Market Overview:

According to a new report by IMIR Market Research on Global Speech And Voice Recognition Market  was valued at approximately USD 20.26 Billion in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 14.9%, reaching a value of USD 58.43 Billion by 2031.

The market is expected to be driven by the increasing adoption of sophisticated electronic gadgets and technical developments. For security reasons, voice-activated biometrics assist in granting authorized users access to complete transactions. One of the main reasons propelling the market expansion is the increasing adoption of voice biometrics. The growing market for workstations and voice-activated navigation systems is driving growth in both the hardware and software areas.

The growing adoption of voice-based identification in mobile apps and the growing need for voice & speech biometric systems will drive the growth of the speech & voice recognition industry. AI, IoT, and also machine learning are examples of advanced technologies that are becoming more and more popular, and this will create a demand for these systems. The technology utilized in autonomous and self-driving cars, as well as speech & voice recognition in robots, will drive the market.

The use of controlled by voice in-car entertainment systems is becoming more and more commonplace worldwide as more nations implement "hands-free" laws prohibiting using cell phones while operating a vehicle. During the course of the forecast period, voice and speech product creators anticipate that advancements will spur market growth. Physicians and other healthcare professionals can now record rich, detailed clinical descriptions in the Electronic Health Record (EHR) system by using voice recognition technology on their smartphones. In the near future, the market is anticipated to be driven by the growing adoption of voice-enabled Internet of Things (IoT) gadgets in smart home automation. Several usually offline devices would benefit from IoT-enabled devices, that provide creative ways for users to engage with the device in addition to more conventional ways like touch displays and buttons.

Market Dynamics:

Market Drivers-

Rapid Expansion of Wireless Communication Networks

• The growing implementation of 5G, Wi-Fi, and Internet of Things (IoT) networks, among other wireless communication networks, is driving the spectrum analyzer market. Network operators, telecom companies, and technology providers are pouring money into growing and improving their wireless infrastructure as the need for high-speed internet access keeps rising due to trends like digitalization, remote employment, and the proliferation of smart devices.  Spectrum analyzers are essential tools for technicians and engineers involved in the design, execution, and optimization of wireless networks because of their capacity to evaluate and categorize radio frequency (RF) signals, locate sources of interference, and assess signal quality and coverage. In order to give end customers dependable and superior wireless services, operators can properly assign frequency bands, prevent signal conflicts, and enhance network performance with the use of spectrum analyzers, which offer immediate access into the spectral environment. The need for advanced the spectrum analyzers that have bigger frequency coverage, faster evaluation speeds, and improved signal analysis capabilities is growing, which is propelling market growth and creative thinking in the spectrum analysis market.  Wireless communication networks are evolving and transitioning to higher frequencies as well as wider bandwidths to support growing data traffic and emerging technologies like 5G and IoT.

Advancements in Electronic Test and Measurement Technologies

• The continuous developments in electronic measurement and testing technologies, such as software-defined instrumentation, digital signal processing (DSP), & semiconductor technology, are driving the spectrum analyzer market. The aforementioned improvements facilitate the development of next-generation instruments by spectrum analyzer manufacturers, which offer enhanced performance, functionality, & usability to cater to the changing requirements of technicians, engineers, and researchers across various industries. The modern spectrum analyzers include increased sensitivity, faster sweep rates, wider bandwidths, and increased frequency ranges that allow users to capture and analyze complicated radio frequency signals more clearly and precisely. Additionally, to streamline measurement chores, extract valuable insights, and expedite troubleshooting and analysis workflows, spectrum analyzers are becoming more integrated with sophisticated signal processing algorithms, machine learning approaches, and automation capabilities. 

Market Trends-

Integration of Advanced Signal Processing and Analytics​

• The incorporation of sophisticated signal processing & analytics functionalities into spectrum analyzer products is driving the spectrum analyzer market. Advanced digital signal processing (DSP) computations, artificial intelligence (AI) strategies, and data analytics tools are being included into modern spectrum analyzers to go beyond traditional frequency-domain inspection and provide improved signal characterization, anomaly identification, and spectrum management. The state-of-the-art features enable spectrum analyzers to track and categorize complex radio frequency signals, detect intermittent interference, & monitor and survey the spectrum in real-time in busy and dynamic radio frequency situations. Additionally, users can gain deeper insights into signal behavior & modulation characteristics using spectrum analyzers that come with built-in signal demodulation, modulator analysis, & pulse measurements. The manufacturers of spectrum analyzers enable users to make well-informed decisions, maximize network performance, and guarantee dependable operation of wireless communication networks across a variety of applications and sectors by incorporating sophisticated signal processing & analytics capabilities.

Shift towards Portable and Handheld Spectrum Analyzers​

• The market for spectrum analyzers is the trend toward portable and handheld devices for mobile applications, remote monitoring, and on-site field measurements. Even though traditional bench spectrum analyzers have excellent performance and accuracy, they are frequently heavy, costly, and immobile, which makes them unsuitable for use in some outdoor and field settings. However, because they are small, light, and battery-powered, lightweight and portable handheld spectrum analyzer enable users to do RF measurements and spectrum evaluation in hard-to-reach places, cramped quarters, or areas with restricted access to power sources or lab facilities. Field technicians, service scientists, and wireless network operators can carry out site surveys, spectrum monitoring, and troubleshooting on-site with these portable instruments' flexibility and ease, requiring reduced setup and a smaller equipment footprint. Furthermore, with the added advantages of mobility and portability, portable spectrum analyzers may now function on par with their tabletop counterparts because to developments in miniaturization, battery technology, & wireless communication.

