GIA Eyes Nearly 18 Percent CAGR for Speech and Voice Recognition
Global Industry Analysts (GIA) valued the global market for voice and speech recognition technology at $7.7 billion in 2020 and projects it to reach $20.9 billion by 2026, growing at a compound annual rate of 18.1 percent.
Growth in the global market is being driven by the expanding applications of voice and speech recognition technologies, with customer care, healthcare, and financial institutions emerging as major end-use markets for the technology, GIA reported
Voice and speech recognition technology is emerging as the basis of advanced voice services in various applications, including voice-based commerce, customer service applications, clinical documentation for healthcare, and virtual digital assistants for automobiles. The research firm found growing adoption of speech technology in automobiles and in-car systems, with both U.S. and European automobile manufacturers exhibiting high levels of interest in the technology.
Rising demand for speech-based biometric systems for multifactor authentication, particularly in the financial, healthcare, and ecommerce sectors, is another major factor driving growth in the market, it said.
Sustained innovations in computing power and the growing adoption of cloud-based services are also boosting market prospects, the company found.
Automatic speech recognition, text-to-speech, and speaker verification are the applications driving most of the growth in the speech technology marketplace.
GIA estimates the current U.S. market for the technology at $2.9 billion, accounting for a 33.2 percent share of the total market. It expects China's share to reach $2.3 billion by 2026. Other noteworthy geographic markets are Japan and Canada, forecast to grow at 16 percent and 16.4 percent respectively through 2026. Germany is forecast to grow at approximately 17 percent CAGR, while the rest of Europe will reach $2.8 billion by 2026, GIA predicts.
Global Industry Analysts expects the speech market to grow by 16 percent over the next eight years.