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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.
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.
Why are voice recognition solutions being used in Germany
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.
How will the cloud deployment model affect the U.S. voice recognition demand?
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.
How big is the voice recognition market?
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.
Why is Asia Pacific a viable market for voice recognition solutions?
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.
Which are the organizations operating in the global voice recognition industry?
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.