTEMS OFFER INDUSTRY-LEADING ACCURACY, SECURITY, AND CONSISTENCY

7 SPEECH AND VOICE RECOGNITION MARKET, BY TECHNOLOGY (Page No. - 105)
    7.1 INTRODUCTION
           FIGURE 34 SPEECH RECOGNITION MARKET SEGMENTATION, BY TECHNOLOGY
           FIGURE 35 VOICE RECOGNITION TECHNOLOGY TO RECORD HIGHER CAGR THAN SPEECH RECOGNITION TECHNOLOGY DURING FORECAST PERIOD
           TABLE 28 MARKET, BY TECHNOLOGY, 2018–2021 (USD MILLION)
           TABLE 29 MARKET, BY TECHNOLOGY, 2022–2027 (USD MILLION)
    7.2 VOICE RECOGNITION
           7.2.1 NON-CONTACT, EASY-TO-USE, AND NON-INTRUSIVE FEATURES OF VOICE RECOGNITION DEVICES ARE EXPECTED TO FACILITATE THEIR DEMAND IN COMING YEARS
                    FIGURE 36 VOICE RECOGNITION PHASE PROCESS
                    TABLE 30 VOICE RECOGNITION MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 31 MARKET, BY REGION, 2022–2027 (USD MILLION)
           7.2.2 SPEAKER IDENTIFICATION
                    7.2.2.1 Speaker identification technology authenticates users by capturing unique speech characteristics
           7.2.3 SPEAKER VERIFICATION
                    7.2.3.1 Speaker verification technology is increasingly used in banks and financial services for security purposes
                               FIGURE 37 SPEAKER VERIFICATION PROCESS
    7.3 SPEECH RECOGNITION
           7.3.1 MULTILINGUAL ENVIRONMENTS ARE EXPECTED TO WITNESS HIGH DEMAND FOR SPEECH RECOGNITION TECHNOLOGY TO ELIMINATE LANGUAGE BARRIERS
                    TABLE 32 MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 33 MARKET, BY REGION, 2022–2027 (USD MILLION)
           7.3.2 AUTOMATIC SPEECH RECOGNITION
                    7.3.2.1 Advancements in ASR technology empower businesses to improve customer experience
           7.3.3 TEXT-TO-SPEECH
                    7.3.3.1 Integration of AI and ML technologies into TTS software enables conversion of text into natural-sounding audio
                               FIGURE 38 AUTOMATIC SPEECH RECOGNITION TECHNOLOGY TO DOMINATE MARKET THROUGHOUT FORECAST PERIOD
                               TABLE 34 SPEECH RECOGNITION MARKET, BY TYPE, 2018–2021 (USD MILLION)
                               TABLE 35 MARKET, BY TYPE, 2022–2027 (USD MILLION)

8 SPEECH AND VOICE RECOGNITION MARKET, BY DEPLOYMENT MODE (Page No. - 115)
    8.1 INTRODUCTION
           FIGURE 39 DEPLOYMENT MODES IN SPEECH AND VOICE RECOGNITION
           FIGURE 40 ON-CLOUD SPEECH AND VOICE RECOGNITION SOLUTIONS TO HOLD MAXIMUM MARKET SHARE IN 2027
           TABLE 36 MARKET, BY DEPLOYMENT MODE, 2018–2021 (USD MILLION)
           TABLE 37 VOICE RECOGNITION MARKET, BY DEPLOYMENT MODE, 2022–2027 (USD MILLION)
    8.2 ON-CLOUD
           8.2.1 ON-CLOUD SEGMENT TO CAPTURE LARGER MARKET SHARE DURING FORECAST PERIOD
                    TABLE 38 ON-CLOUD: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 39 ON-CLOUD: MARKET, BY REGION, 2022–2027 (USD MILLION)
    8.3 ON-PREMISES/EMBEDDED
           8.3.1 ON-PREMISES DEPLOYMENT PROJECTED TO WITNESS HIGHER GROWTH RATE DURING FORECAST PERIOD
                    TABLE 40 ON-PREMISES/EMBEDDED: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 41 ON-PREMISES/EMBEDDED: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)

