According to a report by Grand View Research, Inc.; the global voice recognition market is anticipated to value USD 127.58 billion by 2024. Being a unique characteristic, similar to fingerprints and IRIS, voice acts as a viable authentication method. The ability of voice to partner with telephone and deliver exceptionally accurate remote authentication makes it the most preferred authentication method for online transactions. Growing need for advanced technologies that can support consumers to perform complex tasks conveniently is anticipated to propel the demand for voice recognition systems. Growing adoption of voice-activated devices and appliances among consumers such as thermostats, lights, and other devices can have a positive impact on the growth of this market.
In addition, high demand for vehicles integrated with voice recognition systems for hands-free driving is expected to augment the market demand over the forecast period (from 2018 to 2024). Increasing use of Electronic Health Record (EHR) systems by clinicians to record detailed clinical prescription using mobile voice recognition system is also likely to drive the market. To cater to the rising demand for advanced voice-enabled devices, most companies are investing in R&D activities to develop innovative devices. For instance, Echo smart speakers by Amazon Inc. These devices are equipped with advanced voice recognition technology and can be connected wirelessly to the Internet. This device is equipped with the company’s voice-controlled intelligent personal assistant called Alexa.
Full Research Report On Voice Recognition Market Analysis:
Using this smart assistant, consumers can command Echo to perform several tasks such as music playback, streaming podcasts, setting alarms, playing audiobooks, and many more. The voice recognition market can be segmented on the basis of component, application, vertical, and region. Based on component, the market can be classified into hardware, software, and enhanced devices. In 2015, enhanced devices segment dominated the market and accounted for the largest market share. The segment is projected to expand further at a growth rate of 12.7 % from 2018 to 2024. Rising demand for voice-integrated navigation systems and workstations are expected to fuel the segment growth in the coming years.
The software segment is expected to grow at a CAGR of 17.4 % during the forecast years. Based on application, the market can be bifurcated into Artificial Intelligence (AI) and non-AI. The AI segment is expected to gain momentum during the next few years on account of its ability to recognize different patterns of speech. It can transform speech into well-structured algorithms by undergoing specific steps including representation of speech units, formulation, development of recognition algorithms, and demonstration of correct inputs. The AI segment accounted for 30 % of the overall market share, in terms of revenue, in 2015. On the other hand, non-AI segment accounted for the majority of volume share in the same year; however, it is said to lose its share by 2024.
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Based on vertical, the voice recognition market can be categorized into retail, consumer, government, automotive, healthcare, BFSI, home security & automation, and others. Voice recognition technology is extensively being used in consumer electronics devices such as laptops, smartphones, tablets, and other connected devices. High demand for Internet-of-Things (IoT) devices can influence the demand for this technology in consumer vertical. The segment is estimated to grow at a phenomenal CAGR of 13.9 % during the forecast period. The technology is expected to play a significant role in the government sector by providing tailored, phone-based customer service solutions.
Such advanced services can support government offices and agencies in delivering unique and cost-effective services. Increasing number of demanding population globally coupled with shortage of skilled staff in government sector can fuel growth. Regional segmentation includes Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. In 2015, North America dominated the market and accounted for major market share. The region is expected to gain high market share during the forecast period.
The Asia Pacific voice recognition market is anticipated to witness a significant growth over the forecast period. This growth is attributed to the rapidly developing construction sector and rising demand for home automation in emerging countries such as India, China, and Japan. Some of the leading companies in the global market for voice recognition are Amazon Inc.; Google Inc.; Facebook Inc.; Microsoft Corporation; and IBM Corporation.
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