The Speech and Voice Recognition Market to Be Worth $23.11 Billion by 2030
Research firm MarketsandMarkets expects the global speech and voice recognition market to grow from its current value of $9.66 billion to $23.11 billion by 2030, at a compound annual rate of 19.1 percent.
The demand for speech and voice recognition is increasing due to the global shift toward hands-free, efficient, and intuitive user interfaces across industries, the research firm said, noting that interest is particularly high in vehicle, smart appliance, and digital banking applications. As smart devices and voice assistants become part of daily life, users expect seamless voice interaction for tasks like searching, controlling devices, and communicating, it said.
Businesses are adopting voice AI to enhance customer service, automate workflows, and improve accessibility, MarketsandMarkets found, with advancements in artificial intelligence and multilingual support expanding use in emerging markets, while security needs are driving growth in voice biometrics.
The automatic speech recognition segment captured the majority of the speech and voice recognition market in 2024 due to its widespread application across industries such as customer service, healthcare, education, and media, the firm said, noting that ASR enables real-time transcription, voice commands, and audio content indexing, significantly improving productivity and accessibility. Its integration into virtual assistants, call centers, and conferencing platforms has grown rapidly with the rise of remote work and digital transformation, it said further, while enhanced accuracy through AI along with support for multiple languages and dialects has further driven adoption.
MarketsandMarkets also found that cloud deployment of speech and voice recognition solutions is growing at the highest rate due to its scalability, cost-effectiveness, and ease of integration across platforms. Cloud-based models, it said, allow businesses to access advanced speech recognition capabilities without investing heavily in on-premises infrastructure. This is particularly valuable for startups and smaller firms seeking flexibility and faster deployment. The cloud also enables real-time processing, updates, and maintenance, ensuring continuous performance improvement and security.
As remote work, virtual collaboration, and digital services expand globally, cloud solutions support seamless voice interfaces across devices and locations, it said further.
Cloud platforms like Amazon Web Services, Microsoft Azure, and Google Cloud also offer pre-trained voice AI models, APIs, and tools that accelerate development and customization, and industries such as e-commerce, healthcare, and finance benefit from cloud-hosted voice applications for transcription, customer support, and secure user authentication, according to MarketsandMarkets, which found that the growing demand for multilingual, always-accessible, and easily scalable solutions positions cloud deployment as the fastest-growing segment in this market.
The leading speech and voice recognition companies include Apple, Microsoft, IBM, Alphabet, Amazon, Baidu, Verint, iFlytek, and Speechmatics, according to MarketsandMarkets.