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Speech and Voice Recognition Market by Type (Speech and Voice Recognition), End User (Automotive, Healthcare, BFSI, Education, Legal), Technology (Artificial Intelligence and Non-Artificial Intelligence), and Geography - Global Forecast to 2025

October 2019 | 175 pages | ID: SDD39E1B6BE3EN
Meticulous Market Research Pvt. Ltd.

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Speech and Voice Recognition Market by Type (Speech and Voice Recognition), End User (Automotive, Healthcare, BFSI, Education, Legal), Technology (Artificial Intelligence and Non-Artificial Intelligence), and Geography- Global Forecast to 2025

The global speech and voice recognition market is expected to grow at a CAGR of 17.2% from 2019 to reach $26.79 billion by 2025. Speech recognition is emerging as a crucial component of connected devices that provides virtually countless opportunities by enabling devices to intelligently respond to voice commands; whereas, voice recognition provides a voice-enabled authentication to augment high-level of security for several devices. Subsequent to an extensive secondary and primary research and thorough analysis of the market situation, the report provides detailed assessment of voice and speech recognition solutions market across several industrial segments.

The growth of the speech and voice recognition market is driven by the several factors including rising demand along with growing customer confidence in smart technologies; increasing demand of voice biometric security system essentially for monetary transactions; and increasing usage of the voice-based application for product purchases, shopping, ordering a meal, and playing music among others. However, certain factors, such as technological challenges to ensure accuracy in recognizing regional accents; high price of smart solutions; and reluctance towards adopting new technologies, specifically among elderly population may restrain the market growth to a certain extent.

The global speech and voice recognition market study presents historical market data (2017 & 2018), estimated current data (2019), and forecasts for 2025-by type (speech recognition, and voice recognition), end user (automotive, healthcare, BFSI, education, hospitality, government and public services, manufacturing/enterprise, retail and e-commerce, legal, consumer electronics, and military and defense), technology (artificial intelligence, and non-artificial intelligence). The study also evaluates industry competitors and analyzes the market at a country level.

On the basis of type, speech recognition technology segment is estimated to command the largest share of the overall speech and voice recognition market in 2019 and is expected to witness high growth during the forecast period. The growth is predominately attributed to increasing usage of smart home devices; growing adoption of connected cars; and increasing demand for smart speakers, smartphones, and voice biometric devices, dominantly by young generations across the globe.

On the basis of end user, automotive sector holds the largest share of the overall speech and voice recognition market, owing to increasing integration of these technologies in in-car infotainment systems and increasing use of voice-activated devices or applications in connected cars. Leading players such as Apple, Google Inc., and Nuance Communication are aggressively working towards reforming the driver’s experience in the vehicle by eliminating the distraction of using mobile phones while driving. The restructuring of driver’s experience includes incorporation of voice-driven navigation system to assist drivers to navigate to nearest restaurant, fuel station, voice-activated ignition, and playing music through voice commands.

Based on technology, Artificial intelligence (AI) segment is estimated to command the largest share of the overall speech and voice recognition market and anticipated to accelerate the growth of the market during the forecast period, owing to increasing interaction with digital assistants through voice on smart home, smart speaker, voice biometric authentication, and autonomous and connected cars. The trend is expected to enlarge in imminent years, thereby fueling the overall growth of the speech and voice recognition market.

An exhaustive analysis of the geographical scenario of the voice and speech recognition market delivers thorough qualitative and quantitative insights about the five regions including North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. North America commanded the largest share of global voice and speech recognition market followed by Europe and the Asia Pacific regions. A large share of North America is attributed to wide acceptance of advanced technologies and availability of numerous voice-enabled connected devices in the region. However, Asia Pacific region is expected to grow with the fastest growth rate throughout the forecast period, mainly due to growing disposable incomes and spending power of the population and increasing willingness of the population to adopt advanced technologies.

Key players operating in the global speech and voice recognition market are Nuance Communications (U.S.), Google LLC (U.S.), Apple, Inc. (U.S.)., Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), iFlytek (China), Baidu (China), LumenVox LLC (U.S.), Sensory, Inc. (U.S.), Sestek (Turkey), and Dolbey Systems, Inc. (OH), among others.

