Voice Recognition Market

Executive Summary

Voice Recognition Market was valued at US $4.04 billion in 2021 and is projected to grow at 15.38% CAGR over the forecast period to reach US $9.53 billion by 2027. Voice Recognition Market represented US $1.00 billion opportunity over 2019-2021 and estimated to create US $5.49 billion opportunity in 2027 over 2021.

Voice Recognition from Consainsights analyses the Voice Recognition Market in the Technology & Media industry over the forecast period to 2027.

Voice Recognition research report from Consainsights outlines the detailed strategic analysis, trends, market opportunities, growth prospects, industry and market challenges and sustainable solutions to sustain in the competitive environment.

Voice Recognition segmentation includes Deployment, End User and Geography.

Based on the Deployment, the Voice Recognition analysis covers Cloud, On-premise.

In Deployment segment, Cloud segment has highest cagr growth of 13.56%.

Based on the End User, the Voice Recognition analysis covers Automotive, Banking, Telecommunication, Healthcare, Government, Consumer Applications, Other End Users.

In End User segment, Automotive segment has highest cagr growth of 13.56%.

Based on the region, the Voice Recognition analysis covers North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America.

Key companies operating in the market include Nuance Communications Inc., Auraya Systems Pty Ltd, Microsoft Corporation, Apple Inc., Alphabet Inc., Amazon.com Inc., Sensory Inc., Fulcrum Biometrics LLC, Neurotechnology, Advanced Voice Recognition Systems Inc., IBM Corporation, Baidu Inc., Brainasoft and so on. This report covers the detailed analysis of the company profiles such as business segments, product portfolio, key brand insights and growth strategies adopted, company SWOT and Strategy analysis along with the financial analysis and analyst insights on the key companies operating in this market.

Market Overview

Definition & Scope

The base currency considered was the US Dollar (USD). Conversion of other currencies to USD was considered on the basis of the average exchange rate for the respective review-period years. The exchange rate conversion for forecast period was determined according to the base year’s conversion rates.

The base year was identified based on the availability of annual reports and secondary information. The base year considered for this study is 2027.

The review period considered for this study is from 2018-2027. The CAGR is for the forecast period, 2022-2027.

Market size estimations for the forecast years were in real terms. Inflation is not part of the pricing, and the average selling price (ASP) was kept constant throughout the forecast period for each country.

Distribution of primary interviews conducted was based on the regional share of the market and the presence of key players in each region.

As a result of data triangulation through multiple methodologies and approaches, the weighted averages of resulting estimates were considered to be the final values.

Currency, Year & Forecast

The currency used in this report is USD, with the market size indicated in terms of USD million/billion.

For companies reporting their revenues in USD, the revenues were taken from their respective annual reports/SEC filings.

For companies reporting their revenues in other currencies, the average annual currency conversion rates were used for a particular year to convert the value to USD Market Definition.

Deployment

Introduction

In 2021, Cloud segment has the highest revenue of US $1.90 billion and is expected to grow at CAGR of 13.56% by 2027 Cloud segment has highest cagr growth of 13.56%.

Cloud

Cloud segment was valued at US $1.43 billion in 2019 and is projected to grow at 13.56% CAGR over the forecast period to reach US $4.49 billion by 2027. Cloud segment represented US $0.47 billion opportunity over 2019-2021 and estimated to create US $2.59 billion opportunity in 2027 over 2021.

On-premise

On-premise segment was valued at US $0.79 billion in 2019 and is projected to grow at 13.56% CAGR over the forecast period to reach US $2.49 billion by 2027. On-premise segment represented US $0.26 billion opportunity over 2019-2021 and estimated to create US $1.44 billion opportunity in 2027 over 2021.

End User

Introduction

In 2021, Automotive segment has the highest revenue of US $1.59 billion and is expected to grow at CAGR of 13.56% by 2027 Automotive segment has highest cagr growth of 13.56%.

Automotive

Automotive segment was valued at US $1.20 billion in 2019 and is projected to grow at 13.56% CAGR over the forecast period to reach US $3.75 billion by 2027. Automotive segment represented US $0.40 billion opportunity over 2019-2021 and estimated to create US $2.16 billion opportunity in 2027 over 2021.

Banking

Banking segment was valued at US $0.72 billion in 2019 and is projected to grow at 13.56% CAGR over the forecast period to reach US $2.26 billion by 2027. Banking segment represented US $0.24 billion opportunity over 2019-2021 and estimated to create US $1.30 billion opportunity in 2027 over 2021.

Telecommunication

Telecommunication segment was valued at US $0.43 billion in 2019 and is projected to grow at 13.56% CAGR over the forecast period to reach US $1.37 billion by 2027. Telecommunication segment represented US $0.14 billion opportunity over 2019-2021 and estimated to create US $0.79 billion opportunity in 2027 over 2021.

Healthcare

Healthcare segment was valued at US $0.28 billion in 2019 and is projected to grow at 13.56% CAGR over the forecast period to reach US $0.88 billion by 2027. Healthcare segment represented US $0.09 billion opportunity over 2019-2021 and estimated to create US $0.51 billion opportunity in 2027 over 2021.

Government

Government segment was valued at US $0.22 billion in 2019 and is projected to grow at 13.56% CAGR over the forecast period to reach US $0.69 billion by 2027. Government segment represented US $0.07 billion opportunity over 2019-2021 and estimated to create US $0.40 billion opportunity in 2027 over 2021.

Consumer Applications

Consumer Applications segment was valued at US $0.17 billion in 2019 and is projected to grow at 13.56% CAGR over the forecast period to reach US $0.54 billion by 2027. Consumer Applications segment represented US $0.06 billion opportunity over 2019-2021 and estimated to create US $0.31 billion opportunity in 2027 over 2021.

Other End Users

Other End Users segment was valued at US $0.01 billion in 2019 and is projected to grow at 13.56% CAGR over the forecast period to reach US $0.05 billion by 2027. Other End Users segment represented US $0.00 billion opportunity over 2019-2021 and estimated to create US $0.03 billion opportunity in 2027 over 2021.