As speech recognition technology is progressively gaining traction with a number of interactive speech applications available in the marketplace, the Speech and Voice Recognition Market is expected to worth USD 21.5 billion by 2024, at a growing CAGR of 19.18 percent. Studied by MarketsandMarkets™, the report found the growth of the market can be attributed to the large growth potential in the Healthcare application, mounting demand for voice authentication in mobile banking application, rapid explosion of multifunctional devices or smart speakers, and increasing impact of Artificial Intelligence technology in the education of temporarily and permanently disabled students.
The roles of speech and voice recognition technology in driverless vehicles are anticipated to generate massive growth opportunities for the players in the speech and voice recognition marketplace. Moreover, the key driver of the market growth is expected the rising demand for the Intelligent Virtual assistant (IVA) smart speaker with voice capabilities. Such voice assistants like Amazon Eco, Google Home, and Apple HomePod comes under in IVA smart speakers, and have witnessed triple-digit growth in North America and Europe during the last 2 years. The Speech and Voice Recognition market also is supposed to witness momentous growth in the personal robotics market including robotics pets, cleaning robots, and robot companion.
In 2018, the Speech and Voice Recognition market was valued USD 7.5 billion, but not it’s expected to reach USD 21.5 billion by 2024. The reasons of the market growth occur due to the growing demand for speech-enabled consumer electronics devices like smart home devices, mobile devices, and wearable devices that are anticipated to spur the rapid growth of the Speech and Voice Recognition market throughout the predicted timeframe.