Scope of the Report:

Market by Function
  • Speech Recognition
    • Automatic Speech Recognition
    • Text to Speech
  • Voice Recognition
    • Speaker Identification
    • Speaker Verification
Market by End-User
  • Automotive
  • Healthcare
  • BFSI
  • Education
  • Hospitality
  • Government and Public Services
  • Manufacturing/Enterprises
  • Retail and E-Commerce
  • Legal
  • Consumer Electronics
  • Military and Defence
Market by Technology
  • Artificial Intelligence
  • Non-Artificial Intelligence
Market by Geography:
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Rest of the Europe
  • AsiaPacific
    • China
    • India
    • Japan
    • Rest of AsiaPacific
  • Latin America
  • Middle East and Africa
1. INTRODUCTION

1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency and Limitations
  1.3.1. Currency
  1.3.2. Limitations
1.4. Key Stakeholders

2. RESEARCH METHODOLOGY

2.1. Secondary Research
2.2. Primary Research

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

4.1. Introduction
4.2. Market Dynamics
  4.2.1. Drivers
    4.2.1.1. Surge in The Use of Voice Biometrics
    4.2.1.2. Integration of Voice-Enabled in-Car infotainment Systems
    4.2.1.3. Proliferation of Voice-Enabled Devices
  4.2.2. Restraints
    4.2.2.1. Lack of Accuracy in Regional Accents and Dialects Recognition
    4.2.2.2. Lack of Awareness
  4.2.3. Opportunities
    4.2.3.1. High Growth Potential for AI-Enabled Voice Assistants in Healthcare Industry
    4.2.3.2. Technological Advancements with Rising Acceptance of Connected Devices
  4.2.4. Challenges
    4.2.4.1. Inability to Overpower Ambient Noise
  4.2.5. Trends
    4.2.5.1. Growing Usage of Connected Device in Automotive and Home Automation

5. SPEECH AND VOICE RECOGNITION MARKET, BY FUNCTION TYPE

5.1. Introduction
5.2. Speech Recognition
  5.2.1. Automatic Speech Recognition
  5.2.2. Text-to-Speech
5.3. Voice Recognition
  5.3.1. Speaker Identification
  5.3.2. Speaker Verification

6. SPEECH AND VOICE RECOGNITION MARKET, BY END USER

6.1. Introduction
6.2. Automotive
6.3. Healthcare
6.4. BFSI
6.5. Education
6.6. Hospitality
6.7. Government & Public Services
6.8. Manufacturing / Enterprise
6.9. Retail & E-Commerce
6.10. Legal
6.11. Consumer Electronics
6.12. Military & Defence

7. GLOBAL SPEECH AND VOICE RECOGNITION MARKET, BY TECHNOLOGY

7.1. Introduction
7.2. Artificial intelligence (AI)
7.3. Non-Artificial intelligence (Non-AI)

8. GLOBAL SPEECH AND VOICE RECOGNITION MARKET, BY GEOGRAPHY

8.1. Introduction
8.2. North America
  8.2.1. U.S.
  8.2.2. Canada
8.3. Europe
  8.3.1. Germany
  8.3.2. U.K.
  8.3.3. France
  8.3.4. Italy
  8.3.5. Spain
  8.3.6. Rest of Europe
8.4. Asia Pacific
  8.4.1. Japan
  8.4.2. China
  8.4.3. India
  8.4.4. Rest of Asia Pacific
8.5. Latin America
8.6. Middle East & Africa

9. COMPETITIVE LANDSCAPE

9.1. Competitive Growth Strategies
  9.1.1 New Product Launches
  9.1.2. Mergers and Acquisitions
  9.1.3. Partnerships, Agreements, & Collaborations
  9.1.4. Expansion
9.2. Market Share Analysis, by Key Players

10. COMPANY PROFILES

10.1. Amazon.Com, Inc.
10.2. Apple, Inc.
10.3. Baidu
10.4. Google LLC
10.5. IBM Corporation
10.6. Iflytek
10.7. Microsoft Corporation
10.8. LumenVox LLC
10.9. Nuance Communications
10.10. Sensory, Inc.
10.11. Sestek
10.12. Dolbey Systems, Inc.

