Speech Technology Global Market Report 2024

Description

Speech technology is a form of computational technology that utilizes voice recognition and speech synthesis technologies to facilitate machine understanding and response to human speech. It improves communication between humans and machines by enabling voice commands for virtual assistants, enabling hands-free operation in vehicles, and offering accessibility features such as speech-to-text across various applications.

Speech technology comes in two primary forms such as artificial intelligence (AI) and non-artificial intelligence. AI-based speech technology involves leveraging artificial intelligence, machine learning, and language models to empower computers in comprehending, interpreting, and generating human speech. This versatile technology can be deployed in diverse modes, including cloud, on-premises, or embedded, and finds applications across various sectors such as automotive, consumer, government, enterprise, healthcare, and banking, financial services, and insurance (BFSI).

The speech technology market research report is one of a series of new reports from The Business Research Company that provides speech technology market statistics, including speech technology industry global market size, regional shares, competitors with a speech technology market share, detailed speech technology market segments, market trends and opportunities, and any further data you may need to thrive in the speech technology industry. This speech technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The speech technology market size has grown exponentially in recent years. It will grow from $13.22 billion in 2023 to $16.71 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth observed in the historical period can be credited to progress in natural language processing (NLP), the increased prevalence of voice-activated devices, a focus on accessibility and inclusion, integration into customer service operations, and the implementation of multilingual support.

The speech technology market size is expected to see exponential growth in the next few years. It will grow to $41.95 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%. The anticipated growth in the forecast period can be linked to the evolution of conversational AI, the expanding applications of healthcare, the integration across various industries, the enhancement of emotion recognition capabilities, and the adoption of voice biometrics for security. Key trends expected in the forecast period encompass emotion recognition, advancements in multilingual and cross-language processing, the utilization of voice biometrics for security, the proliferation of voice-enabled smart devices, and the widespread adoption of conversational AI and chatbots.

The anticipated surge in the adoption of voice assistants is projected to drive the expansion of the speech technology market in the foreseeable future. Voice assistants, integral to speech technology, are digital tools proficient in recognizing voice commands, processing language, and generating voice output. They play a pivotal role in enabling hands-free device control and facilitating natural language interactions, thereby enhancing user convenience and accessibility across various applications. As of December 2021, data from ComScore revealed that 48% of internet users owned a smart speaker, marking an 11% increase from the previous year's 37%. This surge in voice assistant usage underscores their significant impact on the growth of the speech technology market.

Leading companies in the speech technology market are strategically emphasizing the development of technologically advanced solutions, notably advanced Automatic Speech Recognition (ASR) engines, to gain a competitive advantage. ASR engines, or speech recognition engines, are pivotal components that convert spoken language into written text. In August 2021, LumenVox, a US-based software company, introduced its cutting-edge next-generation ASR engine with transcription capabilities, leveraging artificial intelligence (AI) and deep machine learning (ML). This advanced ASR engine by LumenVox boasts high accuracy and intelligence, effectively capturing, recognizing, and responding to each customer's intention. With features such as high availability and extremely accurate transcription with minimal latency, LumenVox's ASR engine positions itself as a noteworthy player in the evolving speech technology landscape.

In March 2022, Microsoft Corporation, a prominent US-based technology company, successfully acquired Nuance for a significant sum of $19.7 billion. This acquisition is poised to expedite Microsoft's industry-specific cloud strategy, particularly in transforming outcomes-based Artificial Intelligence (AI) in sectors such as healthcare, financial services, retail, and telecommunications. Nuance Communications, the acquired entity, is a distinguished US-based speech technology company, further strengthening Microsoft's position in the rapidly advancing field of speech technology.

