Global Speech Recognition Technology Market to Grow by $16 Billion Through 2028
Global Industry Analysts projects the voice and speech recognition technology market worldwide to grow by $16 billion over the next seven to eight years, growing at a compound annual rate of 16 percent despite the negative impact of the coronavirus pandemic on the industry.
The analyst firm expects the United States to readjust to a 13.9 percent CAGR. Within Europe, Germanyis expected to add more than $572.2 million, while the rest of the region will account for more than $508.6 million worth of projected demand. In Japan, the market is expected to reach a market size of $848.9 million, while China is expected to grow at 21.3 percent over the next couple of years and add approximately $3 billion in terms of addressable market opportunity.
Leading vendors identified in the report include 7.ai, Acapela Group, Advanced Voice Recognition Systems, Apple, Applied Voice & Speech Technologies, BioTrust ID, Concentrix, Genesys, Google, Honeywell, IBM, LumenVox, Microsoft, Nuance Communications, Sensory, Sestek, Voxware, and Wizzard Speech.
New reporting from Global Industry Analysts projects the voice and speech recognition technology market to reach $20.9 billion worldwide by 2026.