Meticulous Research has released a new report that predicts that the market for speech and voice recognition technology will climb to $26.8 billion between 2019 and 2025. That figure represents a CAGR of 17.2 percent.
Meticulous credits the anticipated demand to technology advancements that will make it easier to integrate voice and speech recognition into a variety of smart devices. Voice recognition will also be leveraged for security, and to authorize payments in physical and online settings.
Digging into the details, the report goes on to argue that the speech recognition market will be bigger than the voice recognition market due to the rising ubiquity of voice assistants in smart devices. That’s particularly true in the automotive sector, where in-car voice assistants are becoming increasingly common as a safety and infotainment feature.
The automotive sector was the largest portion of the market in 2019, and will remain so until 2025. However, the healthcare sector is expected to grow at the fastest CAGR. The Asia Pacific region will similarly display the most growth internationally.
Of course, there are a few issues that could slow the expansion of the market. Many people are still wary of new technology, and those that aren’t may not be aware of some of its more innovative applications. Meanwhile, some voice recognition platforms continue to struggle with accents and strong dialects, which will inevitably hinder adoption rates.
The Meticulous numbers are in keeping with other reports on the voice and speech recognition market. Fortune Business Insights predicted that the market would reach $28 billion by 2026, while Grand View Research placed it at nearly $32 billion by 2025.
Meticulous highlighted Nuance Communications, iFlytek, Sensory, Sestek, and LumenVox as some of the major players in the space, placing them alongside perennial tech giants like Apple, Amazon, and Google.
February 7, 2020 – by Eric Weiss