The Global Voice and Speech Recognition Market size was valued at around USD 15.78 billion in 2024 and is projected to reach USD 36.08 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 14.78% during the forecast period, i.e., 2025-30. According to MarkNtel Advisors Study.
Global Voice and Speech Recognition Market Driver:
Successive Use of Voice and Speech Recognition in Healthcare Setups – Typing reports, making notes, data entry, and maintaining records have become smooth with the introduction of voice and speech recognition in the medical industry. Thus, healthcare professionals are leaning more toward Natural Language Processing (NLP) algorithm-based voice recognition software solutions. With such solutions, doctors and other healthcare professionals can dedicate more time to patient care instead of writing notes manually since such software makes it easier for doctors to synchronize their notes with electrical health records (HER). Given such benefits, the acknowledgment of the need for voice and speech recognition software is anticipated to boost in the future, thus influencing the industry’s growth.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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Global Voice and Speech Recognition Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2024
-Historical Period: 2020 to 2023
-Forecast Period: 2025 to 2030
- By Function
- Voice Recognition
- Speaker identification
- Speaker verification
- Speech Recognition
- Automatic speech recognition
- Text to speech
- Voice Recognition
- By Technology
- Artificial Intelligence Based
- Non-Artificial Intelligence Based
- By End-Users
- Automotive
- Banking Finance Services & Insurance (BFSI)
- Education
- Enterprise
- Government
- Healthcare
- Legal
- Military
- Retail
- Other
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – Advanced Voice Recognition Systems, Inc., Agnitio S.L. (subsidiary of Nuance Communications Inc.), Amazon.com, Inc., Anhui USTC iFlytek Co., Ltd., Apple Inc., Baidu, Inc, BioTrust ID B.V., Google LLC, International Business Machines Corporation, M2Sys LLC., LumenVox LLC, Microsoft Corporation, M*Modal, Inc., Nuance Communication, Inc, Raytheon Company, and others are looking forward to strengthening their market positions.
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Global Voice and Speech Recognition Industry Recent Development:
2024: Apple launched iPhone 16 lineup, with advanced AI features, including enhanced Siri functionalities for more natural voice interactions.
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