The Speech and Voice Recognition Market is projected to reach $56.07 billion by 2030, at a CAGR of 19.1% during the forecast period 2023–2030. The growth of the speech and voice recognition market is driven by the surging use of voice biometrics, the integration of voice-enabled devices in car infotainment systems, and the proliferation of voice-enabled devices. However, speech and voice recognition devices’ lack of accuracy in recognizing regional accents and dialects and low awareness about speech and voice recognition technologies restrain the growth of this market.
The high potential of AI-enabled voice assistants in the healthcare industry and technological advancements, coupled with the rising acceptance of connected devices, are expected to create growth opportunities for the players operating in the speech and voice recognition market. However, performance issues with speech and voice recognition-enabled devices due to ambient noise is a major challenge for market growth. Additionally, the growing demand for voice authentication in mobile banking applications, increasing integration of AI & ML into speech recognition technology, growing use of speech recognition technology for translating rare & local languages, and rising demand for speech-based biometric systems are prominent trends in the speech and voice recognition market.
Here are the top 10 companies operating in the Speech and Voice Recognition Market
Founded in 1975 and headquartered in Washington, U.S., Microsoft Corporation offers an array of services, including cloud-based solutions to customers with software, services, platforms, and content per their operating area, and provide solution support and consulting services. The company’s products include operating systems, cross-device productivity and collaboration applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. The company also designs and sells devices, including PCs, tablets, gaming and entertainment consoles, other intelligent devices, and related accessories. The company operates in the market through three business segments: Productivity and Business Processes, Intelligent Cloud, and More Personal Computing.
The company helps its customer transcribe audio quickly and accurately to text in more than 100 languages and variants. The company’s speech service is part of Azure Cognitive Services. Azure cognitive services have various domains, including speech, decision, language, and vision. Speech-to-text is one feature of the speech service. Other speech-related features include text-to-speech, speech translation, and speaker recognition.
With its subsidiaries and strong distribution network, the company has a geographical presence across the U.S. and other countries. Some of its subsidiaries are Avanade (U.S.), Nuance Communications, Inc. (U.S.), and Skype Technologies S.A.R.L (U.K.).
Founded in 1998 and headquartered in California, U.S., Google LLC is engaged in search engine technology, online advertising, cloud computing, computer software, quantum computing, e-commerce, artificial intelligence, and consumer electronics. Google Services’ core products and platforms include ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube, each with broad and growing adoption by users around the world. The company’s products are used worldwide, making the brand one of the most recognized globally.
Google Speech-to-Text is a cloud-based speech-to-text transcription tool that uses Google’s AI-technology-powered API. With Cloud Speech-to-Text, users can transcribe their content with accurate captions, give voice commands, and gain insights. Google speech-to-text process audio streamed from the user’s microphone or a pre-recorded audio file, giving real-time transcription results in over 80 languages.
Founded in 1976 and headquartered in California, U.S., Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories and sells various related services. The company’s customers are primarily in the consumer, small and mid-sized business, education, enterprise, and government markets. The company has integrated speech recognition and voice recognition capabilities into its devices.
Through its subsidiaries and a strong distribution network, Apple Inc. has a strong geographic presence across the Americas, Europe, China, Japan, and the Rest of Asia Pacific. Some of its subsidiaries are Apple Japan, Inc. (Japan), Apple Computer Trading (Shanghai) Co., Ltd. (China), Apple Operations Limited (Ireland), Apple India Private Limited (India), and Apple Asia LLC (U.S.).
Founded in 1911 and headquartered in New York, U.S., IBM Corporation mainly focuses on providing solutions for enhancing digital experiences, improving performance and data security, and enabling continuous operations. The company provides services that enable clients to apply technologies at scale to transform key workflows, processes, and domains, including strategy, business process design and operations, data and analytics, and system integration. The company operates in the market through four business segments: Software, Consulting, Infrastructure, and Financing.
IBM’s speech-to-text service provides APIs that use IBM’s speech-recognition capabilities to produce transcripts of spoken audio within an existing application and Watson Assistant. It enables fast and accurate speech transcription in multiple languages for various use cases, including customer self-service, agent assistance, and speech analytics. In addition to basic transcription, the service can produce detailed information about many different aspects of the audio.
