Speech and Voice Recognition Market by Technology (Speech Recognition, Voice Recognition), Vertical (Automotive, Consumer, Banking, Financial Services and Insurance (BFSI), Retail, Education, Healthcare & Government) and Geography - Global Forecast to 2023

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Date: 01-Aug-2017
No. of pages: 165
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“Speech and voice recognition market projected to grow at a CAGR of 19.80% between 2017 and 2023”

The speech and voice recognition market is expected to be valued at USD 6.19 billion in 2017and is likely to reach USD 18.30 billion by 2023, at a CAGR of 19.80% between 2017 and 2023. The growing impact of artificial intelligence (AI) on the accuracy of speech and voice recognition and the increased demand for multifactor authentication are driving the market growth. However, oligopoly in the development of speech and voice recognition technology using neural networks is a restraint for this market.

“Speech recognition technology expected to hold largest share of market during forecast period”

The speech recognition technology is expected to hold the largest share of the market during the forecast period due to its growing use in multiple applications owing to the continuously decreasing word error rate (WER) of speech recognition algorithm with the developments in natural language processing and neural network technology. The speech recognition technology finds applications mainly across healthcare and consumer electronics sectors to produce health data records and develop intelligent virtual assistant devices, respectively.

“Speech and voice recognition market for consumer vertical expected to grow at highest CAGR during forecast period”

The market for the consumer vertical is expected to grow at the highest CAGR during the forecast period. The key factor contributing to this growth is the ability to integrate speech and voice recognition technologies into other consumer devices, such as refrigerators, ovens, mixers, and thermostats, with the growth of Internet of Things.

“Speech and voice recognition market in APAC expected to grow at highest CAGR during forecast period”

The speech and voice recognition market in APAC is expected to grow at the highest CAGR during the forecast period. The key factor contributing to the growth of the speech and voice recognition market in APAC is the increasing awareness among masses and lowered costs of biometric devices. The Americas is expected to hold the largest share of the market in 2017. This can be attributed to the increase in the deployment of biometric systems to ensure high level of security in countries such as the US, Canada, and Mexico.

Following is the breakdown of primary participants’ profiles by different parameters:


  • By Company Type: Tier 1 –43%, Tier 2 – 19%, and Tier 3 – 38%

  • By Designation: C-Level Executives–39%, Directors– 27%, and Others –34%

  • By Region: Americas– 24%, Europe– 20%, APAC–37%, and RoW – 19%


The key players operating in the market include Nuance Communications, Inc. (US), Microsoft Corporation (US), Alphabet Inc. (US), Cantab Research Limited (UK), Sensory, Inc. (US), ReadSpeaker Holding B.V. (Netherlands), Pareteum Corporation (US), Iflytek Co., Ltd. (China), VoiceVault Inc. (US), VoiceBox Technologies Corp. (US), LumenVox, LLC (US), and Acapela Group SA (Belgium).

Research Coverage:

The report covers the following market segments:technology, vertical, and geography. The report offers a detailed view of the market across 4main regions—Americas, Europe, APAC, and RoW (comprising the Middle East and Africa). The strategic bench marking has also been included in the report.

Reasons to Buy the Report:


  • This report includes statistics pertaining to the speech and voice recognition market by technology, vertical, and geography.

  • The report includes competitive leadership mapping of ~25 global companies.

  • It provides major drivers, restraints, challenges, and opportunities for the speech and voice recognition market.

  • The report includes illustrative segmentation, analysis, and forecast for the speech and voice recognition market based on its segments and subsegments.

Speech and Voice Recognition Market by Technology (Speech Recognition, Voice Recognition), Vertical (Automotive, Consumer, Banking, Financial Services and Insurance (BFSI), Retail, Education, Healthcare & Government) and Geography - Global Forecast to 2023

Table of Contents

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Geographic Scope
1.3.3 Years Considered for the Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions

3 Executive Summary

4 Premium Insight
4.1 Attractive Market Opportunities in the Speech and Voice Recognition Market
4.2 Global Speech and Voice Recognition Market, By Technology
4.3 APAC Held the Largest Share of the Global Speech and Voice Recognition Market in 2017
4.4 China Dominated the Speech and Voice Recognition Market in APAC in 2017
4.5 Fraud Investigation Application in Speech and Voice Recognition Market

