PUBLISHER: The Business Research Company | PRODUCT CODE: 1695091
PUBLISHER: The Business Research Company | PRODUCT CODE: 1695091
Speech Technology Global Market Report 2025
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 $16.71 billion in 2024 to $21.06 billion in 2025 at a compound annual growth rate (CAGR) of 26.1%. The growth in the historic period can be attributed to advancements in natural language processing (nlp), rise in voice-activated devices, accessibility and inclusion, integration in customer service, multilingual support.
The speech technology market size is expected to see exponential growth in the next few years. It will grow to $52.89 billion in 2029 at a compound annual growth rate (CAGR) of 25.9%. The growth in the forecast period can be attributed to conversational ai evolution, healthcare applications growth, cross-industry integration, emotion recognition capabilities, voice biometrics for security. Major trends in the forecast period include emotion recognition, multilingual and cross-language processing, voice biometrics for security, voice-enabled smart devices, conversational ai and chatbots.
The growing adoption of voice assistants is anticipated to drive the expansion of the speech technology market in the future. A voice assistant is a digital tool that recognizes voice commands, processes language, and generates voice output. As a crucial element of speech technology, voice assistants allow for hands-free device control and promote natural language interactions, thereby improving user convenience and accessibility across various applications. For example, a report from Vixen Labs, an app development studio based in England, revealed that in June 2022, the use of voice assistants like Google Assistant in the United States rose significantly, reaching 34% in 2022, up from 24% in 2021. Thus, the increased utilization of voice assistants is propelling the growth of the speech technology market.
Leading companies in the speech technology market are intensifying their efforts to create technologically advanced solutions, such as text-to-speech (TTS) APIs, to enhance naturalness and expressiveness. A Text-to-Speech (TTS) API converts written text into spoken words using synthetic speech, offering various voice options and customization features for more natural audio output. For example, in March 2024, Deepgram, a US-based AI company, introduced Aura, a TTS API tailored for real-time, conversational voice AI agents. Aura boasts 12 human-like voices, provides low latency of under 250 milliseconds for rapid responses, and is competitively priced at $0.015 per 1,000 characters. This API allows developers to create applications that facilitate natural conversations with users, making it particularly suitable for industries like customer service and healthcare. Additionally, Aura seamlessly integrates with Deepgram's Nova-2 speech-to-text API, delivering a comprehensive solution for developing sophisticated voice AI interactions.
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 2024. 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 2025 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.
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Table of Contents
1. Executive Summary
2. Speech Technology Market Characteristics
3. Speech Technology Market Trends And Strategies
4. Speech Technology Market - Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics, Covid And Recovery On The Market
5. Global Speech Technology Growth Analysis And Strategic Analysis Framework
- 5.1. Global Speech Technology PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
- 5.2. Analysis Of End Use Industries
- 5.3. Global Speech Technology Market Growth Rate Analysis
- 5.4. Global Speech Technology Historic Market Size and Growth, 2019 - 2024, Value ($ Billion)
- 5.5. Global Speech Technology Forecast Market Size and Growth, 2024 - 2029, 2034F, Value ($ Billion)
- 5.6. Global Speech Technology Total Addressable Market (TAM)
6. Speech Technology Market Segmentation
7. Speech Technology Market Regional And Country Analysis
8. Asia-Pacific Speech Technology Market
9. China Speech Technology Market
10. India Speech Technology Market
11. Japan Speech Technology Market
12. Australia Speech Technology Market
13. Indonesia Speech Technology Market
14. South Korea Speech Technology Market
15. Western Europe Speech Technology Market
16. UK Speech Technology Market
17. Germany Speech Technology Market
18. France Speech Technology Market
19. Italy Speech Technology Market
20. Spain Speech Technology Market
21. Eastern Europe Speech Technology Market
22. Russia Speech Technology Market
23. North America Speech Technology Market
24. USA Speech Technology Market
25. Canada Speech Technology Market
26. South America Speech Technology Market
27. Brazil Speech Technology Market
28. Middle East Speech Technology Market
29. Africa Speech Technology Market
30. Speech Technology Market Competitive Landscape And Company Profiles
31. Speech Technology Market Other Major And Innovative Companies
32. Global Speech Technology Market Competitive Benchmarking And Dashboard
33. Key Mergers And Acquisitions In The Speech Technology Market
34. Recent Developments In The Speech Technology Market
35. Speech Technology Market High Potential Countries, Segments and Strategies
36. Appendix
