Speech Tech Market to Hit $34 Billion by 2026

Market research firm 360 Research valued the global market for speech technologies, including interactive voice response (IVR), real-time speech-to-text conversion, speech analytics, speech recognition, speech synthesis, and speech verification, at $11.66 billion in 2020 and expects it to reach $13.92 billion by the end of this year. Looking forward, it projects tha market to reach $34.41 billion by 2026, growing at a compound annual rate of 19.76 percent.

The report identifies Acapela Group, AIBrain, Alphabet (Google), Amazon Web Services, Anki, Apple, Baidu, Biotrust Id, Cantab Research, Facebook, Iflytek, Lumenvox, M2sys, Microsoft, Mmodal, Nuance Communications, Quantiphi, Raytheon BBN Technologies, Sensory, Siemens, Speak2Web, Uniphore Software, Validsoft, Vocalzoom, and Voicevault as leading vendors in the market.