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Demand for Speech-Based Biometric Systems for Multifactor Authentication
5.2.1.2 Growing Demand for Voice Authentication in Mobile Banking Applications
5.2.1.3 Growing Impact of Artificial Intelligence (AI) on the Accuracy of Speech and Voice Recognition
5.2.1.4 Growth in Voice Control-Based Smart Assistive Devices in Consumer and Enterprise Vertical
5.2.2 Restraints
5.2.2.1 Lack of Accuracy in Speech and Voice Recognition Systems in Noisy and Harsh Working Environments
5.2.2.2 Oligopoly in the Development of Speech and Voice Recognition Technology Using Neural Networks Restricting Its Usage for Cloud-Based Services
5.2.3 Opportunities
5.2.3.1 Development of Speech and Voice Recognition Software for Micro-Linguistics and Local Languages
5.2.3.2 Application of Speech and Voice Recognition in Service Robotics
5.2.3.3 Use of Speech and Voice Recognition Technology in the Education of Temporarily and Permanently Disabled Students
5.2.3.4 Role of Speech and Voice Recognition Technology in Autonomous Cars
5.2.4 Challenges
5.2.4.1 The Possibility of Increased Errors With Change in Quality of Voice Samples Due to Fluctuations in the Physical Or Physiological State
5.2.4.2 Lack of Standardized Platform for the Development of Customized Speech and Voice Recognition Software Products
5.2.4.3 Low Internet Penetration and Slower Network Speed in Some Regions Posing A Challenge to Cloud-Based Sr Services

6 Delivery Methods in Speech and Voice Recognition
6.1 Introduction
6.2 Artificial Intelligence (AI) Based
6.3 Non-Artificial Intelligence Based

7 Speech and Voice Recognition Market, By Technology
7.1 Introduction
7.2 Voice Recognition
7.2.1 Speaker Identification
7.2.2 Speaker Verification
7.3 Speech Recognition
7.3.1 Automatic Speech Recognition
7.3.2 Text to Speech

8 Speech and Voice Recognition Market, By Vertical
8.1 Introduction
8.2 Automotive
8.3 Enterprise
8.4 Consumer
8.5 Banking, Financial Services, & Insurance
8.6 Government
8.7 Retail
8.8 Healthcare
8.9 Military
8.10 Legal
8.11 Education
8.12 Others

9 Geographic Analysis
9.1 Introduction
9.2 Americas
9.2.1 Deployment of Biometric Systems for Enhanced Security
9.2.2 US
9.2.2.1 More Deployment of Text-To-Speech Solutions in US
9.2.3 Canada
9.2.3.1 Increasing Demand for Voice Biometrics in the Banking Industry to Enhance Security Levels
9.2.4 Rest of the Americas
9.3 Europe
9.3.1 Increasing Adoption of Speech Recognition Technology Across Healthcare
9.3.2 UK
9.3.2.1 Collaborations Between Banks and Associations to Ensure Network Security Using Voice Biometrics
9.3.3 Germany
9.3.3.1 Greater Dependence on Artificial Intelligence and Cognitive Technologies in Enterprise
9.3.4 France
9.3.4.1 Plans to Integrate Voice Technology With Other Interfaces Across the Retail Vertical
9.3.5 Rest of Europe
9.4 APAC
9.4.1 Technological Advancement Drives the Market in APAC
9.4.2 Japan
9.4.2.1 Deployment of Speech Recognition to Support Decoding in Real Time
9.4.3 China
9.4.3.1 Increasing Investments in Biometrics to Enhance Security Application
9.4.4 India
9.4.4.1 More Investments By Private Companies for the Deployment of Voice Biometrics in BFSI and Agriculture Sectors
9.4.5 Rest of APAC
9.5 RoW
9.5.1 Speech and Voice Recognition Market in the Nascent Stage
9.5.2 Middle East
9.5.2.1 Voice Biometrics Systems to Prove A Reliable Platform for the Customers
9.5.3 Africa
9.5.3.1 Banks Collaborating With Software Providers Globally to Implement Voice Recognition in Banking Operations

10 Competitive Landscape
10.1 Introduction
10.2 Market Ranking Analysis: Speech & Voice Recognition Market
10.3 Competitive Scenario
10.4 Recent Developments
10.4.1 Product Launches
10.4.2 Partnerships/Collaborations/Agreements
10.4.3 Acquisitions
10.5 Competitive Leadership Mapping
10.5.1 Visionary Leaders
10.5.2 Dynamic Differentiators
10.5.3 Innovators
10.5.4 Emerging Companies
10.6 Business Strategy Excellence
10.7 Strength of Product Portfolio

