Global Speech and Voice Recognition Research Report 2023-2030: Beyond Words - AI and ML Shape the Evolution of the Burgeoning Market
DUBLIN, Aug. 24, 2023 /PRNewswire/ -- The "Speech and Voice Recognition Market by Function, Technology, Deployment Mode, End User, and Geography - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The speech and voice recognition market is projected to reach $56.07 billion by 2030, at a CAGR of 19.1% during the forecast period 2023-2030
The growth of the speech and voice recognition market is driven by the surging use of voice biometrics, the integration of voice-enabled devices into car infotainment systems, and the proliferation of voice-enabled devices. However, speech and voice recognition devices' lack of accuracy in recognizing regional accents and dialects and low awareness about speech and voice recognition technologies restrain the growth of this market.
However, performance issues with speech and voice recognition-enabled devices due to ambient noise is a major challenge for market growth.
The large market share of this segment is attributed to the consistent proliferation of advanced technologies such as artificial intelligence and machine learning across various sectors and the rapid growth of the smart devices market. Moreover, the speech recognition segment is also projected to record the higher CAGR during the forecast period.
The large market share of this segment is attributed to the increasing usage of voice assistants for applications, including smart home systems, smart speakers, autonomous and connected cars, voice biometric authentication, smart wearable gadgets, and smartphones.
The large share of this segment is attributed to the increasing avenues for cloud-based deployments, the superior flexibility and affordability offered by cloud-based deployments, and the increasing adoption of cloud-based solutions among small & medium-sized enterprises.
In 2023, the IT & telecommunications segment is expected to account for the largest share of the speech and voice recognition market.
The large market share of this segment is attributed to the rising demand for speech and voice recognition solutions among call centers and the growing need to gather actionable information more quickly.
The presence of a large number of speech and voice recognition technology providers across the region and telecommunications companies' increasing focus on improving their first-call resolution rates support the large share of this regional market.
Factors Affecting Market Growth
Company Profiles (Company Overview, Financial Overview, Product Portfolio, SWOT Analysis, and Strategic Developments)
Scope of the Report:
Speech and Voice Recognition Market, by Function
Speech and Voice Recognition Market, by Technology
Speech and Voice Recognition Market, by Deployment Mode
Speech and Voice Recognition Market, by End User
For more information about this report visit https://www.researchandmarkets.com/r/pxergj
Research and Markets
View original content:https://www.prnewswire.com/news-releases/global-speech-and-voice-recognition-research-report-2023-2030-beyond-words---ai-and-ml-shape-the-evolution-of-the-burgeoning-market-301909120.html
SOURCE Research and Markets