Global Voice Recognition System Market is Segmented By Type (Discrete Word Systems, Connected Word Systems, Continuous Speech Systems), By Technology, (Template Matching, Feature Analysis), By Deployment (Cloud-Based, On-Premises/Embedded), By End-User (Automotive, Enterprise, Banking, Finance Service & Insurance, (BFSI), Government, Retail, Healthcare, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Voice Recognition System Market Overview
The global voice recognition system market is expected to grow at a CAGR 17.81% during the forecast period (2023-2030).
A voice recognition system, alternatively known as speech recognition, is a hardware device or software program that receives and interprets dictation. As AI, machine learning, and consumer acceptance have improved, so have the applications for voice recognition. Voice recognition has gained popularity and applications with the emergence of AI and intelligent assistants like Amazon's Alexa, Apple's Siri, and Microsoft's Cortana. Google, Amazon, and Apple's in-home digital assistants use voice recognition software to interact with people.
Voice Recognition System Market Scope
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Metrics |
Details |
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Market CAGR |
17.81% |
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Segments Covered |
By Type, By Technology, By Deployment, By End-User, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Source: DataM Intelligence Analysis (2023)
Voice Recognition System Market Dynamics
Increasing penetration of voice recognition systems in intelligent appliances is expected to drive the market. The unreliability of voice recognition is acting as a restraint for the market.
Increasing penetration of voice recognition systems in intelligent appliances
The Internet of Things (IoT) has led to technological improvements, internet penetration, and increased automation awareness, resulting in the growing demand for smart homes and appliances. Smart appliance manufacturers incorporate voice recognition technology into their products to allow users to operate all of their appliances from a single speech and voice recognition technology-based device. Apple's Siri, Amazon's Alexa, and Microsoft's Cortana, which have been on the market for some years, have seen a massive surge in demand.
According to PwC, a consulting firm, 65% of consumers aged 25 to 49 talk to their voice-enabled gadgets daily. As the demand for voice-controlled products grows, so does the number of new applications for the technology. For example, in the automotive industry, in-car voice recognition systems have become a standard feature in most new vehicles, with functionality going from strength to strength.
Moreover, most of the functionality on smart TVs can now be controlled via voice commands. For instance, Samsung already sells TVs with voice control systems like Alexa, Amazon, and Google Assistant, and Bixby, their assistant. Further, Amazon's Echo Smart Displays have a fully functional web browser, touch-screen control of smart home devices, and live feeds from compatible home security cameras, in addition to full access to Alexa's functions.
The unreliability of voice recognition is acting as a restraint for the market
The voice recognition system's instability prevents it from becoming a dominant form of computing. Regional dialects and speech impairments might throw off word recognition platforms and background noise, which makes it challenging to penetrate. Furthermore, simply identifying sounds isn't enough to be effective; systems must also discriminate between homophones (words that sound the same but have distinct meanings) and learn new words and proper names.
On the other hand, the voice recognition system is getting better. For instance, according to the Chinese search engine Baidu chief scientist, voice recognition technology will extend from restricted use to widespread adoption, as accuracy in low-noise conditions improves from 95 to 99%.
COVID-19 Impact on Voice Recognition System Market Growth
The emergence of the COVID-19 pandemic has hastened digitization tendencies, reshaping the world. All economic sectors have been forced to employ modern technologies to change their old business procedures. Several organizations have implemented advanced detection technology, such as speech recognition, to allow social distancing during the pandemic. For instance, Paris-based Thales targets train stations with its Transcity voice-recognition ticket machine. Travelers speak to the machine to tell it where they want to go and the machine prints their tickets.
Voice Recognition System Market Segment Analysis
Based on technology, the global voice recognition system market is segmented into “template matching” and “feature analysis."
Template matching is an easy and user-friendly technique and has the best accuracy when applied correctly. It is also known as "speaker-dependent." In this technique, an analog-to-digital (A/D) converter converts the electrical signal from the microphone and stores it in memory. After that, the computer compares it to a digitized voice sample, or template, with known meaning to determine the speech input. The program includes an input template and uses a simple conditional statement to match the template to the actual input.
Because each person's voice is unique, the program cannot have a template for each user. As a result, the program must first be "trained" using a new user's voice input before recognizing that user's voice. The software calculates a statistical average of many samples of the same word and saves the averaged model in a program data structure as a template.
However, the program's "vocabulary" is limited to the words or phrases used in the training session. Its user base is similarly restricted to individuals who have completed the program's training. Further, its vocabulary can be as little as a few hundred words and brief phrases, with a recognition accuracy of around 98%.
Source: DataM Intelligence Analysis (2023)
Voice Recognition System Market Geographical Share
The global voice recognition system market is segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa based on geography.
North America is anticipated to have a significant market size in the global voice recognition system market. The region is a major IT hub in technology adoption and IT infrastructure. Further, the U.S. and Canada account for most of the market. The healthcare industry in the region is actively utilizing the voice recognition system for various treatments.
For instance, in October 2020, Mayo Clinic, a U.S.-based nonprofit academic medical center, collaborated with Vocalis Health, Inc. to explore and create new voice-based tools for screening, detecting, and monitoring patient health. The partnership will begin with a study to find voice biomarkers for pulmonary hypertension (PH), which could aid clinicians in detecting and treating PH.
Source: DataM Intelligence Analysis (2023)
Voice Recognition System Companies and Competitive Landscape
The global voice recognition system market is fragmented and competitive due to several multinational companies and brands. Major companies in the market include Amazon.com, Inc, Google LLC, Apple, Inc, IBM Corporation, Microsoft Corporation, Baidu, Nuance Communication, Agnitio, Verint Voice Vault, and iFLYTEK, among others. The major players in the market are known to incorporate numerous market strategies to achieve growth in the global voice recognition system market; these include mergers, acquisitions, product launches, contributions, and collaborations.
Amazon.com, Inc
Overview: Amazon.com, Inc is a U.S.-based multinational corporation specializing in e-commerce, cloud computing, digital streaming, and artificial intelligence. It sells consumer products and subscriptions at retail in North America and worldwide. North America, International, and Amazon Web Services are the company's three divisions.
Product Portfolio: Amazon.com, Inc offers Alexa, a cloud-based voice service utilized in hundreds of millions of Amazon and third-party devices. Alexa provides natural speech experiences that give users a more intuitive way to connect with their daily technology.
Key Development:
- In June 2021, Amazon.com, Inc developed Frustration-Free Setup (FFS) technology for devices powered by Alexa Voice Service (AVS) using Amazon Common Software (ACS). The devices that integrate the FFS technology will provide several user-friendly WiFi setup paths in the Alexa app.
Why Purchase the Report?
- To visualize the global voice recognition system market segmentation by type, technology, deployment, end-user, and region and understand key commercial assets and players.
- Identify commercial opportunities in the global voice recognition system market by analyzing trends and co-development.
- Excel data sheet with numerous voice recognition system data points with four segments.
- PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
- Product mapping available as excel consisting of key products of all the major market players
The global voice recognition system market report would provide approximately 69 tables, 64 figures, and almost 193 pages.