9 MARKET, BY VERTICAL (Page No. - 121)
    9.1 INTRODUCTION
           FIGURE 41 CONSUMER VERTICAL TO COMMAND MARKET DURING FORECAST PERIOD
           TABLE 42 MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
           TABLE 43 MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
           FIGURE 42 GOVERNMENT VERTICAL TO HOLD LARGEST SHARE OF MARKET IN 2027
           TABLE 44 MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
           TABLE 45 VOICE RECOGNITION MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
           FIGURE 43 CONSUMER VERTICAL TO HOLD LARGEST SHARE OF MARKET IN 2027
           TABLE 46 MARKET, BY VERTICAL, 2018–2021 (USD MILLION)
           TABLE 47 SPEECH RECOGNITION MARKET, BY VERTICAL, 2022–2027 (USD MILLION)
    9.2 AUTOMOTIVE
           9.2.1 INCREASING USE OF SPEECH AND VOICE RECOGNITION TECHNOLOGIES IN IN-CAR INFOTAINMENT SYSTEMS
                    FIGURE 44 VEHICLE INSURANCE APPLICATION TO RECORD HIGHER CAGR IN MARKET DURING FORECAST PERIOD
                    TABLE 48 AUTOMOTIVE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 49 AUTOMOTIVE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 50 AUTOMOTIVE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 51 AUTOMOTIVE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 52 AUTOMOTIVE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 53 AUTOMOTIVE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 54 AUTOMOTIVE: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 55 AUTOMOTIVE: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 56 AUTOMOTIVE: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 57 AUTOMOTIVE: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.3 ENTERPRISE
           9.3.1 GROWING ADOPTION OF VIRTUAL ASSISTANTS IN POST-PANDEMIC PERIOD TO BOOST MARKET GROWTH
                    TABLE 58 ENTERPRISE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 59 ENTERPRISE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 60 ENTERPRISE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 61 ENTERPRISE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 62 ENTERPRISE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 63 ENTERPRISE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 64 ENTERPRISE: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 65 ENTERPRISE: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 66 ENTERPRISE: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 67 ENTERPRISE: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.4 CONSUMER
           9.4.1 SURGING ADOPTION OF VOICE-CONTROLLED SMART ASSISTIVE DEVICES
                    FIGURE 45 MOBILE DEVICE CONTROL APPLICATION TO CAPTURE LARGER SHARE OF SPEECH AND VOICE RECOGNITION MARKET FOR CONSUMER VERTICAL IN 2027
                    TABLE 68 CONSUMER: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 69 CONSUMER: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 70 CONSUMER: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 71 CONSUMER: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 72 CONSUMER: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 73 CONSUMER: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 74 CONSUMER: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 75 CONSUMER: MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 76 CONSUMER: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 77 CONSUMER: MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.5 BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI)
           9.5.1 RISING NEED FOR VOICE AUTHENTICATION IN MOBILE BANKING TO STIMULATE MARKET GROWTH
                    TABLE 78 BFSI: VOICE RECOGNITION MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 79 BFSI: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 80 BFSI: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 81 BFSI: SPEECH RECOGNITION MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 82 BFSI: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 83 BFSI: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 84 BFSI: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 85 BFSI: MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 86 BFSI: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 87 BFSI: MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.6 GOVERNMENT
           9.6.1 INCREASING USE OF SPEECH AND VOICE RECOGNITION SYSTEMS TO IMPROVE EFFICIENCY BOOSTS MARKET GROWTH
                    FIGURE 46 PROOF-OF-LIFE APPLICATION TO LEAD MARKET FOR GOVERNMENT VERTICAL FROM 2022 TO 2027
                    TABLE 88 GOVERNMENT: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 89 GOVERNMENT: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 90 GOVERNMENT: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 91 GOVERNMENT: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 92 GOVERNMENT: VOICE RECOGNITION MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 93 GOVERNMENT: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 94 GOVERNMENT: SPEECH RECOGNITION MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 95 GOVERNMENT: MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 96 GOVERNMENT: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 97 GOVERNMENT: MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.7 RETAIL
