Allied Market Research recently published a report, “Speech Recognition Market by Deployment Mode (On Cloud and On Premise) and End Use (Consumer Electronics, Healthcare, Enterprise, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026”. According to the report, the global speech recognition industry was pegged at $6.39 billion in 2018, and is projected to reach $29.28 billion by 2026, growing at a CAGR of 19.9% from 2019 to 2026.
Major determinants of the market
Rise in demand for speech recognition in automotive, surge in demand for voice biometric systems for user authentication, and high growth potential in healthcare applications drive the growth of the global speech recognition market. However, lack of accuracy in harsh environment hampers the market growth. On the contrary, rise in adoption of speech recognition in the consumer verticals and robotics is expected to open new opportunities for the market players.
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Covid-19 scenario: The widespread of Covid-19 has adversely affected the global speech recognition industry.
- Although the market is down during the pandemic, the demand over the next few years is unlikely to be changed as budgets have been allotted prior to the Covid-19 outbreak.
- During this pandemic, organizations are reluctant to invest big capital on new business models, hiring workforce, and spend on additional expense apart from essentials.
The on premise segment held the largest share
By type, the on premise segment dominated the global speech recognition market in 2018, accounting for more than half of the market, as it offers full control over the workflow. However, the on cloud segment is expected to register the highest CAGR of 24.0% during the forecast period, due to ability of the cloud infrastructure to provide self-service applications at a minimal cost.
Healthcare segment to manifest the highest CAGR through 2026
By end user, the healthcare segment is expected to portray the highest CAGR of 21.9% during the forecast period. Moreover, the segment held the largest share in 2018, contributing to more than one-fourth of the global speech recognition market. The report includes an in-depth analysis of the other segments such consumer electronics, enterprise, and others.
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North America held lion’s share
The global speech recognition market across North America held the largest share in 2018, accounting for nearly half of the market, owing to presence of major players that offer advanced solutions toward the development of voice recognition. However, the market across Asia-Pacific is expected to register the highest CAGR of 21.4% during the forecast period, due to product launches and advancements in technologies in the consumer electronics and automotive industry.
Major market players
- Google Inc.
- Nuance Communications
- Raytheon BBN Technologies
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