Voice Tech to Blossom Over the Next 8 Years

The global voice recognition market is expected to reach $127.58 billion by 2024, according to a new report by Grand View Research.

The increasing number of benefits offered by voice recognition technology, including easy accessibility, better productivity, and flexibility, are anticipated to drive the demand for speech recognition solutions over the next eight years. The increased demand for high comfort and convenience is also expected to propel the demand.

Voice recognition technology exhibits vast potential in various application areas, especially in home automation, due to its convenience and lower energy consumption. Voice recognition is also a core technology leveraged in vehicles. However, the high price of AI-based voice control systems is anticipated to pose a challenge to market expansion. Additionally, the inability to accurately recognize speech in regional accents is a key challenge to the market.

The growing trend toward the development of the artificial intelligence-based system is expected to be the key factor driving industry growth over the foreseeable future. Leveraging deep learning algorithms in voice and speech solutions for better search results is expected to be the key factor for the growth of the AI-based application segment.

North America dominated the market, representing more than 30 percent of the total share in 2014. North America and Asia Pacific are anticipated to witness considerable growth due to the presence of several U.S. and China-based players, including Nuance Communications, Apple, Facebook, Baidu, Amazon, and Alphabet. Furthermore, the presence of several notable consumer electronics manufacturers, such as Samsung, with a strong distribution channel in North American and Asia, are expected to be key factors for industry growth.