Voice and Speech Recognition Market Size, Share, Trends, Industry Analysis Report By Component (Hardware, Software), By Interface, By End User, By Region

Description

List of Tables

The voice and speech recognition market size is expected to reach USD 123.70 billion by 2034, according to a new study by Polaris Market Research. The report "Voice and Speech Recognition Market Size, Share, Trends, Industry Analysis Report By Component (Hardware, Software), By Interface, By End User, By Region - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

Voice or speech recognition is the ability of a program to receive, interpret, and perform spoken commands. These solutions serve as the perfect bridge, enabling voice commands between consumers and technology to assist with reminders and simple tasks.

Voice has emerged as a viable authentication method like fingerprints or iris, because it is a unique characteristic of an individual. What sets voice apart as a preferred authentication method for online transactions is its ability to partner with the telephone to deliver extremely accurate remote authentication. Banking institutions are introducing voice biometric systems as core credentials for customer logins. For instance, Atom Bank PLC in the UK launched voice biometrics and has partnered with Computer Sciences Corp., the provider of ConfidentID, a mobile user authentication service powered by Daon's IdentityX platform. The software is already in use around the world at airports and international border controls. Customers preferring biometrics over other conventional methods of passwords are expected to drive the proliferation of voice recognition technology over the forecast period.

The voice recognition software is easy to use once installed. It is very user-friendly as it contains numerous features such as "help" option, which helps consumers or an enterprise learn methods to customize it as per their needs. This software has integrated interactive tutorials and online tutorials that aid consumers or an enterprise with an information of using that particular software. The focus on enhancing consumer's experience is also pushing various companies such as Nuance Communication Inc., Apple Inc., and Microsoft Corporation to upload video tutorials related to their speech recognition software on the YouTube Channel, further contributing to the market growth.

Voice and Speech Recognition Market Report Highlights

The enhanced devices segment is projected to register a CAGR of 20.2% during the forecast period. The growth is attributed to the rising adoption of smart devices such as smartphones, wearables, and IoT technology gadgets with built-in voice assistants.

The healthcare segment held a significant revenue share in 2024, holding 36.54% fueled by the increasing need for efficient clinical documentation and improved patient interaction.

The North America voice and speech recognition market accounted for 47.60% of global revenue share in 2024 due to early technology adoption, robust R&D infrastructure, and the strong presence of key tech players such as Apple, Google, Amazon, and Microsoft.

The U.S. held a significant revenue share in North America in 2024, driven by strong investments in artificial intelligence, natural language processing, and voice biometrics.

The market in Asia Pacific is expected to register a CAGR of 9.0% during the forecast period due to the expanding digital ecosystem, rising smartphone use, and increasing internet penetration.

A few global key market players are Advanced Voice Recognition Systems, Inc.; Agnitio S.L.; Amazon.com, Inc.; Anhui USTC iFlytek Co., Ltd.; Apple Inc.; Baidu, Inc.; Google Inc.; International Business Machines Corporation (IBM); LumenVox LLC; M2Sys LLC; Microsoft Corporation; Nuance Communication, Inc.; Raytheon Company; Sensory Inc.; ValidSoft UK Limited (ElephantTalk Communications Corp.); VoiceBox Technologies Corporation (Cerence); and VoiceVault Inc.

Polaris Market Research has segmented the voice and speech recognition market report based on component, interface, end user, and region:

By Component (Revenue - USD Billion, 2020-2034)

Hardware

Software

Enhanced Devices

By Interface (Revenue - USD Billion, 2020-2034)

AI-Based

Non-AI-Based

By End User (Revenue - USD Billion, 2020-2034)

Automotive

BFSI

Consumer

Government

Retail

Healthcare

Home Security & Automation

Others

By Regional Outlook (Revenue - USD Billion, 2020-2034)

North America

U.S.

Canada

Europe

Germany

France

Italy

Spain

Russia

Netherlands

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Australia

Rest of Asia Pacific

Latin America

Argentina

Brazil

Mexico

Rest of Latin America

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa

Rest of Middle East & Africa

Product Code: PM1407

Chapter 1. Introduction

1.1 Report Description
- 1.1.1 Objectives of the Study
- 1.1.2 Market Scope
- 1.1.3 Assumptions
1.2 Stakeholders

Chapter 2. Executive Summary

Chapter 3. Research Methodology

3.1 Overview
- 3.1.1 Data Mining
3.2 Data Sources
- 3.2.1 Primary Sources
- 3.2.2 Secondary Sources

Chapter 4. Voice & Speech Recognition Market Insights

4.1 Voice & Speech Recognition - Industry snapshot
4.2 Voice & Speech Recognition Industry Trends
4.1 Voice & Speech Recognition Market Dynamics
- 4.1.1 Drivers and Opportunities
  - 4.1.1.1 Increasing demand for voice biometric systems for user authentication
  - 4.1.1.2 The growth of speech recognition in car voice recognition systems
  - 4.1.1.3 Ability to Streamline Workflow
  - 4.1.1.4 Increasing use of voice recognition system for Electronic Health Record(EHR) applications
  - 4.1.1.5 Dictionary of interactive tutorials
- 4.1.2 Restraints and Challenges
  - 4.1.2.1 Lack of accuracy in voice recognition systems
4.2 Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers (Low)
- 4.2.2 Threats of New Entrants: (Low)
- 4.2.3 Bargaining Power of Buyers (Moderate)
- 4.2.4 Threat of Substitute (Low)
- 4.2.5 Rivalry among existing firms (High)
4.3 PESTEL Analysis
4.4 Voice & Speech Recognition Market - Value Chain

