The speech and voice recognition market is projected to grow from USD 9.4 billion in 2022 to USD 28.1 billion by 2027, at a CAGR of 24.4% from 2022 to 2027. Major factors driving the growth of the speech and voice recognition market include increasing demand in healthcare for improving efficiency and the growing use of smart appliances
Key players in the speech and voice recognition market include 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).To compete in the speech and voice recognition market, these companies have used a variety of growth strategies, including product launches and development, expansions, collaborations, and acquisitions. From 2018 to 2021, the key players most dominant strategy for strengthening their product portfolio and broadening their consumer base has been product launches and developments.
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Microsoft has been a prominent player in providing licensing-based software and solutions. The company’s broad range of hardware and software solutions and related services allow it to serve various verticals, such as automotive, banking, and consumer goods. Machine learning, deep learning, natural language processing, and speech processing are the companys key focus areas in the AI market. In the speech and voice recognition market, the company offers multiple products, including the Microsoft auto 3.1 platform and Windows speech recognition, which not only support various languages but are featured with high accuracy and user-friendly design. Microsoft also provides customized software solutions such as Microsoft.net with a wide range of features such as web and application development. It is constantly engaged in R&D to innovate and offer new products in the market. Microsoft places a significant emphasis on research and development (R&D). The company invests heavily in developing technologies, tools, and platforms that include everything from digital work and life experiences to cloud computing, device operating systems, and hardware. It has an overall share of 33–35% of the speech and voice recognition market.
IBM is a leading cloud platform and cognitive solutions company. It manufactures and markets computer hardware, middleware, and software solutions and offers hosting and consulting services. The company operates through the following business segments: Software, Consulting, Infrastructure, Financing, and Other. It provides Watson, a cognitive computing platform that interacts in natural language, processes big data, and learns from interactions with people and computers. It has an overall share of 12–15% in the speech and voice recognition market.
Alphabet has strong brand recognition and expertise in the cognitive domain. Its speech and voice recognition software solutions are used widely across the automotive, enterprise, consumer, healthcare, education, and legal verticals. The company aims to improve the performance of its Google Cloud, Google Services, and Other Bets segments. To support long-term business growth, it is expected to invest in land and buildings for data centers and offices, as well as servers and network equipment. It operates through its subsidiaries globally and has a network of R&D facilities across the Americas, Europe, and Asia as of December 2021. The company has invested about 15% of its overall revenue in R&D activities in the past three years to provide state-of-the-art AI and ML solutions. Its flagship product, Cloud Text-to-Speech, has become one of the popular solutions to convert text to audio by applying powerful neural network models with an easy-to-use API. It has an overall share of 9–11% in the 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
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