Speech Recognition Market to Top $45 Billion by 2032

Technology advances and the increasing uptake of high-tech electronic devices are predicted to drive the global artificial intelligence speech recognition market, which is expected to grow from a current $14.58 billion to $45.35 billion by 2032, according to new research from Adroit Market Research. The firm is anticipating a compound annual growth rate of 16.24 percent for the next 10 years.

Rising demand for voice-activated biometrics, workstations, and navigation systems are among the reasons for the company's robust growth projections. Other factors include recent advances in machine learning and natural language processing and the increasing popularity of artificial intelligence-based digital assistants like Amazon's Alexa.

The company's report cites several processes involved in the process by which artificial intelligence transforms speech into coherent algorithms, including the representation of formulation, speech units, and the development of recognition algorithms, as well as the demonstration of precise inputs.

Key market players identified in the report include Apple, Microsoft, IBM, Alphabet (Google), Amazon, Baidu, iFlytek, Sestek, speak2web, and Verint.