Chapter 5. Voice & Speech Recognition Market Assessment by Component

5.1 Introduction
5.2 Hardware
5.3 Software
5.4 Enhanced Devices

Chapter 6. Voice & Speech Recognition Market Assessment by Interface

6.1 Introduction
6.2 AI-Based
6.3 Non-AI-Based

Chapter 7. Voice & Speech Recognition Market Assessment by End-User

7.1 Introduction
7.2 Automotive
7.3 BFSI
7.4 Consumer
7.5 Government
7.6 Retail
7.7 Healthcare
7.8 Home security & Automation
7.9 Other End-Uses

Chapter 8. Voice & Speech Recognition Market Assessment by Region

8.1 Introduction
8.2 Voice & Speech Recognition Market - North America
- 8.2.1 Voice & Speech Recognition Market - U.S.
- 8.2.2 Voice & Speech Recognition Market - Canada
8.3 Voice & Speech Recognition Market - Europe
- 8.3.1 Voice & Speech Recognition Market - Germany
- 8.3.2 Voice & Speech Recognition Market - UK
- 8.3.3 Voice & Speech Recognition Market - France
8.4 Voice & Speech Recognition Market - Asia Pacific
- 8.4.1 Voice & Speech Recognition Market - China
- 8.4.2 Voice & Speech Recognition Market - India
- 8.4.3 Voice & Speech Recognition Market - Japan
8.5 Voice & Speech Recognition Market - Latin America
- 8.5.1 Voice & Speech Recognition Market - Brazil
8.6 Voice & Speech Recognition Market - Middle East & Africa

Chapter 9. Competitive Landscape

9.1 Product Launch is the Best Adopted Strategy by the Companies
9.2 Product Launch
9.3 Partnerships/Collaborations/Agreements/Exhibitions

Chapter 10. The Company Profiles

10.1 Advanced Voice Recognition Systems, Inc.
- 10.1.1 Business Overview
- 10.1.2 Financial Snapshot
- 10.1.3 Products and Services
- 10.1.4 Recent Developments
10.2 Agnitio S.L.
- 10.2.1 Business Overview
- 10.2.2 Financial Snapshot
- 10.2.3 Products and Services
- 10.2.4 Recent Developments
10.3 Nuance Communication, Inc.
- 10.3.1 Business Overview
- 10.3.2 Financial Snapshot
- 10.3.3 Products and Services
- 10.3.4 Recent Developments
10.4 Amazon.com, Inc.
- 10.4.1 Business Overview
- 10.4.2 Financial Snapshot
- 10.4.3 Products and Services
- 10.4.4 Recent Developments
10.5 Anhui USTC iFlytek Co., Ltd.
- 10.5.1 Business Overview
- 10.5.2 Financial Snapshot
- 10.5.3 Products and Services
- 10.5.4 Recent Developments
10.6 Apple Inc.
- 10.6.1 Business Overview
- 10.6.2 Financial Snapshot
- 10.6.3 Products and Services
- 10.6.4 Recent Developments
10.7 Baidu, Inc.
- 10.7.1 Business Overview
- 10.7.2 Financial Snapshot
- 10.7.3 Products and Services
- 10.7.4 Recent Developments
10.8 Google Inc.
- 10.8.1 Business Overview
- 10.8.2 Financial Snapshot
- 10.8.3 Products and Services
- 10.8.4 Recent Developments
10.9 International Business Machines Corporation
- 10.9.1 Business Overview
- 10.9.2 Financial Snapshot
- 10.9.3 Products and Services
- 10.9.4 Recent Developments
10.10 M2Sys LLC
- 10.10.1 Business Overview
- 10.10.2 Financial Snapshot
- 10.10.3 Products and Services
10.11 LumenVox LLC
- 10.11.1 Business Overview
- 10.11.2 Financial Snapshot
- 10.11.3 Products and Services
- 10.11.4 Recent Developments
10.12 Microsoft Corporation
- 10.12.1 Business Overview
- 10.12.2 Financial Snapshot
- 10.12.3 Products and Services
- 10.12.4 Recent Developments
10.13 Raytheon Company
- 10.13.1 Business Overview
- 10.13.2 Financial Snapshot
- 10.13.3 Products and Services
- 10.13.4 Recent Developments
10.14 Sensory Inc.
- 10.14.1 Business Overview
- 10.14.2 Financial Snapshot
- 10.14.3 Products and Services
- 10.14.4 Recent Developments
10.15 ValidSoft UK Limited (ElephantTalk Communications Corp.)
- 10.15.1 Business Overview
- 10.15.2 Financial Snapshot
- 10.15.3 Products and Services
- 10.15.4 Recent Developments
10.16 VoiceBox Technologies Corporation (Cerence)
- 10.16.1 Business Overview
- 10.16.2 Financial Snapshot
- 10.16.3 Products and Services
- 10.16.4 Recent Developments
10.17 VoiceVault Inc.
- 10.17.1 Business Overview
- 10.17.2 Financial Snapshot
- 10.17.3 Products and Services