Northbrook, IL -- (SBWIRE) -- 05/02/2021 -- The speech and voice recognition market is expected to reach USD 21.5 billion by 2024 from USD 7.5 billion in 2018, at a CAGR of 19.18%. The growth of the market can be attributed to the high growth potential in healthcare applications, growing demand for voice authentication in a mobile banking applications, the rapid proliferation of multifunctional devices or smart speakers, and the growing impact of AI on the accuracy of speech and voice recognition.
The market for voice recognition to grow at higher CAGR during the forecast period
As compared to speech recognition, the voice recognition market is expected to grow at a higher rate from 2018 to 2024 owing to the growing use of voice recognition in multifactor authentication systems in BFSI, government, and defense verticals. In North America and Western Europe, a large number of banking customers use phone banking facilities. Many of these financial institutions are adopting voice-based authentication solutions to accept or reject mobile transactions by a user. Furthermore, the market for the voice recognition technology is expected to witness high in the government, finance, and enterprise verticals during the next 2–3 years. The data security concerns due to cyberattacks, data breaches by intruders, and issues related to illegal migrants are some of the major factors contributing to the high growth of the voice recognition market.
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On-cloud deployment mode is expected to hold a larger share of the speech and voice recognition market throughout the forecast period.
Cloud-based solutions help organizations reduce CAPEX and OPEX, allowing them to achieve a considerably high level of efficiency at a minimal cost. Thus, the high market share of cloud is attributed to the ability of the cloud infrastructure to provide self-service applications at a minimal cost.
Americas is likely to continue to hold the largest market share during the forecast period
The global speech and voice recognition market is dominated by the Americas owing to the large number of voice biometric systems deployed to ensure high level of security along with the proliferation of speech technologies in consumer electronics and enterprises. This region is at the forefront in terms of implementing biometric systems for improving the safety measures and security. The strong economy of the US is the major driving factor for the growth of the market in the Americas.
Key Market Players
Nuance (US), Microsoft (US), Alphabet (US), IBM (US), Amazon (US), Sensory (US), Cantab Research (UK), iflytek (China), Baidu (China), and Raytheon BBN Technologies (US) are a few major players in the speech and voice recognition market.