AI Speech Recognition Market Trends and Forecast
The future of the global AI speech recognition market looks promising with opportunities in the automotive, consumer, BFSI, government, retail, healthcare, and education markets. The global AI speech recognition market is expected to grow with a CAGR of 23.6% from 2024 to 2030. The major drivers for this market are rising demand for smart devices, increasing preference towards convenience in voice-based interfaces, and growing use of this technology in healthcare, automotive, & customer service sectors.
• Lucintel forecasts that automatic speech recognition is expected to witness higher growth over the forecast period.
• Within this market, automotive is expected to witness the highest growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the AI Speech Recognition Market
• United States: Google announced advancements in its speech recognition accuracy, targeting healthcare applications. Apple is enhancing Siri with improved AI capabilities.
• China: Baidu launched an upgraded version of its DuerOS platform, aiming to dominate the smart speaker market. Alibaba is integrating advanced speech recognition in its e-commerce services.
• Germany: Volkswagen is collaborating with Microsoft to develop in-car voice assistants. Siemens is implementing AI-driven speech recognition in industrial automation systems.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
AI Speech Recognition Market by Segment
The study includes a forecast for the global AI speech recognition market by type, application, and region.
AI Speech Recognition Market by Type [Value from 2018 to 2030]:
• Automatic Speech Recognition
• Text to Speech
AI Speech Recognition Market by Application [Value from 2018 to 2030]:
• Automotive
• Consumer
• BFSI
• Government
• Retail
• Healthcare
• Education
• Others
AI Speech Recognition Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of AI Speech Recognition Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies AI speech recognition companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the AI speech recognition companies profiled in this report include-
• Amazon. Com
• Baidu
• Google
• IBM Corporation
• IFLYTEK
• Microsoft Corporation
• Nuance Communications
• Raytheon Company
• Sensory
• speak2web
Recent Development in the AI Speech Recognition Market
• Google: Google announced significant enhancements to its speech recognition technology, focusing on healthcare applications. These improvements aim to facilitate more accurate and efficient transcriptions of medical records, aiding healthcare professionals in better patient care and streamlined workflows.
• Apple: Apple is continuously enhancing its voice assistant, Siri, by integrating advanced AI capabilities. The company recently announced updates that improve SiriÄX%$%Xs natural language understanding and responsiveness, providing users with a more intuitive and seamless interaction experience.
• Baidu: Baidu launched an upgraded version of its DuerOS platform, which is designed to power smart speakers and other AI-driven devices. This initiative positions Baidu to capture a larger share of the growing smart home market in China, leveraging its advanced speech recognition technology.
• Microsoft: Microsoft has expanded its Azure Cognitive Services, including speech recognition capabilities, to support more languages and dialects. This expansion aims to make their AI services more accessible globally, enabling businesses across various regions to integrate sophisticated voice recognition into their applications.
• Amazon: Amazon is investing in the development of its Alexa voice assistant by enhancing its contextual understanding and multi-language support. These updates are part of AmazonÄX%$%Xs strategy to solidify AlexaÄX%$%Xs presence in international markets and improve user satisfaction with more personalized interactions.
Features of the Global AI Speech Recognition Market
Market Size Estimates: AI speech recognition market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: AI speech recognition market size by type, application, and region in terms of value ($B).
Regional Analysis: AI speech recognition market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the AI speech recognition market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the AI speech recognition market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for AI speech recognition market?
Answer: The global AI speech recognition market is expected to grow with a CAGR of 23.6% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the AI speech recognition market?
Answer: The major drivers for this market are rising demand for smart devices, increasing preference towards convenience in voice-based interfaces, and growing use of this technology in healthcare, automotive, & customer service sectors.
Q3. What are the major segments for AI speech recognition market?
Answer: The future of the AI speech recognition market looks promising with opportunities in the automotive, consumer, BFSI, government, retail, healthcare, and education markets.
Q4. Who are the key AI speech recognition market companies?
Answer: Some of the key AI speech recognition companies are as follows:
• Amazon. Com
• Baidu
• Google
• IBM Corporation
• IFLYTEK
• Microsoft Corporation
• Nuance Communications
• Raytheon Company
• Sensory
• speak2web
Q5. Which AI speech recognition market segment will be the largest in future?
Answer: Lucintel forecasts that automatic speech recognition is expected to witness higher growth over the forecast period.
Q6. In AI speech recognition market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the AI speech recognition market by type (automatic speech recognition and text to speech), application (automotive, consumer, BFSI, government, retail, healthcare, education, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to AI Speech Recognition Market, AI Speech Recognition Market Size, AI Speech Recognition Market Growth, AI Speech Recognition Market Analysis, AI Speech Recognition Market Report, AI Speech Recognition Market Share, AI Speech Recognition Market Trends, AI Speech Recognition Market Forecast, AI Speech Recognition Market Companies, write Lucintel analyst at email:Â helpdesk@lucintel.com. We will be glad to get back to you soon.