Speech and Voice Recognition to Reach $56 Billion by 2030

Meticulous Market Research expects the worldwide market for speech and voice recognition to reach $56.07 billion by 2030, growing at a compound annual rate of 19.1 percent.

The research firm notes that the market's growth is being driven by the surging use of voice biometrics, the integration of voice-enabled devices into car infotainment systems, and the proliferation of voice-enabled devices. It also cites the high potential of artificial intelligence-enabled voice assistants in the healthcare industry, smart home systems, smart speakers, autonomous and connected cars, smart wearable gadgets, and smartphones, coupled with the rising acceptance of connected devices, to create growth opportunities for the market.

AI, the firm said further, is a key driver of the industry's growth, particularly within the education, financial services, insurance, hospitality, automotive, e-commerce, healthcare, tourism, and enterprise applications sectors.

Meticulous also expects, however, that speech and voice recognition devices' lack of accuracy in recognizing regional accents and dialects, low awareness about speech and voice recognition technologies, and performance issues with speech and voice recognition-enabled devices in noisy environments will continue to be major challenges for market growth.

The firm also noted that cloud-based deployments are far outpacing on-premises ones, due mostly to the superior flexibility and affordability offered by cloud-based deployments, and the increasing adoption of cloud-based solutions among small and mid-sized businesses.

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