11. APPENDIX

11.1. Questionnaire
11.2. Available Customization

LIST OF TABLES

Table 1 Global Speech and Voice Recognition Market Drivers: Impact Analysis (2018-2025)
Table 2 Global Speech and Voice Recognition Market Restraints: Impact Analysis (2018-2025)
Table 3 Global Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 4 Global Speech and Voice Recognition Market Size, by Country/Region, 2017-2025 (USD Million)
Table 5 Global Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 6 Global Speech Recognition Market Size, by Country/Region, 2017-2025 (USD Million)
Table 7 Global Automatic Speech Recognition Market Size, by Country/Region, 2017-2025 (USD Million)
Table 8 Global Text-to-Speech Market Size, by Country/Region, 2017-2025 (USD Million)
Table 9 Global Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 10 Global Voice Recognition Market Size, by Country/Region, 2017-2025 (USD Million)
Table 11 Global Speaker Identification Market Size, by Country/Region, 2017-2025 (USD Million)
Table 12 Global Speaker Verification Market Size, by Country/Region, 2017-2025 (USD Million)
Table 13 Global Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 14 Global Speech and Voice Recognition Market Size, for Automotive, by Country/Region, 2017-2025 (USD Million)
Table 15 Global Speech and Voice Recognition Market Size, for Healthcare, by Country/Region, 2016-2023 (USD Million)
Table 16 Global Speech and Voice Recognition Market Size, for BFSI, by Country/Region, 2017-2025 (USD Million)
Table 17 Global Speech and Voice Recognition Market Size, for Education, by Country/Region, 2017-2025 (USD Million)
Table 18 Global Speech and Voice Recognition Market Size, for Hospitality, by Country/Region, 2017-2025 (USD Million)
Table 19 Global Speech and Voice Recognition Market Size, for Government & Public Services, by Country/Region, 2017-2025 (USD Million)
Table 20 Global Speech and Voice Recognition Market Size, for Manufacturing/Enterprise, by Country/Region, 2017-2025 (USD Million)
Table 21 Global Speech and Voice Recognition Market Size, for Retail & E-Commerce, by Country/Region, 2017-2025 (USD Million)
Table 22 Global Speech and Voice Recognition Market Size, for Legal, by Country/Region, 2017-2025 (USD Million)
Table 23 Global Speech and Voice Recognition Market Size, for Consumer Electronics, by Country/Region, 2017-2025 (USD Million)
Table 24 Global Speech and Voice Recognition Market Size for Military & Defense, by Country/Region, 2017-2025 (USD Million)
Table 25 Global Speech and Voice Recognition Market Size, by Technology, 2017-2025 (USD Billion)
Table 26 Global Artificial Intelligence Market Size, by Country/Region, 2017-2025 (USD Billion)
Table 27 Global Non-Artificial Intelligence Market Size, by Country/Region, 2017-2025 (USD Million)
Table 28 Global Speech and Voice Recognition Market Size, by Country, 2017-2025 (USD Million)
Table 29 North America: Speech and Voice Recognition Market Size, by Country, 2017-2025 (USD Million)
Table 30 North America: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 31 North America: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 32 North America: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 33 North America: Speech and Voice Recognition Market Size, by End-User Type, 2017-2025 (USD Million)
Table 34 North America: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 35 U.S.: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 36 U.S.: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 37 U.S.: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 38 U.S.: Speech and Voice Recognition Market Size, by End-User Type, 2017-2025 (USD Million)
Table 39 U.S.: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 40 Canada: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 41 Canada: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 42 Canada: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 43 Canada: Speech and Voice Recognition Market Size, by End-User Type, 2017-2025 (USD Million)
Table 44 Canada: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 45 Europe: Speech and Voice Recognition Market Size, by Country, 2017-2025 (USD Million)
Table 46 Europe: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 47 Europe: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 48 Europe: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 49 Europe: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 50 Europe: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 51 Germany: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 52 Germany: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 53 Germany: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 54 Germany: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 55 Germany: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 56 U.K.: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 57 U.K.: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 58 U.K.: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 59 U.K.: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 60 U.K.: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 61 France: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 62 France: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 63 France: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 64 France: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 65 France: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 66 Italy: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 67 Italy: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 68 Italy: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 69 Italy: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 70 Italy: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 71 Spain: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 72 Spain: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 73 Spain: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 74 Spain: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 75 Spain: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 76 Rest of Europe: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 77 Rest of Europe: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 78 Rest of Europe: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 79 Rest of Europe: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 80 Rest of Europe: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 81 Asia Pacific: Speech and Voice Recognition Market Size, by Country, 2017-2025 (USD Million)
Table 82 Asia Pacific: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 83 Asia Pacific: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 84 Asia Pacific: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 85 Asia Pacific: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 86 Asia Pacific: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 87 Japan: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 88 Japan: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 89 Japan: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 90 Japan: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 91 Japan: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 92 China: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 93 China: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 94 China: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 95 China: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 96 China: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 97 India: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 98 India: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 99 India: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 100 India: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 101 India: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 102 Rest of Asia Pacific: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 103 Rest of Asia Pacific: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 104 Rest of Asia Pacific: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 105 Rest of Asia Pacific: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 106 Rest of Asia Pacific: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 107 Latin America: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 108 Latin America: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 109 Latin America: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 110 Latin America: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 111 Latin America: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 112 Middle East & Africa: Speech and Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 113 Middle East & Africa: Speech Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 114 Middle East & Africa: Voice Recognition Market Size, by Function Type, 2017-2025 (USD Million)
Table 115 Middle East & Africa: Speech and Voice Recognition Market Size, by End-User, 2017-2025 (USD Million)
Table 116 Middle East & Africa: Speech and Voice Recognition Market Size, by Technology Type, 2017-2025 (USD Million)
Table 117 Number of Developments by the Major Players During 2015-2019
Table 118 New Product Launches
Table 119 Mergers and Acquisitions
Table 120 Partnerships, Agreements, & Collaborations

