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Voice Recognition Market Size

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

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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.

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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.

Voice Recognition Market Report Attributes
Report Attribute	Details
Base Year:	2021
Voice Recognition Market Size in 2021:	USD 3.5 billion
Forecast Period:	2022 to 2028
Forecast Period 2022 to 2028 CAGR:	15%
2028 Value Projection:	USD 10 billion
Historical Data for:	2018 to 2021
No. of Pages:	300
Tables, Charts & Figures:	261
Segments covered:	Deployment Model, Technology, End-Use, Region
Growth Drivers:	Rise in adoption of voice biometrics for enhancing identity and security among various industry verticals Increasing adoption of the AI-based voice recognition systems Stringent government regulations drive the need for secure authentication technologies in healthcare sector Need to prevent unauthorized access to IT facilities and other security-sensitive areas Growing popularity of mobile payments using voice recognition software Proliferation of smart consumer electronics devices in Asia Pacific Development of voice-enabled in-car infotainment systems in Europe and the U.S.
Pitfalls & Challenges:	Data security & privacy concerns High cost of implementation

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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.

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.