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Voice Recognition Market Share

Report ID: GMI1572
Published Date: Mar 2022
Report Format: PDF

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of voice recognition reached $3.5 billion in 2021 and is predicted to register around 15% CAGR during the forecast timeline of 2022-2028.

The U.S. market size from the cloud deployment model will record 20% CAGR through 2028 due to its ability to accurately convert audio bytes into text in real-time.

The BFSI sector may observe a notable CAGR of 25% in Germany market through 2028 as voice recognition technologies can safely process financial transactions on the digital banking platforms.

Asia Pacific accounted for nearly 15% of the revenue share in 2021 as several e-commerce platforms across the region are integrating vernacular voice assistants into their web and mobile apps.

Companies, such as Advanced Voice Recognition Systems Inc., Alphabet Inc., Aculab PLC, Apple Inc., Amazon.com Inc., and Brainasoft, among numerous others, are the major players of this market.