Voice Recognition Market Size

Voice Recognition Market Size

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.

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.