Voice Recognition Market to Reach $18.3 Billion by 2023

The speech and voice recognition market is expected to hit $6.19 billion this year and undergo dramatic growth to $18.3 billion by 2023, expanding at a compound annual growth rate of 19.8 percent, according to the latest research from MarketsandMarkets.

Increased demand for speech-based biometric systems for multifactor authentication, particularly in mobile banking applications, and the growing impact of artificial intelligence (AI) on the accuracy of speech and voice recognition are expected to drive the growth of the market, MarketsandMarkets concluded in its "Speech and Voice Recognition Market, Global Forecast to 2023" report.

Though there are many business use cases for the technology, the report says consumer uses are likely to expand at a higher rate. A key factor for this is increasing efforts of original equipment manufacturers to bring speech and voice recognition technology to their devices.

The report also identified North America as the area expected to hold the largest share of the speech and voice recognition market during the forecast period. This is due largely to the deployment of biometric systems to ensure high level of security.

The report also identified Nuance Communications, Microsoft, Alphabet (Google), Cantab Research, Sensory, ReadSpeaker, Pareteum, Iflytek, VoiceVault, VoiceBox Technologies, LumenVox, and Acapela Group as the major players operating in the speech and voice recognition market.

This latest report is markedly different than MarketsandMarkets predictions from last year, which valued the speech market at only $12 billion by 2022. At the time, the research firm predicted that the speech recognition market would grow from $3.7 billion to $12 billion by 2022, at a compound annual growth rate (CAGR) of 15.8 percent, while the voice recognition market would to grow from $440.3 million to $2 billion by 2022, at a CAGR of 23.7 percent.

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