           9.7.1 INCREASING USE OF ADVANCED TECHNOLOGIES BY RETAILERS TO PROVIDE PERSONALIZED EXPERIENCE TO CUSTOMERS SUPPORTS MARKET GROWTH
                    TABLE 98 RETAIL: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 99 RETAIL: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 100 RETAIL: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 101 RETAIL: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 102 RETAIL: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 103 RETAIL: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 104 RETAIL: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 105 RETAIL: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 106 RETAIL: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 107 RETAIL: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.8 HEALTHCARE
           9.8.1 GROWING RELIANCE OF CARE PROVIDERS ON SPEECH AND VOICE RECOGNITION TO AVOID ERRORS, INCREASE PRODUCTIVITY, AND IMPROVE EFFICIENCY OF STAFF TO FUEL MARKET GROWTH
                    FIGURE 47 SPECIAL-PURPOSE ROBOTS EXPECTED TO REGISTER HIGHER CAGR IN MARKET FOR HEALTHCARE DURING FORECAST PERIOD
                    TABLE 108 HEALTHCARE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 109 HEALTHCARE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 110 HEALTHCARE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 111 HEALTHCARE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 112 HEALTHCARE: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 113 HEALTHCARE: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 114 HEALTHCARE: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 115 HEALTHCARE: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 116 HEALTHCARE: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 117 HEALTHCARE: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.9 MILITARY
           9.9.1 ONGOING INNOVATION IN SPEECH RECOGNITION TECHNOLOGY-BASED PRODUCTS TO FACILITATE THEIR DEMAND IN MILITARY APPLICATIONS
                    TABLE 118 MILITARY: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 119 MILITARY: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 120 MILITARY: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 121 MILITARY: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 122 MILITARY: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 123 MILITARY: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 124 MILITARY: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 125 MILITARY: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 126 MILITARY: VOICE RECOGNITION MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 127 MILITARY: MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.1 LEGAL
           9.10.1 ELEVATING ADOPTION OF SPEECH AND VOICE RECOGNITION TOOLS BY LAW FIRMS TO FUEL MARKET GROWTH
                    TABLE 128 LEGAL: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 129 LEGAL: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 130 LEGAL: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 131 LEGAL: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 132 LEGAL: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 133 LEGAL: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 134 LEGAL: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 135 LEGAL: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 136 LEGAL: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 137 LEGAL: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.11 EDUCATION
           9.11.1 RISING USE OF SPEECH AND VOICE RECOGNITION TO EDUCATE DISABLED STUDENTS TO CREATE GROWTH OPPORTUNITIES
                    FIGURE 48 EDUCATION FOR DISABLED & E-LEARNING SEGMENT TO RECORD HIGHER CAGR IN MARKET DURING FORECAST PERIOD
                    TABLE 138 EDUCATION: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 139 EDUCATION: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 140 EDUCATION: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 141 EDUCATION: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 142 EDUCATION: MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
                    TABLE 143 EDUCATION: MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
                    TABLE 144 EDUCATION: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 145 EDUCATION: SPEECH RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 146 EDUCATION: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 147 EDUCATION: VOICE RECOGNITION MARKET, BY REGION, 2022–2027 (USD MILLION)
    9.12 OTHERS
                    TABLE 148 OTHERS: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 149 OTHERS: MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 150 OTHERS: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 151 OTHERS: MARKET, BY REGION, 2022–2027 (USD MILLION)