Major companies operating in the speech technology market report are Amazon.com Inc., Apple Inc., Alphabet, Microsoft Corporation, International Business Machines Corporation, Baidu Inc., iFLYTEK, Nuance, Verbit, Uniphore, Lilt, Speechmatics, SoundHound, Acapela Group, SESTEK, The Cobalt Co., Sensory Inc., Atexto, Aigo.ai, Speak2web, Voiceitt, Syntiant, Speechly, Symbl.ai, Cantab Research, Rev

North America was the largest region in the speech technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the speech technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the speech technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The speech technology market includes revenues earned by entities by providing services such as speech recognition, voice recognition, speaker identification, speaker verification, automatic speech recognition, and text-to-speech technologies. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The speech technology market consists of sales of microphones, speakers, and headsets. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Speech Technology Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on speech technology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Where is the largest and fastest growing market for speech technology ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The speech technology market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

1) By Type: Artificial Intelligence; Non-artificial Intelligence
2) By Deployment Mode: On Cloud; On-Premises Or Embedded
3) By Application: Automotive; Consumer; Government; Enterprise; Healthcare; Banking, Financial Services, and Insurance (BFSI)
Companies Mentioned: Amazon.com Inc.; Apple Inc.; Alphabet; Microsoft Corporation; International Business Machines Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r16532

1. Executive Summary

2. Speech Technology Market Characteristics

3. Speech Technology Market Trends And Strategies

4. Speech Technology Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Speech Technology Market Size and Growth

5.1. Global Speech Technology Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Speech Technology Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Speech Technology Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Speech Technology Market Segmentation

6.1. Global Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Artificial Intelligence
Non-artificial Intelligence
6.2. Global Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
On Cloud
On-Premises Or Embedded
6.3. Global Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Automotive
Consumer
Government
Enterprise
Healthcare
Banking, Financial Services, and Insurance (BFSI)

7. Speech Technology Market Regional And Country Analysis

7.1. Global Speech Technology Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Speech Technology Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Speech Technology Market

8.1. Asia-Pacific Speech Technology Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Speech Technology Market

9.1. China Speech Technology Market Overview
9.2. China Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Speech Technology Market

10.1. India Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Speech Technology Market

11.1. Japan Speech Technology Market Overview
11.2. Japan Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Speech Technology Market

12.1. Australia Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Speech Technology Market

13.1. Indonesia Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Speech Technology Market

14.1. South Korea Speech Technology Market Overview
14.2. South Korea Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Speech Technology Market

15.1. Western Europe Speech Technology Market Overview
15.2. Western Europe Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Speech Technology Market

16.1. UK Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Speech Technology Market

17.1. Germany Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Speech Technology Market

18.1. France Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Speech Technology Market

19.1. Italy Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Speech Technology Market

20.1. Spain Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Speech Technology Market

21.1. Eastern Europe Speech Technology Market Overview
21.2. Eastern Europe Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Speech Technology Market

22.1. Russia Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Speech Technology Market

23.1. North America Speech Technology Market Overview
23.2. North America Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Speech Technology Market

24.1. USA Speech Technology Market Overview
24.2. USA Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Speech Technology Market

25.1. Canada Speech Technology Market Overview
25.2. Canada Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Speech Technology Market

26.1. South America Speech Technology Market Overview
26.2. South America Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Speech Technology Market

27.1. Brazil Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Speech Technology Market

28.1. Middle East Speech Technology Market Overview
28.2. Middle East Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Speech Technology Market

29.1. Africa Speech Technology Market Overview
29.2. Africa Speech Technology Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Speech Technology Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Speech Technology Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Speech Technology Market Competitive Landscape And Company Profiles

30.1. Speech Technology Market Competitive Landscape
30.2. Speech Technology Market Company Profiles
- 30.2.1. Amazon.com Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Apple Inc.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Alphabet
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Microsoft Corporation
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. International Business Machines Corporation
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Speech Technology Market Other Major And Innovative Companies

31.1. Baidu Inc.
31.2. iFLYTEK
31.3. Nuance
31.4. Verbit
31.5. Uniphore
31.6. Lilt
31.7. Speechmatics
31.8. SoundHound
31.9. Acapela Group
31.10. SESTEK
31.11. The Cobalt Co.
31.12. Sensory Inc.
31.13. Atexto
31.14. Aigo.ai
31.15. Speak2web

32. Global Speech Technology Market Competitive Benchmarking

33. Global Speech Technology Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Speech Technology Market

35. Speech Technology Market Future Outlook and Potential Analysis

35.1 Speech Technology Market In 2028 - Countries Offering Most New Opportunities
35.2 Speech Technology Market In 2028 - Segments Offering Most New Opportunities
35.3 Speech Technology Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer