Speech and Voice Recognition Market to Reach $56.07 Billion by 2030

Meticulous Research projects that the speech and voice recognition market will reach $56.07 billion by 2030, growing at a compound annual rate of 19.1 percent.

The market's growth, the firm said, is fueled by the escalating use of voice biometrics, the integration of voice-enabled devices in car infotainment systems, and the widespread adoption of voice-enabled devices.

Despite these advancements, the market faces challenges, such as the inaccuracy of speech and voice recognition devices in recognizing regional accents and dialects and performance issues in noisy environments, it said.

Noteworthy trends in the speech and voice recognition market include the rising demand for voice authentication in mobile banking applications, the integration of artificial intelligence into speech recognition technology, and the use of speech recognition for translating rare and local languages, according to Meticulous.

Among the growing AI use cases are voice assistants across various applications, including smart home systems, smart speakers, autonomous and connected cars, voice biometric authentication, smart wearable gadgets, and smartphones.

Meticulous' report identifies Microsoft, Amazon Web Services, Google, IBM, Verint Systems, Baidu, Apple, Speechmatics, Sensory, AssemblyAI, iFLYTEK, LumenVox, SESTEK, and Dolbey Systems as the key players in the speech and voice recognition area.