LIST OF FIGURES

Figure 1 Research Process
Figure 2 Key Executives interviewed
Figure 3 Primary Research Techniques
Figure 4 Market Size Estimation
Figure 5 Key Adopters of Speech and Voice Recognition Technology
Figure 6 Speech Recognition Dominate the Global Speech and Voice Recognition Market
Figure 7 Automotive Sector Dominates the Global Speech and Voice Recognition Market
Figure 8 Artificial Intelligence Dominates the Global Speech and Voice Recognition Market
Figure 9 Speech and Voice Recognition Market Overview: 2019-2025
Figure 10 Global Speech and Voice Recognition Market Share, by Geography, 2018
Figure 11 Global Speech and Voice Recognition Market Size, by Function Type, 2019-2025 (USD Million)
Figure 12 Global Speech and Voice Recognition Market Size, by End-User, 2019-2025 (USD Million)
Figure 13 Global Speech and Voice Recognition Market Size, by Technology, 2019-2025 (USD Billion)
Figure 14 Global Speech and Voice Recognition Market Size, by Region, 2019-2025 (USD Million)
Figure 15 North America: Speech and Voice Recognition Market Size, by Country, 2019-2025 (USD Million)
Figure 16 Europe: Speech and Voice Recognition Market Size, by Country, 2019-2025 (USD Million)
Figure 17 Asia Pacific: Speech and Voice Recognition Market Size, by Country, 2019-2025 (USD Million)
Figure 18 Growth Strategies Adopted by The Key Players
Figure 19 Global Speech and Voice Recognition Market size, by Key Players, 2018
Figure 20 Amazon.Com, Inc.: Financial Overview (2016-2018)
Figure 21 Apple, Inc.: Financial Overview (2016-2018)
Figure 22 Baidu: Financial Overview (2016-2018)
Figure 23 Google LLC: Financial Overview (2016-2018)
Figure 24 IBM Corporation: Financial Overview (2016-2018)
Figure 25 Iflytek: Financial Overview (2015-2017)
Figure 26 Microsoft Corporation: Financial Overview (2016-2018)
Figure 27 Nuance Communications: Financial Overview (2016-2018)


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