*Top 25 Companies Analyzed for This Study are - Acapela Group Sa, Advanced Voice Recognition Systems, Inc., Alphabet Inc., AT&T Inc., Baidu, Inc., Biotrust ID B.V., Cantab Research Limited, Hummingwave Technologies, Iflytek Co., Ltd., Lg Electronics, Inc., Lumenvox, LLC, M2sys LLC, Microsoft Corporation, Nuance Communications, Inc., Panasonic Corporation, Pareteum Corporation, Raytheon Bbn Technologies, Readspeaker Holding B.V., Samsung Electronics Co., Ltd., Sensory, Inc., Sony Corporation, Uniphore Software Solutions Pvt. Ltd., Vocalzoom Ltd., Voicebox Technologies Corp., Voicevault Inc.

11 Company Profiles
(Business Overview, Products Offered, Product Offering Scorecard, Business Strategy Scorecard, Recent Developments, Key Relationships)*
11.1 Nuance Communications, Inc.
11.2 Microsoft Corporation
11.3 Alphabet Inc.
11.4 Sensory, Inc.
11.5 Cantab Research Limited
11.6 Readspeaker Holding B.V.
11.7 Pareteum Corporation
11.8 Iflytek Co., Ltd.
11.9 Voicevault Inc.
11.10 Voicebox Technologies Corp.
11.11 Lumenvox, LLC
11.12 Acapela Group Sa
11.13 Key Innovators
11.13.1 Vocalzoom Ltd
11.13.2 Biotrust ID B.V.
11.13.3 Uniphore Software Solutions Pvt. Ltd.

*Details on Business Overview, Products Offered, Product Offering Scorecard, Business Strategy Scorecard, Recent Developments, Key Relationships Might Not Be Captured in Case of Unlisted Companies.

12 Appendix
12.1 Insights From Industry Experts
12.2 Discussion Guide
12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
12.4 Introducing RT: Real-Time Market Intelligence
12.5 Available Customizations
12.6 Related Reports
12.7 Author Details

