GLOBAL VOICE AND SPEECH RECOGNITION MARKET TO HIT $53.67 BILLION BY 2030
The global voice and speech recognition technologies market is projected to reach $53.67 billion by 2030, with a forecasted compound annual growth rate (CAGR) of 14.6% from 2024 to 2030, according to a recent report by Grand View Research.
This growth is expected to be driven by increased adoption of voice-activated systems, voice-enabled devices, and voice-enabled virtual assistant systems, particularly in the banking and automobile sectors.
In the banking sector, the need to combat fraudulent activities and enhance security is leading to the adoption of voice biometrics for user authentication.
Similarly, the automobile sector is poised to witness significant growth due to technological advancements and the emergence of innovative concepts such as autonomous and connected cars.
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Integration of voice-activated software in future cars is expected to utilize technologies like noise abatement to selectively ignore driving and passenger noises, providing a seamless and error-free experience to users.
Voice recognition technology is also widely used in the healthcare sector to enhance electronic health record (EHR) systems, allowing doctors to dictate records instead of manual typing or writing.
The healthcare vertical held the largest market share in 2018 and is expected to grow significantly over the forecast period.
AI-based voice and speech recognition software is expected to experience the fastest growth from 2023 to 2030, driven by continuous development of machine learning techniques and integration of connected devices with personal assistants.
Highlights of the voice and speech market study include: A rising trend in the development of Artificial Intelligence (AI)-based systems is expected to be the key factor driving the market growth over the forecast period.
Leveraging deep learning algorithms in voice & speech solutions for better search results is expected to be the key factor for the growth of the AI-based technology segment.
