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Voice Recognition Market worth over $10 Bn by 2028
- Published Date: April 7, 2022
Voice Recognition Market size is set to reach USD 10 billion by 2028, according to a new research report by Global Market Insights Inc.
The demand for safe offline shopping experiences with minimal physical proximity with store staff is propelling the use of voice recognition in the retail industry. To attract customers, retailers are leveraging voice recognition technologies for contactless in-store shopping experiences. The industry participants help retailers to adapt to new shopping norms & preferences and ensure employee & customer safety. The market is observing the introduction of an advanced solution that brings the ease & customization of online shopping into the offline retail space.
The COVID-19 pandemic moderately impacted the voice recognition market in FY2020 owing to the high adoption by end-user industries. For instance, the healthcare industry increased the usage of voice recognition solutions in 2020 driven by the surge in the demand for contactless patient monitoring. This encouraged healthcare professionals to use voice recognition software that helps in generating Electronic Health Record (EHRs). This eliminates the need for dictations & transcriptions, enabling healthcare professionals to provide optimum services to patients.
The voice recognition market continued to grow in 2021 due to the high acceptance of voice recognition solutions in the BFSI sector to minimize the data breaches caused by fraudulent access by intruders.
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Increasing adoption of the cost-effective & on-premise deployment model
The on-premise deployment model enables the easy integration of voice recognition technologies into various products & services such as smart devices and digital apps. It provides full control over IT infrastructure and protects speech information to meet the data residency & compliance requirements. This deployment model offers optimum simplicity by enabling customers to highlight & queue incomplete dictation reports. Key players are offering accurate dictation & automated transcriptions and advanced customizations without specialized interfacing & integration with third-party applications.
Browse key industry insights spread across 300 pages with 227 market data tables and 34 figures & charts from the report, “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”, in detail along with the table of contents:
Increasing popularity of AI-based speech voice solutions
The AI-based voice recognition market is expanding on account of their ability to identify various components such as accent, context, dialects, emotions, and semantics from different languages. The strong presence of AI technology providers such as Alphabet Inc., Amazon Web Services, Inc., IBM Corporation, Intel Corporation, and Microsoft Corporation is helping the market growth.
Organizations operating in different industry verticals such as BFSI and healthcare are actively adopting AI-based voice recognition models to automate contact center queries, develop intelligent voice assistants, and allow voice interfaces for smart devices & apps. As advancements in the voice recognition market continue to evolve, the demand in the AI-based market is poised to increase. This will create a positive outlook for the voice recognition solutions as it helps in capturing different language keywords in real-time.
Advanced voice recognition solutions demand from the government & defense sector
The market is witnessing an increasing number of e-government initiatives in various countries including the U.S., India, and the UK to minimize paper processes and deliver various services through digital platforms. Government administrations are focusing on using advanced technologies to make their infrastructures robust & secure and their processes efficient & accessible for citizens. Companies offer voice recognition software that uses behavioral analytics and conversational AI to help citizens use government portals.
Expanding automotive sector in the Europe
The Europe voice recognition market size is expected to grow at a CAGR of about 18% through 2028. Several countries in Europe including Germany and Italy have a strong presence of automobile companies focusing on R&D activities to introduce new vehicles. These companies are designing premium vehicles based on advanced voice recognition technology. The increasing introduction of smart vehicles embedded with voice recognition systems to enhance the driving experience.
Strategic partnerships is the key strategy adopted by the key participants
Major companies 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.
Industry players are undertaking long-term partnerships with leading software companies to allows end users to verify their identities quickly & securely by using their unique voiceprints.
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