Speech recognition market to reach $54bn by 2030 – Report

The global voice and speech recognition market is expected to reach $53.67bn by 2030, growing at a compound annual growth rate of 14.6 per cent from 2024 to 2030, according to a new report by Grand View Research, Inc.

The market is driven by the increasing adoption of voice-activated systems, voice-enabled devices, and voice-enabled virtual assistant systems in the banking and automobile sectors.

The new research predicted that AI-based voice and speech recognition software is expected to grow at the fastest CAGR from 2023 to 2030, due to continuous development of machine learning techniques and the integration of connected devices with personal assistants.

According to the report, the need for enhanced security and fraud prevention in banking is boosting the use of voice biometrics for user authentication.

The automobile sector is also expected to drive growth, with advances in technology and the emergence of innovative concepts like autonomous and connected cars.

Voice recognition technology is also widely used in healthcare to enhance electronic health record systems, allowing doctors to speak and keep records instead of manual typing or writing.

According to the report, this is due to the continuous development of machine learning techniques and the integration of connected devices with personal assistants.

For instance, Dragon Drive is a personal assistant developed by Nuance Communication Inc. that integrates various household appliances, cars, and smartphones that can be connected to a hub through the internet.

“Thus, an individual can get alerts about daily chores, work schedules, traffic updates, and many more alerts through the Dragon Drive. In addition, sentiment analysis using the changes in the pitch of the voice is anticipated to provide an opportunity to the market.”

However, the lack of accuracy of these technologies in recognizing the regional accents and dialects is expected to limit the market growth, the report noted.