Speech Recognition Market to Reach $29.28 Billion by 2026

The global speech recognition market was valued a $6.39 billion in 2018 and is projected to reach $29.28 billion by 2026, growing at a compounded annual rate of 19.9 percent, according to new research from Valuates Reports.

Major factors driving the growth of the speech recognition market include expanded use cases in healthcare, increasing demand for voice authentication in mobile banking, the rapid proliferation of multifunctional devices like smart speakers, and artificial intelligence's effect on accuracy, the firm reported.

In smart home automation, the introduction of voice and speech recognition in consumer electronics and appliances, such as refrigerators, thermostats, and mixers, is expected to fuel some of the growth.

Another growth driver will be the inclusion of voice-activated software in cars. In fact, based on end users, Valuates expects the automotive segment to hold the largest market share during the forecast period.

Key companies identified in the report include Google, Nuance Communications, IBM, Baidu, Amazon, Microsoft, Raytheon/BBN Technologies, Sensory, Iflytek, and Speak2Web.