With its subsidiaries and strong distribution network, the company has a geographical presence across the Americas, Europe, Middle East & Africa, and Asia-Pacific. Some of its subsidiaries are Red Hat, Inc. (U.S.), IBM India Private Limited (India), and Fiberlink Communications Corporation (U.S.).
Amazon Web Services, Inc.
Founded in 2006 and headquartered in Washington, U.S., Amazon Web Services, Inc. provides on-demand cloud computing platforms and APIs to individuals, companies, and governments. The company offers IT infrastructure services to businesses through web services such as cloud computing and provides a highly reliable, scalable, low-cost infrastructure platform in the cloud that powers many businesses worldwide. The AWS cloud computing platform provides the flexibility to launch applications regardless of use case or industry. The company provides one of the most secure, extensive, and reliable cloud platforms, offering over 200 fully featured services from data centers globally.
AWS speech-to-text is a speech recognition software that enables the recognition and translation of spoken language into text through computational linguistics. The company has specific applications, tools, and devices that transcribe audio streams in real-time to display text and act on it.
Amazon’s ASR service makes it easy for developers to add speech-to-text capability to their applications. Furthermore, Amazon Transcribe can be used as a standalone transcription service or to add speech-to-text capabilities to any application. It converts audio input into text, which opens the door for various text analytics applications on voice input.
With its subsidiaries and strong distribution network, the company has a geographical presence across North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa. Some of its subsidiaries are Wickr (U.S.), CloudEndure LLC (U.S.), and Elemental Technologies LLC (U.S)
Meticulous Research in its latest publication on Speech and Voice Recognition Market has predicted the growth of 19.1% during the forecast year 2023-2030.
Verint Systems Inc.
Incorporated in 1994 and headquartered in New York, U.S., Verint Systems Inc. sells software and hardware for customer engagement management and business intelligence. The company helps brands build enduring customer relationships by connecting work, data, and experiences across the enterprise.
Verint Speech Transcription is part of Verint’s unified portfolio of contact center solutions, which includes offerings for call recording and speech analytics. It allows big data and analytics teams to tap into a wealth of insights from unstructured data. It also provides an open stream of accurate speech-to-text transcription data via a best-of-breed Application Program Interface (API), annotated with speaker separation and categorization.
Verint offers a range of professional services, such as business advisory, implementation & enablement, and managed services. With its strong distribution network, the company has a geographical presence across the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Founded in 1980 and headquartered in Cambridge, U.K., Speechmatics is a global leader in deep learning and speech recognition and provides an autonomous speech recognition technology. Speechmatics’ speech-to-text API enables businesses to accurately transcribe speech into text. The technology trains huge amounts of unlabeled data without human intervention, delivering a far more comprehensive understanding of all voices and reducing AI bias and speech recognition errors.
Founded in 1994 and headquartered in California, U.S., Sensory, Inc. develops and licenses technologies for speech recognition, natural language understanding, face and voice biometrics, wake words, computer vision, sound identification, and more. The company’s low-power high-accuracy speech recognition technology is used by manufacturers of hearables, fitness accessories, and wireless headphones with an intelligent voice user interface.
The company’s software solutions provide consumers with the convenience of natural language for voice control and feature access. The company has over 60 issued patents covering speech recognition in consumer electronics, biometric authentication, sensor/speech combinations, wake word technology, and more.
Founded in 2017 and headquartered in California, U.S., AssemblyAI, Inc. is an AI company with a platform of APIs to transcribe audio data. It automatically converts audio or video files and live audio streams to text. AssemblyAI works for AI models on speech recognition, speaker detection, and summarization, among others. The company offers production-ready, scalable, and secure AI models through a simple API. Furthermore, it offers several free transcription hours for audio files or video streams per month before transitioning to an affordable paid tier.
iFLYTEK Co., Ltd.
Founded in 1999 and headquartered in Anhui, China, iFLYTEK Co., Ltd. is a well-known intelligent speech and artificial intelligence company in Asia-Pacific. The company is devoted to cornerstone technological research in speech and languages, natural language understanding, machine learning, machine reasoning, and adaptive learning and has maintained a world-leading position in those domains. The company actively promotes the development of A.I. products and their sector-based applications.
The company’s business includes smart electronic voice language translator devices, intelligent computer programs, software for voice and speech recognition and conversion, computer software design services, and computer programming services. The company has a strong geographical presence across China and other countries.
Authoritative Research on the Speech and Voice Recognition Market – Global Opportunity Analysis and Industry Forecast (2023-2030)
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