Smart home, smart speakers, &autonomous & connected cars encouraging the demand for voice & speech

The idea of speech and voice technologies no longer belongs to a Sci-Fi philosophy and are set to influence billions of users in the coming years. It is expected that over the coming years, there will be more voice-enabled devices than people on the planet as the enthusiasm among consumer is swiftly increasing with respect to massive adoption of advanced voice-enabled devices. The global speech and voice recognition market is expected to grow at a CAGR of 17.2% from 2019 to 2025 to reach USD 26,795.7 million by 2025.

The growth of the speech and voice recognition market is primarily driven by factors, such as increasing demand for voice-activated devices across diversified applications including smart speakers, autonomous and connected cars, smart homes, smart wearable gadgets, smartphones, hospitality, healthcare, and consumer electronics among others. Rising demand along with boosting customer confidence, increasing usage of voice assistants particularly for online purchasing of products such as grocery, apparels, homecare, and electronic appliances, ordering a meal, playing music, shopping, and navigation among others are also supporting the overall growth of voice and speech recognition market.

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Furthermore, increasing adoption of voice-enabled teaching aid and evaluation system in education sector; integration of in-car infotainment systems; growing adoption of voice-biometric technologies particularly in BFSI, enterprise and government sector has been witnessing a rapid growth in the growth of speech and voice recognition market.

Key players

The key players in this market including 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.

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