List of Tables

Table 1 Speech and Voice Recognition Market, By Technology, 2014–2023 (USD Million)
Table 2 Voice Recognition Market, By Vertical, 2014–2023 (USD Million)
Table 3 Voice Recognition Market, By Region, 2014–2023 (USD Million)
Table 4 Voice Recognition Market for Automotive, By Region, 2014–2023 (USD Million)
Table 5 Voice Recognition Market for Enterprise, By Region, 2014–2023 (USD Million)
Table 6 Voice Recognition Market for Consumer Electronics, By Region, 2014–2023 (USD Million)
Table 7 Voice Recognition Market for Finance, By Region, 2014–2023 (USD Million)
Table 8 Voice Recognition Market for Government, By Region, 2014–2023 (USD Million)
Table 9 Voice Recognition Market for Retail, By Region, 2014–2023 (USD Million)
Table 10 Voice Recognition Market for Healthcare, By Region, 2014–2023 (USD Million)
Table 11 Voice Recognition Market for Military, By Region, 2014–2023 (USD Million)
Table 12 Voice Recognition Market for Education, By Region, 2014–2023 (USD Million)
Table 13 Voice Recognition Market for Legal, By Region, 2014–2023 (USD Million)
Table 14 Voice Recognition Market for Others, By Region, 2014–2023 (USD Million)
Table 15 Speech Recognition Market, By Type, 2014–2023 (USD Million)
Table 16 Automatic Speech Recognition Market, By Region, 2014–2023 (USD Million)
Table 17 Text-To-Speech Market, By Region, 2014–2023 (USD Million)
Table 18 Speech Recognition Market, By Vertical, 2014–2023 (USD Million)
Table 19 Speech Recognition Market for Automotive, By Region, 2014–2023 (USD Million)
Table 20 Speech Recognition Market for Enterprise, By Region, 2014–2023 (USD Million)
Table 21 Speech Recognition Market for Consumer, By Region, 2014–2023 (USD Million)
Table 22 Speech Recognition Market for Finance, By Region, 2014–2023 (USD Million)
Table 23 Speech Recognition Market for Government, By Region, 2014–2023 (USD Million)
Table 24 Speech Recognition Market for Retail, By Region, 2014–2023 (USD Million)
Table 25 Speech Recognition Market for Healthcare, By Region, 2014–2023 (USD Million)
Table 26 Speech Recognition Market for Military, By Region, 2014–2023 (USD Million)
Table 27 Speech Recognition Market for Education, By Region, 2014–2023 (USD Million)
Table 28 Speech Recognition Market for Legal, By Region, 2014–2023 (USD Million)
Table 29 Speech Recognition Market for Others, By Region, 2014–2023 (USD Million)
Table 30 Speech and Voice Recognition Market, By Vertical, 2014–2023 (USD Million)
Table 31 Voice Recognition Market, By Vertical, 2014–2023 (USD Million)
Table 32 Speech Recognition Market, By Vertical, 2014–2023 (USD Million)
Table 33 Speech and Voice Recognition Market for Automotive, By Application, 2014–2023 (USD Million)
Table 34 Speech Recognition Market for Automotive, By Application, 2014–2023 (USD Million)
Table 35 Voice Recognition Market in Automotive, By Application, 2014–2023 (USD Million)
Table 36 Speech and Voice Recognition Market for Enterprise, By Application, 2014–2023 (USD Million)
Table 37 Speech Recognition Market for Enterprise, By Application, 2014–2023 (USD Million)
Table 38 Voice Recognition Market for Enterprise, By Application, 2014–2023 (USD Million)
Table 39 Speech and Voice Recognition Market for Consumer, By Application, 2014–2023 (USD Million)
Table 40 Speech Recognition Market for Consumer, By Application, 2014–2023 (USD Million)
Table 41 Voice Recognition Market for Consumer, By Application, 2014–2023 (USD Million)
Table 42 Speech and Voice Recognition Market for Banking, Financial Services, & Insurance, By Application, 2014–2023 (USD Million)
Table 43 Speech Recognition Market in Banking, Financial Services & Insurance, By Application, 2014–2023 (USD Million)
Table 44 Voice Recognition Market in Financial Services & Insurance, By Application, 2014–2023 (USD Million)
Table 45 Speech and Voice Recognition Market for Government, By Application, 2014–2023 (USD Million)
Table 46 Speech Recognition Market for Government, By Application, 2014–2023 (USD Million)
Table 47 Voice Recognition Market for Government, By Application, 2014–2023 (USD Million)
Table 48 Speech and Voice Recognition Market for Retail, By Application, 2014–2023 (USD Million)
Table 49 Speech Recognition Market for Retail, By Application, 2014–2023 (USD Million)
Table 50 Voice Recognition Market for Retail, By Application, 2014–2023 (USD Million)
Table 51 Speech and Voice Recognition Market for Healthcare, By Application, 2014–2023 (USD Million)
Table 52 Speech Recognition Market for Healthcare, By Application, 2014–2023 (USD Million)
Table 53 Voice Recognition Market for Healthcare, By Application, 2014–2023 (USD Million)
Table 54 Speech and Voice Recognition Market for Military, By Application, 2014–2023 (USD Million)
Table 55 Speech Recognition Market for Military, By Application, 2014–2023 (USD Million)
Table 56 Voice Recognition Market for Military, By Application, 2014–2023 (USD Million)
Table 57 Speech and Voice Recognition Market for Legal, 2014–2023 (USD Million)
Table 58 Voice Recognition Market for Legal, 2014–2023 (USD Million)
Table 59 Speech Recognition Market for Legal, 2014–2023 (USD Million)
Table 60 Speech and Voice Recognition Market for Education, By Application, 2014–2023 (USD Million)
Table 61 Voice Recognition Market for Education, By Type, 2014–2023 (USD Million)
Table 62 Speech and Voice Recognition Market, By Region, 2014–2023 (USD Million)
Table 63 Speech Recognition Market, By Region, 2014–2023 (USD Million)
Table 64 Voice Recognition Market, By Region, 2014–2023 (USD Million)
Table 65 Speech and Voice Recognition Market in Americas, By Country, 2014–2023 (USD Million)
Table 66 Speech and Voice Recognition Market in Europe, By Country, 2014–2023 (USD Million)
Table 67 Speech and Voice Recognition Market in APAC, By Country, 2014–2023 (USD Million)
Table 68 Speech and Voice Recognition Market in RoW, By Region, 2014–2023 (USD Million)
Table 69 Market Ranking of the Top 5 Players in the Speech & Voice Recognition Market, 2016
Table 70 New Product Launches, 2013–2017
Table 71 Partnerships/ Collaborations/Agreements, 2014–2016
Table 72 Acquisitions, 2015–2016