10 SPEECH AND VOICE RECOGNITION MARKET, BY REGION (Page No. - 171)
     10.1 INTRODUCTION
               FIGURE 49 MARKET SEGMENTATION, BY REGION
               FIGURE 50 ASIA PACIFIC TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD
               FIGURE 51 MARKET IN ASIA PACIFIC TO GROW AT HIGHEST CAGR FROM 2022 TO 2027
               TABLE 152 MARKET, BY REGION, 2018–2021 (USD MILLION)
               TABLE 153 MARKET, BY REGION, 2022–2027 (USD MILLION)
     10.2 AMERICAS
               FIGURE 52 AMERICAS: MARKET SNAPSHOT
               TABLE 154 AMERICAS: SPEECH RECOGNITION MARKET, BY REGION, 2018–2021 (USD MILLION)
               TABLE 155 AMERICAS: MARKET, BY REGION, 2022–2027 (USD MILLION)
               TABLE 156 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
               TABLE 157 NORTH AMERICA: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
             10.2.1 NORTH AMERICA
                       10.2.1.1 US
                                   10.2.1.1.1 Prominent presence of key market players boosts demand for speech and voice recognition technologies
                       10.2.1.2 Canada
                                   10.2.1.2.1 High deployment of voice-activated biometrics in banking applications to support market growth
                       10.2.1.3 Mexico
                                   10.2.1.3.1 Strong focus of giant companies on setting up development centers in Mexico to create growth opportunities
             10.2.2 SOUTH AMERICA
                       10.2.2.1 Rapid internet penetration to drive market growth
     10.3 EUROPE
               FIGURE 53 EUROPE: SPEECH RECOGNITION MARKET SNAPSHOT
               TABLE 158 EUROPE: VOICE RECOGNITION MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
               TABLE 159 EUROPE: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
             10.3.1 UK
                       10.3.1.1 Strong government support and technological advancements boost market growth
             10.3.2 GERMANY
                       10.3.2.1 Greater reliance on AI and cognitive technologies in enterprises to fuel demand for speech and voice recognition technologies
             10.3.3 FRANCE
                       10.3.3.1 Significant focus on improving air traffic control fosters growth of speech and voice recognition market
             10.3.4 REST OF EUROPE
     10.4 ASIA PACIFIC
               FIGURE 54 ASIA PACIFIC: MARKET SNAPSHOT
               TABLE 160 ASIA PACIFIC: MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
               TABLE 161 ASIA PACIFIC: VOICE RECOGNITION MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
             10.4.1 JAPAN
                       10.4.1.1 Rapid deployment of Al into innovative robotic devices fuels market growth
             10.4.2 CHINA
                       10.4.2.1 Robust presence of key market players is boosting market growth
             10.4.3 INDIA
                       10.4.3.1 Large-scale technological development and increasing number of mobile and internet users to drive market growth
             10.4.4 REST OF ASIA PACIFIC
     10.5 ROW
               FIGURE 55 MARKET IN ROW, 2022 VS. 2027
               TABLE 162 ROW: MARKET, BY REGION, 2018–2021 (USD MILLION)
               TABLE 163 ROW: MARKET, BY REGION, 2022–2027 (USD MILLION)
             10.5.1 MIDDLE EAST
                       10.5.1.1 Remarkable adoption of voice assistant devices fosters demand for speech and voice recognition technologies
             10.5.2 AFRICA
                       10.5.2.1 Africa to record higher CAGR than Middle East in speech recognition market in RoW from 2022 to 2027

