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 [24]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.