Voice Search to Be a $112 Billion Market by 2032
Research firm Market.us valued the global voice search market at $20.3 billion in 2022 and expects it to reach $112.5 billion by 2032, growing at a compound annual rate of 19.2 percent.>
The firm defined voice search as a tool that helps recognize speech and then convert it into text that can be used to search on the web.
Based on deployment, the research firm found the cloud segment to be more lucrative than on-premises deployments, with a market share of 59 percent And among industry verticals, it found the healthcare segment to be the most lucrative with a revenue share of 29 percent.
The market growth is being propelled by advanced technologies such as the Internet of Things and artificial intelligence, according to the research. At the same time, though, the market continues to be held back by issues related to language fluency, accent, noise, punctuation, technical jargon, and specific individual identifiers, it said, noting that information privacy is also an issue.
The report identified Sensory, SemVox, Raytheon, Nuance Communications, Nortek, 3M/M*Modal, Microsoft, IBM, Google, Facebook, CastleOS Software, BioTrust ID, Baidu, Apple, iFlyTek, Agnitio, and Advances Voice Recognition Systems as the leading companies in the voice search market.