Voice Recognition Market Analysis

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.

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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.

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.