11 COMPETITIVE LANDSCAPE (Page No. - 189)
     11.1 INTRODUCTION
     11.2 REVENUE ANALYSIS OF TOP 5 COMPANIES
               FIGURE 56 REVENUE ANALYSIS (USD MILLION), 2017–2021
     11.3 KEY PLAYER STRATEGIES/RIGHT TO WIN
               TABLE 164 OVERVIEW OF STRATEGIES DEPLOYED BY KEY MANUFACTURERS OF SPEECH AND VOICE RECOGNITION PRODUCTS
     11.4 MARKET SHARE ANALYSIS
               TABLE 165 VOICE RECOGNITION MARKET: DEGREE OF COMPETITION (2021)
               FIGURE 57 MARKET SHARE ANALYSIS: MARKET, 2021
     11.5 COMPANY EVALUATION QUADRANT
             11.5.1 STARS
             11.5.2 EMERGING LEADERS
             11.5.3 PERVASIVE COMPANIES
             11.5.4 PARTICIPANTS
                       FIGURE 58 MARKET COMPANY EVALUATION QUADRANT, 2021
     11.6 STRENGTH OF PRODUCT PORTFOLIO
     11.7 BUSINESS STRATEGY EXCELLENCE
     11.8 COMPETITIVE BENCHMARKING
               TABLE 166 COMPETITIVE BENCHMARKING: VOICE RECOGNITION MARKET
               FIGURE 59 COMPANY VERTICAL FOOTPRINT: MARKET
               TABLE 167 COMPANY TECHNOLOGY FOOTPRINT: MARKET
               TABLE 168 COMPANY REGION FOOTPRINT: SPEECH RECOGNITION MARKET
     11.9 SME EVALUATION QUADRANT FOR MARKET, 2021
             11.9.1 PROGRESSIVE COMPANIES
             11.9.2 RESPONSIVE COMPANIES
             11.9.3 DYNAMIC COMPANIES
             11.9.4 STARTING BLOCKS
                       FIGURE 60 SPEECH AND VOICE RECOGNITION MARKET STARTUP/SME EVALUATION QUADRANT, 2021
     11.10 COMPETITIVE SITUATION AND TRENDS
               11.10.1 PRODUCT LAUNCHES AND DEVELOPMENTS
                                   TABLE 169 PRODUCT LAUNCHES AND DEVELOPMENTS, 2018–2021
               11.10.2 DEALS
                                   TABLE 170 DEALS, 2018–2021

