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.

Voice Recognition Market Analysis

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.

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.

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.

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.

Voice Recognition Market Share

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.
• 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:

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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