Voice and Speech Recognition Market to Hit $123.7 Billion by 2034

Polaris Market Research expects the voice and speech recognition market to reach $123.7 billion by 2034, growing at a compound annual rate of 18.8 percent. It valued the market at $26.31 billion in 2025.

The research firm identifies voice and speech recognition as programs to receive, interpret, and perform spoken commands, enabling voice commands between consumers and technology to assist with reminders and simple tasks.

Voice, Polaris said in its report, has emerged as a viable authentication method like fingerprints or iris because it is a unique characteristic of each individual.

Banking institutions are introducing voice biometric systems as core credentials for customer logins, it said further, noting that the software is also in use around the world at airports and international border controls.

Polaris sees customer preference for voice biometrics over other conventional methods as the key driver behind the proliferation of voice recognition technology. Other drivers include the rising adoption of smart devices, such as smartphones, wearables, and IoT technology with built-in voice assistants and the rising adoption of voice assistants in automobiles.

Also key to the market's positive outlook is the healthcare segment, which held a 36.54 percent share of the total market in 2024, fueled by the increasing need for efficient clinical documentation and improved patient interaction, according to Polaris.

Voice recognition software is easy to use once installed and often contains features such as a help option that helps users customize it as per their needs, it said.

The report identifies the key market players as Advanced Voice Recognition Systems, Agnitio, Amazon, Anhui USTC iFlytek, Apple, Baidu, Google, IBM, LumenVox, M2Sys, Microsoft, Raytheon, Sensory,;ValidSoft, VoiceBox Technologies (Cerence), and VoiceVault.