Voice/Speech Recognition Software to Grow by $20 Billion Through 2028

Research firm Technavio has predicted that the global voice/speech recognition software market will grow by $20.07 billion from 2024 to 2028, representing a compound annual growth rate of 15.7 percent.

The market is experiencing significant growth, particularly in electronic devices, smart home automation, and the automotive sector, it said in its latest market report. Other high-growth sectors include voice biometrics, voice search, medical documentation, and virtual assistants, according to Technavio.

The research firm also found that the voice/speech recognition software market is experiencing significant growth due to the integration of artificial intelligence, noting that AI enhances the efficiency of voice and speech data categorization as it analyzes words, acoustics, and sentiments, extracting hidden opinions and emotions.

"Speech recognition is transforming customer experiences in banking and finance, contact centers, healthcare institutions, and retail and ecommerce. The future of voice recognition includes AI-powered devices, virtual reality, and open-source software for smart appliances and digital assistants," Technavio said in the report.

Key companies profiled in the report include 3M, Advanced Voice Recognition Systems, Alphabet, Amazon, Apple, Baidu, Brainasoft, CastleOS Software, Cisco Systems, iFLYTEK, IBM, LumenVox, Meta Platforms, Microsoft, Optimal Technology Solutions, paragon, RTX, Sensory, speak2web, and Verint.