Grand View Research, Inc. has released a new analysis estimating that the global voice and speech recognition market would reach $53.67 billion by 2030, rising at a compound annual growth rate of 14.6% from 2024 to 2030.
The market is being driven by the banking and automotive industries’ growing use of voice-activated systems, voice-enabled devices, and voice-enabled virtual assistant systems.
The new survey predicted that AI-based voice and speech recognition software is expected to grow at the fastest CAGR from 2023 to 2030, due to continuous development of machine learning techniques and the integration of connected devices with personal assistants.
According to the report, the need for enhanced security and fraud prevention in banking is boosting the use of voice biometrics for user authentication.
The automobile sector is also expected to drive growth, with advances in technology and the emergence of innovative concepts like autonomous and connected cars.
Voice recognition technology is also widely used in healthcare to enhance electronic health record systems, allowing doctors to speak and keep records instead of manual typing or writing.
According to the report, this is due to the continuous development of machine learning techniques and the integration of connected devices with personal assistants.
For instance, Nuance Communication Inc.’s Dragon Drive is a personal assistant that combines a number of internet-connected cars, smartphones, and home appliances into one cohesive unit.
“Thus, an individual can get alerts about daily chores, work schedules, traffic updates, and many more alerts through the Dragon Drive. In addition, sentiment analysis using the changes in the pitch of the voice is anticipated to provide an opportunity to the market.”
However, the survey noted that the inaccuracy of these technologies in identifying regional accents and dialects will likely limit market expansion.
