The speech recognition market is expected to grow from $3.7 billion currently to $12 billion by 2022, at a compound annual growth rate (CAGR) of 15.8 percent, while the voice recognition market is expected to grow from $440.3 million today to $2 billion by 2022, at a CAGR of 23.7 percent, according to research by MarketsandMarkets.
The factors driving the speech and voice recognition market are the growing instances of fraud and the adoption of mobile banking.
Speech recognition technology is being used in an ever-increasing array of applications as a result of the continuing advancement of computing power and widespread adoption of mobile and cloud-based computer technology, the research firm concluded. The growth has been particularly noticeable in the healthcare sector, where speech recognition is used to produce health data records.
The large market size of the consumer vertical is attributed to the higher penetration rate of speech and voice recognition technologies in consumer products such as smartphone, laptops, and tablets. Major companies such as Google, Apple, and Microsoft are leveraging their large customer bases and neural networks to process, understand, and take decisive actions based on real-time voice inputs from the user. In the long term, speech and voice recognition abilities are expected to be integrated with other consumer devices, such as refrigerators, ovens, mixers, thermostats, and so on with the growth of the Internet of Things (IoT). The growth with these other consumer devices is expected to be fueled by the trend among OEMs of integrating speech and voice recognition technology in their devices.
The research also found that North America dominated the global speech and voice recognition market, owing to its large-scale deployment of biometric systems. Government initiatives to deploy biometrics across agencies are driving the biometrics market in North America.
According to the report, some of the major vendors in the speech and voice recognition market are Nuance Communications, Microsoft, Agnitio, Biotrust, VoiceVault, VoiceBox Technologies, LumenVox, Raytheon BBN Technologies, Sensory, and MMODAL.