Voice Recognition System Market

Global Voice Recognition System Market (2024 to 2032)

The global voice recognition system market was valued at USD 13.22 billion in 2023 and is anticipated to reach USD 15.79 billion in 2024, from USD 65.45 billion by 2032, growing at a CAGR of 19.45% from 2024 to 2032.

A speech and voice recognition system is a man-machine interface system in which programmed hardware accepts commands from human beings and provides a specific informational response. Recognition is the ability of a program or machine to receive and execute spoken commands. The technology is used in several fields, such as linguistics, electrical engineering, and computer science, to develop technologies and methods that improve the recognition of oral voices and provide a specific response. 

The key drivers of growth for the market and the upward trend are autonomous vehicles, the integration of multiple electronic functions in the center console of the vehicle by OEMs, and the growing demand for connected vehicles.

Consumer demand for vehicles with easy-to-use features is increasing. In light of this, vehicle manufacturers focus on easy-to-use control panels with advanced technological features. Speech and speech recognition devices installed on car dashboards allow easy access while driving a vehicle. Technological advances in these electronic devices have intensified the use of speech and voice recognition devices in the automotive industry. These devices provide signals based on the information provided by electronic components such as sensors and actuators. In addition, it is expected that the increase in vehicle production and the growing demand for light and luxury vehicles will stimulate the voice and voice recognition market in the automotive sector during the foreseen period. In addition, the development of autonomous and electric vehicles is likely to increase the demand for speech and voice recognition systems in the automotive industry. Integrating the speech and voice recognition system and replacing it with damage is a costly affair.

REPORT COVERAGE:

This research report on the global voice recognition system market is segmented and sub-segmented into the following categories.

Global Voice Recognition System Market By Technology (Volume only)

• Embedded
• Hybrid

Global Voice Recognition System Market - By Application (Value only)

• AI
• Non-AI

Global Voice Recognition System Market - By Fuel Type

• BEV
• ICE
• Others (Hybrid)

Global Voice Recognition System Market - By End User

• Economy Vehicles
• Mid-Priced Vehicles
• Luxury Vehicles

The Asia-Pacific voice recognition market for the automotive industry is one of the other leading markets for speech recognition for the automotive market. The market has grown rapidly in the past two years due to rising car sales, emerging economies, the shift of global players, and technological advances.

Global Voice Recognition System Market – By Region

• North America
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa 

KEY MARKET PLAYERS

Nuance (US), Microsoft (US), Alphabet (US), Harman (US), Apple (US), BMW (Germany), Daimler (Germany), and Ford (US) are some of the major key market players involved in the global voice recognition system market.

RECENT HAPPENINGS IN THE MARKET

• In March 2018, Voiximplant, a cloud communications platform, announced the launch of a web services platform that can integrate voice recognition capabilities in outbound campaigns. This allows companies to create complex call scenarios with an easy-to-use editor that increases productivity. The use of smart calls is also three times cheaper compared to human resources.