Speech and Voice Recognition Market Size is projected to grow USD 28.1 billion by 2027, at a CAGR of 24.4%
According to a research report “Speech and Voice Recognition Market Size by Deployment Mode (On-Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), Vertical and Geography (Americas, Europe, APAC, Rest of the World) – Global Forecast to 2027″ published by MarketsandMarkets, the global speech and voice recognition market size is projected to grow from USD 9.4 billion in 2022 to USD 28.1 billion by 2027; it is expected to grow at a CAGR of 24.4% from 2022 to 2027.
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The key factors contributing to the growth of the speech and voice recognition market include increasing demand in healthcare for improving efficiency and the growing use of smart appliances are among the factors driving the growth of the speech and voice recognition market.
The key players in this market are Apple (US), Microsoft (US), IBM (US), Alphabet (US), Amazon (US), Baidu (China), iFlytek (China) and SESTEK (Turkey), speak2web (US), and Verint (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.
Driver: Escalated use of speech and voice recognition software by healthcare professionals
Many healthcare professionals spend a significant amount of time typing notes and reports and maintaining each patient’s medical records as documenting every minute detail is of utmost importance in healthcare. However, these tasks take time from more productive chores such as treating and interacting personally with patients. Hence, doctors and physicians prefer using natural language processing (NLP) algorithm-based voice recognition software solutions. Speech and voice recognition technologies are mostly used in the healthcare sector to report health checkups, data entry, and when the doctor or the attendant/nurse is unavailable. Such software solutions enable healthcare professionals to enter notes into the electric health record (EHR) system or their computers without taking time out from patient care and remain productive throughout the day.
Opportunity:Increasing popularity of online shopping
Customer buying behavior is shifting in both developed and developing countries. There is a trend of buying things online. Customers may shop products, enquire about prices and features from the comfort of their own homes, and even receive personalized recommendations based on their previous purchases. This experience can be made even more frictionless and participatory with the use of voice assistants. According to the Conversational Commerce Survey by Capgemini in 2017, 41% of consumers prefer a voice assistant to a website or app while shopping online since it allows them to automate their usual shopping operations.
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Voice recognition to hold the higher CAGR during the forecast period.
Voice recognition is projected to grow at the highest CAGR during the forecast period Data security concerns due to cyberattacks, data breaches by intruders and issues related to illegal migrants are some of the major factors contributing to the higher growth rate of the market for voice recognition technology.
On-cloud segment is projected to dominate the speech and voice recognition market
The on-cloud segment is expected to account for a larger market share due to the ability of the cloud infrastructure to provide self-service applications at a minimal cost. The cloud-hosted deployment mode offers easy accessibility to data from anywhere at any time. Cloud-hosted speech and voice recognition solutions can also be easily integrated with the existing server, which operates on its physical hardware in minimal time.
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