Voice and Speech Recognition Technology Market to Reach US $20.9 Billion by the Year 2026

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FOR IMMEDIATE RELEASE

Boston, Massachusetts. (October 20, 2022) ‐ Frances M. Lynch, CEO of THC Technologies Corporation (THC), a private corporation engaged in the global biometrics solutions market noted that the Global Voice and Speech Recognition Technology Market is projected to reach US$20.9 Billion by the year 2026 based on a Global Industry Analysists report which stated:

Decades of technology advancements and product innovation have led to the emergence of voice and speech recognition systems as indispensable part of new-age applications. Voice and speech recognition technology is emerging as the basis of advanced voice services in various applications including voice-based commerce, customer service applications, clinical documentation for healthcare industry, and virtual digital assistants for automobiles. Growth in the global market is being driven by the expanding applications of voice and speech recognition technologies, with customer care, healthcare, and financial institutions emerging as major end-use markets for the technology.

Rising demand for speech-based biometric systems for carrying out multifactor authentication is another major factor driving growth in the market. Increasing focus on combating fraud in major end-use verticals including enterprise, banking and healthcare sectors and the growing adoption of mobile banking services by banking institutions and e-commerce retailers are enhancing the need for more secure verification process, thereby driving implementations of voice recognition/authentication technologies. Sustained innovations in computing power and the growing adoption of cloud-based services are also boosting market prospects. Automatic speech recognition (ASR), text-to-speech (TTS) and speaker verification (SV) are the applications driving growth in the speech technology marketplace.

Impacted by the COVID-19 crisis, the global market for Voice and Speech Recognition Technology estimated at US$10.3 Billion in the year 2022, is projected to reach a revised size of US$20.9 Billion by 2026, growing at a CAGR of 18.1% over the analysis period. Speech, one of the segments analyzed in the report, is projected to grow at a 16.1% CAGR to reach US$15.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Voice segment is readjusted to a revised 22.6% CAGR for the next 7-year period. This segment currently accounts for a 27.8% share of the global Voice and Speech Recognition Technology market.

The U.S. Market is Estimated at $3.4 Billion in 2022, While China is Forecast to Reach $2.3 Billion by 2026. The U.S. Market currently accounts for a 33.2% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$2.3 Billion in the year 2026 trailing a CAGR of 21.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 16% and 16.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 17% CAGR while Rest of European market (as defined in the study) will reach US$2.8 Billion by the end of the analysis period