Voice Recognition Market offers good growth opportunities post COVID-19

The report on the Voice Recognition Market is segmented by Deployment Model Type (On-premise, Cloud), by Technology Type (AI-based, Non-AI based), by End-Use Type (Aerospace, Automotive, BFSI, Consumer Electronics, Government & Defense, Healthcare, and Others), and by Region (North America, Europe, Asia-Pacific, and the Rest of the World), It also covers the COVID-19 Impact Analysis and Forecast to 2028.

Market Insights

The voice recognition market was valued at USD 4.18 billion in 2022 and is likely to grow at a CAGR of 15.12% during 2023-2028 to reach USD 9.79 billion in 2028.

What is voice recognition?

Voice recognition technology allows voice and speech identification including the frequency, pitch, and accent of any speaker. It is used to identify, distinguish, or authenticate a particular speaker’s voice.

Many companies are already using this tool for different purposes. Hands-free callings, voice biometrics for user verification, etc. are a few applications where this technology is being used widely.

COVID-19 IMPACT

The global pandemic Covid-19 largely impacted all the major industries in the year 2020. However, the voice recognition market boomed during this period. As the whole world was in lockdown, the number of people working from home increased generating a need for intelligent and smart equipment. Due to a need for contactless human engagement, speech technology for finding and aiding in entertainment, communication, and medical fields was adopted.

Key players

Some of the key players in the market are-

• Aculab PLC

• Agnitio S.L.

• Auraya Systems

• Aware, Inc.

• Daon, Inc.

• ID R&D, Inc.

• Mobvoi Information Technology Company Limited

• NEC Corporation

• Nuance Communications, Inc.

• OneVault.

Report Features

The report provides critical insights into the market dynamics that enables strategic decision making that is critical to the growth of the existing players as well as those planning to enter the market. This report offers an improvised approach to consolidate the growth decisions by covering the following features –

- Market structure - as it reflects the value chain of different commodities in the market.

- Drivers and Constraints - as both can affect any element of the marketing mix -- product, budget, and place, etc.

- Market Forecast - a part of the decision-making process. This helps users with facts regarding projected sales dimensions, costs, market shares, and other areas of planning.

- Competitive landscape and dynamics: The user can determine the strengths and gaps. The information mentioned here will work towards enhancing the brand's strategy.

- Growth strategies - allowing a small business to survive unexpected changes, and to grow into a bigger entity, and gain a greater competitive advantage.

Market Dynamics

The voice recognition market has experienced significant growth in recent years, driven by several key factors. Below given are a few -

• Rising adoption in Medical Industry – Doctors, therapists, and other medical professionals can dictate notes and medical details into their Electronic Health Record (HER) platforms using voice recognition enabling them to save writing time. The adoption of voice recognition in the medical industry is expected to grow rapidly in the coming years.

• Increasing Demand for Voice-Enabled Devices: Rising adoption of voice-enabled devices, such as smart speakers, smartphones, and wearable devices, has powered the demand for voice recognition technology. Different sources state that there are more than 70 percent of consumers rely on voice search instead of typing.

• Growing adoption of voice recognition technology in smart devices – There is widespread usage of voice recognition technology in devices like smart TVs, vacuum cleaners, Wi-Fi smart thermostats with voice control, etc. For instance, the GE profile top load 900 series washing machine uses Amazon Alexa which allows owners to use their voice as a command.

• Increasing adoption of Artificial Intelligence (AI) and other technologies – A rapid growth in the demand for voice recognition technology can be witnessed due to the adoption of AI across end-user verticals. AI efficiently converts speech into algorithms. Hence, with the rising number of AI-based digital assistants, such as Alexa and Cortana, the demand for voice recognition will grow simultaneously.

• Smart Cars with smart features – Automotive industry has witnessed a surge and is expected to grow in the coming years too. Technological advancements like voice assistance, etc. are a part of innovations in the automotive industries. For instance, Toyota and Google have partnered to bring AI-powered voice assistants that will be featured in every new car from Toyota and Lexus such as the Toyota Corolla family, Tundra and Sequoia and Lexus NX, RX, and all-electric RZ from 2023 onwards.

Segment Analysis

Based on the deployment model type, the market is segmented as on-premise and cloud. The cloud-based deployment model is expected to register higher growth during the forecast period. It offers various gainful features, such as IT security, scalability, high speed, and 24*7 services, and requires only a proper internet connection which minimizes the physical infrastructural costs, boosting the segment’s growth over the forecast period.

Based on the technology type, the market is segmented as AI-based and non-AI based. AI-based technology is estimated to hold the major share of the market during the forecast period. Factors such as the capability of AI models to process larger datasets with more accuracy compared to traditional models, to adapt to changes in language on their own and enhance their accuracy level through their self-learning abilities, to identify various components such as semantics, accent, context, and words from foreign languages, are expected to fuel the product demand in the market during the forecast period.

Based on the end-use type, the market is segmented as aerospace, automotive, BFSI, consumer electronics, government & defense, healthcare, and others. The BFSI sector is projected to witness significant growth during the forecast period on account of rapidly growing digital banking coupled with an increase in the number of identity frauds. Increasing identity fraud activities can lead to enormous losses for financial institutions, thus banks are focusing on implementing technologies, such as voice recognition technology to authenticate users’ identity and process a secure transfer of their information from remote locations, increasing the accuracy of detecting a person with fraudulent behavior, fueling the market growth during the forecast period.

In terms of regions, Asia-Pacific accounted for the largest market share of more than 15% in 2022, owing to the increasing adoption of smart electronic devices in the region during the forecast period. Factors such as consumer electronics devices being integrated with biometric-based voice recognition technology which offers hands-free activation and interactive actions using voice commands and growing production and consumption of electronic devices in the region are expected to accelerate the growth of the regional market over the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Critical Questions Answered in the Report

 What are the key trends in the Voice Recognition Market?

 How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?

 What is the impact of COVID-19 on Voice Recognition Market?

 What are the key strategies adopted by the major vendors to lead in the Voice Recognition Market?

 What is the market share of the top vendors?

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