Market Restraining Factors-

High Cost of Advanced Instruments

• The high price of sophisticated spectrum analyzer equipment, which drives the spectrum analyzer market. Spectrum analyzers can be costly expenditures for businesses, academic institutions, and professionals, particularly ones with sophisticated features, broad frequency ranges, & high-resolution capacities. Due to their high cost, spectrum analyzers may be out of reach for startups, smaller businesses, and consumers on a tight budget, that may find it difficult to justify the initial outlay needed to switch to more sophisticated equipment. Furthermore, end users' financial burden is increased by the spectrum analyzer's total cost of ownership, which includes maintenance, calibration, and instructional costs. Therefore, financial limitations and cost-related factors may cause some prospective customers to choose less expensive options, such secondhand or refurbished equipment, or to put off making investments, which would slow down the market's expansion and the adoption of cutting-edge spectrum analyzer solutions.

Scope of the Market Report:

A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global Speech And Voice Recognition Market. On the basis of historic growth analysis and current scenario of Speech And Voice Recognition market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global Speech And Voice Recognition market. This further helps users with their developmental strategy.

This report examines all the key factors influencing growth of global Speech And Voice Recognition market, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Speech And Voice Recognition market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, pricing strategies, innovation possibilities and much more.

The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Speech And Voice Recognition Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Market Players Analysis:

• Advanced Voice Recognition Systems, Inc.
• Agnitio S.L.
• com, Inc.
• ai
• Apple, Inc.
• Anhui USTC iFlytek, Ltd.
• Baidu, Inc.
• BioTrust ID B.V.
• CastleOS Software, LLC
• Facebook, Inc.
• Google, Inc.
• International Business Machines Corp.
• Microsoft Corp.
• MModal, Inc.
• Nortek Holdings, Inc.
• Nuance Communications, Inc.
• Raytheon Company
• SemVox GmbH
• Sensory, Inc.

Key Industry Developments:

• In March 2023, With support for the 1,000 Languages Initiative, Google Al launched an updated version of their Universal Speech Model (USM). A universal speech model refers to a machine learning method that is intended to understand and interpret spoken language in a variety of languages and dialects. Trained on a massive dataset comprising 12 million hours of speech and 28 billion sentences in more than 300 languages, the USM family of advanced speech models contains 2 billion parameters.

Market Segmentation Insights:

The market is divided into segments based on By Function, By Technology, By Vertical.

By Function

• Speech Recognition
• Voice Recognition

In 2022, the voice recognition market held a commanding share of over 65.1% of the global market in terms of revenue. Speech recognition software can be implemented in cars and cell phones. The growing mobility of society necessitates data and service accessibility at all times and locations. Cloud- and client-based voice recognition applications can optimize cost savings for businesses while greatly enhancing the customer experience.

In addition, this technology has been helping physicians and radiologists keep patient records because of its advantages, which include speeding up report turnaround and helping physicians keep records. It is anticipated that the combination of recognition of speech with virtual reality (VR) would increase consumer demand. For example, in February 2017, Facebook improved the Oculus Rift virtual reality platform by integrating speech recognition into the VR headset. However, it is anticipated that during the course of the forecast year, the speech recognition category will grow at the quickest rate.

By Vertical

• Automotive
• Enterprise
• Consumer
• BFSI
• Government
• Retail
• Healthcare
• Military
• Legal
• Education
• Others

By Technology

• Artificial Intelligence
• Non-Artificial Intelligence

In 2022, the technology segment that was not reliant on artificial intelligence held a significant portion of the worldwide revenue, accounting for about 71.7%. According to estimates, the segment will continue to develop at a consistent CAGR from 2023 to 2030, maintaining its top spot. However, during the course of the forecast period, the artificial intelligence-based technology segment is anticipated to increase at the quickest rate. Artificial intelligence-based technology is becoming more and more in demand as a result of the system's accurate recognition of speech patterns.

Artificial intelligence converts speech into structured algorithms in a few simple steps: modeling speech units, developing and optimizing recognition algorithms, and presenting relevant inputs. Growing developments in machine learning and natural language processing are expected to propel the market for artificial intelligence-based technologies. During the projection period, voice and speech recognition software demand is expected to expand due to the rise in artificial intelligence-powered digital assistants such as Alexa and Cortana.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. In 2022, North America held the largest percentage of the worldwide revenue, accounting for about 31.9% of the total. Over the projection period, it is anticipated that the region will continue to grow at a consistent CAGR and hold its leading position in the market. North America's market is anticipated to be driven by the rising popularity of voice-enabled smartphone applications as well as the expanding use of voice and speech recognition in consumer electronics, mobile banking, and Internet of Things devices.

The increasing prevalence of connected devices in home automation and autos is expected to lead to a rise in the use of speech and voice recognition technologies in Europe's consumer electronics & retail industries. The Asia Pacific market is expected to expand as a result of the rising demand for speech & voice recognition in China, Japan, and Singapore. The anticipated quickest growth in the regional market is anticipated to occur between 2023 and 2030. The increasing utilisation of voice-activated devices in the automotive & healthcare domains is anticipated to bolster the expansion of the APAC regional market.

Speech And Voice Recognition Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase:

• To gain insightful analyses of the Speech And Voice Recognition market and have comprehensive understanding of the global market and its commercial landscape.
• Assess the production processes, major issues, and solutions to mitigate the development risk.
• To understand the most affecting driving and restraining forces in the market and its impact in the global market.
• Learn about the Speech And Voice Recognition market strategies that are being adopted by leading respective organizations.
• To understand the future outlook and prospects for the Speech And Voice Recognition market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of the Market:

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million