List of Figures

Figure 1 Market Segmentation
Figure 2 Research Flow
Figure 3 Speech and Voice Recognition Market: Research Design
Figure 4 Data Triangulation
Figure 5 Assumptions of the Research Study
Figure 6 Consumer Vertical Expected to Hold the Largest Market Size During the Forecast Period
Figure 7 Voice Recognition Market Expected to Grow at A Higher CAGR Between 2017 and 2023
Figure 8 Automatic Speech Recognition Type Expected to Witness A Higher CAGR Between 2017 and 2023 for Speech Recognition Technology
Figure 9 Enterprise Robotics Expected to Witness the Highest CAGR During the Forecast Period for Voice Recognition
Figure 10 Speech and Voice Recognition Market in APAC Expected to Grow at the Highest CAGR Between 2017 and 2023
Figure 11 Growing Demand for Voice Authentication in Mobile Banking Applications
Figure 12 Market for Speech Recognition Expected to Grow at A Higher CAGR During the Forecast Period
Figure 13 India Expected to Witness the Highest CAGR During the Forecast Period
Figure 14 Consumer Vertical Expected to Hold the Largest Share of the Market in APAC in 2017
Figure 15 Market for Fraud Investigation Application in Retail Estimated to Grow at the Highest CAGR Between 2017 and 2023
Figure 16 Increased Demand for Speech-Based Biometric Systems for the Multi Factor Authentication Driving the Speech and Voice Recognition Market
Figure 17 Identity Theft Accounted for 64% of the Total Data Breaches in 2016
Figure 18 Use of Speech Recognition Can Effectively Prevent Identity Theft in Banking and Finance
Figure 19 Speech and Voice Recognition Technology Witnessed Considerable Growth in Accuracy During 2010–2017
Figure 20 Amazon’s Alexa Skill Set Increased 10 Times in A Span of 8 Months
Figure 21 Delivery Methods in Speech & Voice Recognition
Figure 22 Speech and Voice Recognition Market Segmentation, By Technology
Figure 23 Speech Recognition to Hold the Major Market Share Between 2017 and 2023
Figure 24 Government Vertical to Hold the Largest Market Size Between 2017 and 2023
Figure 25 ASR Segment to Hold the Largest Market Size Between 2017 and 2023
Figure 26 ASR Market in Asia Pacific to Witness the Highest CAGR Between 2017 and 2023
Figure 27 Americas to Lead the TTS Market Between 2017 and 2023
Figure 28 Consumer Vertical to Be the Highest Contributor to the Speech Recognition Market Growth (2017–2023)
Figure 29 Speech and Voice Recognition Market: By Vertical
Figure 30 Enterprise Robotics Expected to Witness the Highest CAGR in the Speech Recognition Market for the Enterprise Vertical
Figure 31 Identification of Persons of Interest Expected to Witness Higher Growth Rate in the Speech Recognition Market for Government Vertical
Figure 32 Access Control Systems Expected to Witness A Higher CAGR in the Voice Recognition Market for the Military Vertical During the Forecast Period
Figure 33 Speech and Voice Recognition Market Segmentation: By Geography
Figure 34 Geographic Snapshot: Speech and Voice Recognition Market in APAC Expected to Grow at the Highest CAGR During the Forecast Period
Figure 35 Speech and Voice Recognition Market in India Estimated to Grow at the Highest CAGR Between 2017 and 2023
Figure 36 Segmentation: the Americas
Figure 37 Americas: Speech and Voice Recognition Market Snapshot
Figure 38 Segmentation: Europe
Figure 39 Europe: Speech and Voice Recognition Market Snapshot
Figure 40 Segmentation: APAC
Figure 41 APAC: Speech and Voice Recognition Market Snapshot
Figure 42 Segmentation: RoW
Figure 43 Key Growth Strategies Adopted By Top Companies, 2013–2017
Figure 44 Market Evaluation Framework – New Product Launches Fuelled Growth and Innovation Between 2014 and 2016
Figure 45 Battle for Market Share: New Product Launches Was Considered to Be the Key Strategy Between 2013 and 2017
Figure 46 Global Speech and Voice Recognition Market, Competitive Leadership Mapping, 2016
Figure 47 Nuance Communications Inc.: Company Snapshot
Figure 48 Microsoft Corporation: Company Snapshot
Figure 49 Alphabet Inc.: Company Snapshot

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