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Voice Recognition Market Size By Deployment Model (Cloud, On-Premise), By Technology (AI-Based, Non-AI Based), By End-Use (Aerospace, Automotive, BFSI, Consumer Electronics, Government & Defense, Healthcare), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI1572
  • Base Year: 2021
  • Report Format: PDF

Industry Trends

Voice Recognition Market size surpassed USD 3.5 billion in 2021 and is anticipated to expand at 15% CAGR from 2022 to 2028. The industry players offer customized solutions, increasing the productivity of businesses by automating the interaction between the organizations and customers.
 

Voice Recognition Market

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The increasing adoption of voice biometrics with real-time speech analytics capability in various industry verticals will spur the market demand. Various participants are integrating technologies with voice recognition systems to make it easier for organizations to adopt solutions that enhance their contact centers with an AI-based digital workforce. For instance, in July 2021, Five9 announced that it will add real-time speech analytics, voice biometrics, and partner capabilities to its smart cloud contact center system to enable the deployment of Five9 Intelligent Virtual Agents (IVAs) with minimal coding. It includes a range of pre-built IVA solutions for healthcare companies that helps in health plan enrollment, prescription management, and appointment scheduling.
 

The ongoing COVID-19 pandemic had a moderate impact on the voice recognition market owing to the surge in the adoption of smart appliances. The government administrations globally imposed stringent lockdown measures in the first half of 2020, resulting in an increasing population spending more time at home. This augmented the need for voice recognition technology-based appliances that can execute tasks faster than the conventional systems.
 

Growing demand for cloud-based voice recognition solutions in the U.S.

The U.S. cloud-based voice recognition market will register a growth rate of nearly 20% through 2028 led by their ability to accurately transcribe audio to text in real-time. The U.S. has a strong presence of leading cloud service providers, such as Google Cloud, Amazon Web Services, Inc., IBM Cloud, and Microsoft Azure, that offer advanced voice recognition solutions. These market players offer Cortana, Watson, and Siri that enable fast and accurate speech transcription in multiple languages for a variety of use cases including customer self-service, agent assistance, and speech analytics.
 

High availability of non-AI based technology in developing economies

The adoption of non-AI technologies in voice recognition solutions has created a positive outlook for the market in countries such as Brazil, South Korea, and South Africa. The market is observing moderate adoption of non-AI based voice recognition solutions as compared to the AI-based technology as it has limited capability to effectively interpret colloquialisms, abbreviations, and acronyms.
 

Lack of precision, distorted speech, and the possibility of errors in data processing driven by incorrect encoding and compression techniques impedes the growth of the non-AI based voice recognition market. This has prompted industry leaders to offer scalable voice recognition tools with Artificial Intelligence (AI) and machine learning (ML) functionalities to provide higher accuracy and better analytical insights.
 

Voice recognition technology smoothing the banking operations in Germany

Germany Voice Recognition Market Share, By End-Use

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In Germany, the voice recognition market demand from the BFSI industry will showcase 25% gain from 2022 to 2028 impelled by their ability to process a transaction securely on digital banking platforms. Banks operating in the industry are adopting voice recognition technology to offer various services that allow customers to use speech to transfer money, check account balances & transaction history, and perform other specific tasks.
 

Expanding e-commerce sector in the Asia Pacific

Asia Pacific Voice Recognition Market Share

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The Asia Pacific voice recognition market accounted for around 15% of the revenue share in 2021 and will capture steady growth due to the rising penetration of e-commerce platforms that integrate vernacular voice assistants into their mobile and web apps. According to the India Brand Equity Foundation (IBEF), India's e-commerce market was projected to grow from USD 46.2 billion in 2020 to USD 111.4 billion by 2025. This encourages companies to offer voice recognition solutions that help customers to efficiently log in and fill in their personal details on e-commerce platforms to purchase a product.
 

 The voice recognition solution is enabled with Artificial Intelligence (AI) and machine learning to capture customer’s shopping behavior and habits by analyzing the voice command history. The system recommends and reminds customers about products that have previously been a part of their cart and are missing in the current list. This helps the e-commerce companies to offers personalized and enriched shopping experiences.
 

Launch of voice recognition solutions with enhanced features to form a key strategy

Key players operating in the voice recognition market include Aculab PLC, Advanced Voice Recognition Systems Inc., Alphabet Inc., Amazon.com Inc., Apple Inc., Aware Inc., Brainasoft, Fujitsu Ltd., IBM Corporation, Iflytek, Microsoft Corporation, NEC Corporation, Neurotechnology, Nuance Communications Inc., Phonexia, Raytheon Technologies Corporation, Sensory Inc., Thales Group (Gemalto), Uniphore Software Systems, Validsoft, Verint Systems Inc., and Vocalect Biometric Solutions, LLC.
 

The industry participants are focusing on introducing voice recognition solutions with easier deployment options and more powerful performance. For instance, in October 2021, Phonexia announced new product upgrades for its speech analysis and voice biometrics portfolio. The products have various new capabilities including the integration of Vietnamese with speech transcription technology with up to 92%-word accuracy and improved word accuracy of American English speech transcription by 3% in comparison to the prior generation. The growing introduction of advanced voice recognition solutions by leading players with high transcription accuracy will provide impetus to the industry.
 

This voice recognition market research report includes in-depth coverage of the industry with estimates & forecasts s in terms of revenue in USD from 2018 to 2028, for the following segments:

Market, By Deployment Model

  • Cloud
  • On-premise

Market, By Technology

  • AI-Based
  • Non-AI Based

Market, By End-use

  • Aerospace
  • Automotive
  • BFSI
  • Consumer Electronics
  • Government & Defense
  • Healthcare
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Singapore
    • South Korea
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • GCC
    • South Africa
       
Authors: Preeti Wadhwani, Saloni Gankar

Frequently Asked Questions (FAQ) :

The market size of voice recognition reached $3.5 billion in 2021 and is predicted to register around 15% CAGR during the forecast timeline of 2022-2028.

The U.S. market size from the cloud deployment model will record 20% CAGR through 2028 due to its ability to accurately convert audio bytes into text in real-time.

The BFSI sector may observe a notable CAGR of 25% in Germany market through 2028 as voice recognition technologies can safely process financial transactions on the digital banking platforms.

Asia Pacific accounted for nearly 15% of the revenue share in 2021 as several e-commerce platforms across the region are integrating vernacular voice assistants into their web and mobile apps.

Companies, such as Advanced Voice Recognition Systems Inc., Alphabet Inc., Aculab PLC, Apple Inc., Amazon.com Inc., and Brainasoft, among numerous others, are the major players of this market.

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Premium Report Details

  • Published Date: Mar 2022
  • Companies covered: 22
  • Tables & Figures: 261
  • Countries covered: 19
  • Pages: 300

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