12 COMPANY PROFILES (Page No. - 205)
(Business Overview, Products Offered, Recent Developments, COVID-19 Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
     12.1 KEY PLAYERS
             12.1.1 APPLE
                       TABLE 171 APPLE: BUSINESS OVERVIEW
                       FIGURE 61 APPLE: COMPANY SNAPSHOT
                       TABLE 172 APPLE: PRODUCTS OFFERED
                       TABLE 173 APPLE: DEALS
             12.1.2 MICROSOFT
                       TABLE 174 MICROSOFT: BUSINESS OVERVIEW
                       FIGURE 62 MICROSOFT: COMPANY SNAPSHOT
                       TABLE 175 MICROSOFT: PRODUCTS OFFERED
                       TABLE 176 MICROSOFT: PRODUCT LAUNCHES
                       TABLE 177 MICROSOFT: DEALS
             12.1.3 IBM
                       TABLE 178 IBM: BUSINESS OVERVIEW
                       FIGURE 63 IBM: COMPANY SNAPSHOT
                       TABLE 179 IBM: PRODUCT OFFERED
                       TABLE 180 IBM: PRODUCT LAUNCHES
                       TABLE 181 IBM: DEALS
             12.1.4 ALPHABET
                       TABLE 182 ALPHABET: BUSINESS OVERVIEW
                       FIGURE 64 ALPHABET: COMPANY SNAPSHOT
                       TABLE 183 ALPHABET: PRODUCTS OFFERED
                       TABLE 184 ALPHABET: PRODUCTS LAUNCHES
                       TABLE 185 ALPHABET: DEALS
             12.1.5 AMAZON
                       TABLE 186 AMAZON: BUSINESS OVERVIEW
                       FIGURE 65 AMAZON: COMPANY SNAPSHOT
                       TABLE 187 AMAZON: PRODUCTS OFFERED
                       TABLE 188 AMAZON: PRODUCTS LAUNCHES
                       TABLE 189 AMAZON: DEALS
             12.1.6 BAIDU
                       TABLE 190 BAIDU: BUSINESS OVERVIEW
                       FIGURE 66 BAIDU: COMPANY SNAPSHOT
                       TABLE 191 BAIDU: PRODUCTS OFFERED
                       TABLE 192 BAIDU: PRODUCTS LAUNCHES
                       TABLE 193 BAIDU: DEALS
             12.1.7 IFLYTEK
                       TABLE 194 IFLYTEK: BUSINESS OVERVIEW
                       FIGURE 67 IFLYTEK: COMPANY SNAPSHOT
                       TABLE 195 IFLYTEK: PRODUCTS OFFERED
                       TABLE 196 IFLYTEK: PRODUCTS LAUNCHES
             12.1.8 SPEECH ENABLED SOFTWARE TECHNOLOGIES (SESTEK)
                       TABLE 197 SESTEK: BUSINESS OVERVIEW
                       TABLE 198 SESTEK: PRODUCTS OFFERED
                       TABLE 199 SESTEK: PRODUCTS LAUNCHES
                       TABLE 200 SESTEK: DEALS
             12.1.9 SPEAK2WEB
                       TABLE 201 SPEAK2WEB: BUSINESS OVERVIEW
                       TABLE 202 SPEAK2WEB: PRODUCTS OFFERED
             12.1.10 VERINT
                       TABLE 203 VERINT: BUSINESS OVERVIEW
                       FIGURE 68 VERINT: COMPANY SNAPSHOT
                       TABLE 204 VERINT: PRODUCTS OFFERED
                       TABLE 205 VERINT: PRODUCTS LAUNCHES
                       TABLE 206 VERINT: DEALS
             12.1.11 SPEECHMATICS
                       TABLE 207 SPEECHMATICS: BUSINESS OVERVIEW
                       TABLE 208 SPEECHMATICS: PRODUCTS OFFERED
                       TABLE 209 SPEECHMATICS: PRODUCT LAUNCHES
                       TABLE 210 SPEECHMATICS: DEALS
             12.1.12 DEEPGRAM
                       TABLE 211 DEEPGRAM: BUSINESS OVERVIEW
                       TABLE 212 DEEPGRAM: PRODUCTS OFFERED
                       TABLE 213 DEEPGRAM: DEALS
             12.1.13 VOICEITT
                       TABLE 214 VOICEITT: BUSINESS OVERVIEW
                       TABLE 215 VOICEITT: PRODUCTS OFFERED
             12.1.14 VOICEGAIN
                       TABLE 216 VOICEGAIN: BUSINESS OVERVIEW
                       TABLE 217 VOICEGAIN: PRODUCTS OFFERED
                       TABLE 218 VOICEGAIN: PRODUCT LAUNCHES
                       TABLE 219 VOICEGAIN: DEALS
             12.1.15 SENSORY INC.
                       TABLE 220 SENSORY: BUSINESS OVERVIEW
                       TABLE 221 SENSORY: PRODUCTS OFFERED
                       TABLE 222 SENSORY: PRODUCT LAUNCHES
                       TABLE 223 SENSORY: DEALS
             12.1.16 ASSEMBLYAI
                       TABLE 224 ASSEMBLYAI: BUSINESS OVERVIEW
                       TABLE 225 ASSEMBLYAI: PRODUCTS OFFERED
                       TABLE 226 ASEEMBLYAI: DEALS
             12.1.17 VERBIT
                       TABLE 227 VERBIT: BUSINESS OVERVIEW
                       TABLE 228 VERBIT: PRODUCTS OFFERED
                       TABLE 229 VERBIT: DEALS
             12.1.18 OTTER.AI
                       TABLE 230 OTTER.AI: BUSINESS OVERVIEW
                       TABLE 231 OTTER.AI: PRODUCTS OFFERED
                       TABLE 232 OTTER.AI: PRODUCT LAUNCHES
                       TABLE 233 OTTER.AI: DEALS
             12.1.19 REV
                       TABLE 234 REV: BUSINESS OVERVIEW
                       TABLE 235 REV: PRODUCTS OFFERED
     12.2 OTHER PLAYERS
             12.2.1 RAYTHEON BBN TECHNOLOGIES
             12.2.2 M2SYS
             12.2.3 M*MODAL
             12.2.4 VALIDSOFT
             12.2.5 LUMENVOX
             12.2.6 ACAPELA GROUP
             12.2.7 VOCALZOOM
             12.2.8 UNIPHORE SOFTWARE
             12.2.9 ISPEECH
             12.2.10 GOVIVACE
             12.2.11 ADVANCED VOICE RECOGNITION SYSTEMS
             12.2.12 DOLBEY
             12.2.13 READSPEAKER
             12.2.14 PARETEUM CORPORATION
             12.2.15 SOUNDHOUND INC.

