Voice Recognition Market Trends, Analysis & Forecast, 2028

 

As per a recent research report, Voice Recognition Market surpass USD 10 Bn by 2028.

The voice recognition market is expected to exhibit substantial growth by 2028 owing to notable technological advancements in the sector. Additionally, prevalent incorporation of the technology in diverse applications is likely to further drive market expansion through the forecast period.

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Recently, industry leaders have been focusing on product development and innovation to enhance their offerings, thereby improving industry dynamics. For instance, in September 2021, tech giant Amazon announced the addition of offline voice recognition to its Alexa devices. The new features enabled the firm's customers in the US to opt to have all their voice commands processed on their Alexa devices. This prevented the audio clips from being uploaded to the cloud and were automatically deleted after being processed by the device.

The voice recognition market has been categorized in terms of deployment model, technology, end-use, and region. Based on deployment model, the market has been bifurcated into on-premise and cloud. The cloud sub-segment is anticipated to witness significant growth through 2028. Growing penetration of cloud services that offer higher scalability and flexibility is set to support segmental development.

By technology, the market has been divided into AI-based and non AI-based. The voice recognition market share from the AI-based sub-segment is projected to grow at a solid CAGR over the analysis period. The ability of AI-based voice recognition to effectively transcribe voice in different languages with minimal error is set to boost segmental growth in the coming years.

From the end-use perspective, the market has been segmented into government & defense, BFSI, automotive, aerospace, healthcare, consumer electronics, and others. The automotive sub-segment is slated to reach a sizable revenue by the end of 2028 driven by increasing introduction of electric vehicles that uses voice recognition technology to enhance the driving experience.

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The voice recognition market size from the consumer electronics sub-segment is expected to observe strong growth through the assessment timeframe. Rising penetration of smart devices that offer robust user authentication is speculated to facilitate segmental expansion. The healthcare sub-segment is estimated to expand at a robust pace over the study timeline owing to surging use of voice recognition technology in order to offer remote patient monitoring services through telemedicine solutions.

On the regional spectrum, the Latin America voice recognition industry is poised to attain a significant valuation by the end of 2028. Supportive government initiatives aimed at promoting digitalization in the healthcare sector is set to propel market growth in LATAM. Meanwhile, the Middle East & Africa voice recognition market is speculated to amass substantial gains through the forecast period due to mounting demand for digital payment solutions across MEA.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Voice recognition industry 360º synopsis, 2018 – 2028

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Deployment model trends

2.1.4    Technology trends

2.1.5    End-use trends

Chapter 3   Voice Recognition Industry Insights

3.1    Introduction

3.2    Impact of COVID-19 outbreak

3.2.1    Global outlook

3.2.2    Regional outlook

3.2.2.1    North America

3.2.2.2    Europe

3.2.2.3    Asia Pacific

3.2.2.4    Latin America

3.2.2.5    MEA

3.2.3    Industry value chain

3.2.3.1    Component suppliers

3.2.3.2    Manufacturers

3.2.3.3    Marketing & distribution channel

3.2.4    Competitive landscape

3.2.4.1    Strategy

3.2.4.2    Distribution network

3.2.4.3    Business growth

3.3    Industry ecosystem analysis

3.3.1    Raw material suppliers

3.3.2    Component suppliers

3.3.3    Manufacturers

3.3.4    Technology/software providers

3.3.5    System integrators

3.3.6    Service providers

3.3.7    Distribution network

3.3.8    Vendor matrix

3.3.8.1    Raw material suppliers

3.3.8.2    Component suppliers

3.3.8.3    Manufacturers

3.3.8.4    Technology/software providers

3.3.8.5    System integrators

3.3.8.6    Service providers

3.3.8.7    Distribution network

3.4    Technology & innovation landscape

3.4.1    Internet of things (IoT) technology

3.4.2    Artificial Intelligence (AI) and Machine learning (ML) technology

3.4.3    Data analytics

3.4.4    Anti-spoofing

3.4.5    Active and passive voice recognition

3.5    Patent analysis

3.6    Regulatory landscape

3.6.1    North America

3.6.2    Europe

3.6.3    Asia Pacific

3.6.4    Latin America

3.6.5    MEA

3.7    Industry impact forces

3.7.1    Growth drivers

3.7.1.1    Rise in adoption of voice biometrics for enhancing identity and security among various industry verticals

3.7.1.2    Increasing adoption of the AI-based voice recognition systems

3.7.1.3    Stringent government regulations drive the need for secure authentication technologies in healthcare sector

3.7.1.4    Need to prevent unauthorized access to IT facilities and other security-sensitive areas

3.7.1.5    Growing popularity of mobile payments using voice recognition software

3.7.1.6    Proliferation of smart consumer electronics devices in Asia Pacific

3.7.1.7    Development of voice-enabled in-car infotainment systems in Europe and the U

3.7.2    Industry pitfalls & challenges

3.7.2.1    Data security & privacy concerns

3.7.2.2    High cost of implementation

3.8    Growth potential analysis

3.9    Porter’s analysis

3.9.1    Supplier power

3.9.2    Buyer power

3.9.3    Threat of new entrants

3.9.4    Threat of substitutes

3.9.5    Internal rivalry

3.10    PESTEL analysis

3.10.1    Political

3.10.2    Economic

3.10.3    Social

3.10.4    Technological

3.10.5    Environmental

3.10.6    Legal

 

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