*Details on Business Overview, Products Offered, Recent Developments, COVID-19 Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.

13 APPENDIX (Page No. - 279)
     13.1 INSIGHTS FROM INDUSTRY EXPERTS
     13.2 DISCUSSION GUIDE
     13.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     13.4 AVAILABLE CUSTOMIZATION
     13.5 RELATED REPORTS
     13.6 AUTHOR DETAILS

The study involved four major activities in estimating the size of the speech and voice recognition market. Exhaustive secondary research has been done to collect information on the market, peer market, and parent market. Validation of these findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the global market size. After that, market breakdown and data triangulation have been used to estimate the market sizes of segments and subsegments.

Secondary Research

The secondary sources referred to for this research study includes corporate filings (such as annual reports, press releases, investor presentations, and financial statements); trade, business, and professional associations (such as Consumer Technology Association (CTA), Integrated Systems Europe, the Organisation Internationale des Constructeurs d'Automobiles (OICA), the Society for Information Display (SID), and Touch Taiwan); white papers, certified publications, and articles by recognized authors; gold and silver standard websites; directories; and databases.

Secondary research has been conducted to obtain key information about the supply chain of the speech and voice recognition industry, the monetary chain of the market, the total pool of key players, and market segmentation according to the industry trends to the bottommost level, regional markets, and key developments from both market- and technology oriented perspectives. The secondary data has been collected and analyzed to arrive at the overall market size, which has further been validated by primary research.

Primary Research

Extensive primary research has been conducted after acquiring an understanding of the speech and voice recognition market scenario through secondary research. Several primary interviews have been conducted with market experts from both the demand- (consumers, industries) and supply-side (speech and voice recognition device manufacturers) players across four major regions, namely, Americas, Europe, Asia Pacific, and the Rest of the World (the Middle East & Africa). Approximately 75% and 25% of primary interviews have been conducted from the supply and demand side, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in our report.

After interacting with industry experts, brief sessions were conducted with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report.

Speech and Voice Recognition Market  Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Both top-down and bottom-up approaches have been used to estimate and validate the total size of the speech and voice recognition market. These methods have also been extensively used to estimate the sizes of various market subsegments. The research methodology used to estimate the market sizes includes the following:

  • Identifying various applications that use or are expected to use the speech and voice recognition market.
  • Analyzing historical and current data pertaining to the size of the speech and voice recognition market, in terms of volume, for each application using their production statistics
  • Analyzing the average selling prices of speech and voice recognition based on different technologies
  • Studying various paid and unpaid sources, such as annual reports, press releases, white papers, and databases
  • Identifying leading manufacturers of speech and voice recognition sensors, studying their portfolios, and understanding features of their products and their underlying technologies, as well as the types of speech and voice recognition offered
  • Tracking ongoing and identifying upcoming developments in the market through investments, research and development activities, product launches, expansions, and partnerships, and forecasting the market size based on these developments and other critical parameters
  • Carrying out multiple discussions with key opinion leaders to understand the technologies used in speech and voice recognition, raw materials used to develop them, and products wherein they are deployed, and analyze the break-up of the scope of work carried out by key manufacturers of speech and voice recognition solutions providers
  • Verifying and crosschecking estimates at every level through discussions with key opinion leaders, such as CXOs, directors, and operations managers, and finally with domain experts at MarketsandMarkets

Market Size Estimation Methodology-Bottom-up approach

Speech and Voice Recognition Market  Size, and Share

To know about the assumptions considered for the study, Request for Free Sample Report

Data Triangulation

After arriving at the overall market size using the market size estimation processes explained above—the market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides.

The main objectives of this study are as follows:

  • To define, describe, segment, and forecast the speech and voice recognition market, in terms of value, based on technology, deployment mode, vertical, and region.
  • To forecast the speech and voice recognition market, in terms of volume, based on application
  • To forecast the size of the market and its segments with respect to four main regions, namely, Americas, Europe, Asia Pacific (APAC), and the Rest of the World (RoW), along with their key countries
  • To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market
  • To provide detailed information regarding the key factors influencing market growth, such as drivers, restraints, opportunities, and challenges
  • To provide a detailed analysis of the speech and voice recognition supply chain
  • To analyze the opportunities in the market for stakeholders and provide a detailed competitive landscape of the market leaders
  • To strategically profile the key players and comprehensively analyze their market ranking and core competencies2
  • To analyze key growth strategies such as expansions, contracts, joint ventures, acquisitions, product launches and developments, and research and development activities undertaken by players operating in the speech and voice recognition market.

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Speech and Voice Recognition Market Size,  Share & Growth Report
Report Code
SE 4365
Published ON
Jun, 2022
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