Voice Recognition Market Growth Potential & Forecast, 2028

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Voice Recognition Market Growth Potential
Forecast, 2028
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• Industry Insights

• The voice recognition market is expected to
  exhibit substantial growth by 2028 owing to
  notable technological advancements in the sector.
  Additionally, prevalent incorporation of the
  technology in diverse applications is likely to
  further drive market expansion through the
  forecast period.
• Recently, industry leaders have been focusing on
  product development and innovation to enhance
  their offerings, thereby improving industry
  dynamics. For instance, in September 2021, tech
  giant Amazon announced the addition of offline
  voice recognition to its Alexa devices. The new
  features enabled the firm's customers in the US
  to opt to have all their voice commands processed
  on their Alexa devices. This prevented the audio
  clips from being uploaded to the cloud and were
  automatically deleted after being processed by
  the device.

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• The voice recognition market has been categorized
  in terms of deployment model, technology,
  end-use, and region. Based on deployment model,
  the market has been bifurcated into on-premise
  and cloud. The cloud sub-segment is anticipated
  to witness significant growth through 2028.
  Growing penetration of cloud services that offer
  higher scalability and flexibility is set to
  support segmental development.
• By technology, the market has been divided into
  AI-based and non AI-based. The voice recognition
  market share from the AI-based sub-segment is
  projected to grow at a solid CAGR over the
  analysis period. The ability of AI-based voice
  recognition to effectively transcribe voice in
  different languages with minimal error is set to
  boost segmental growth in the coming years.

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• Regional Analysis

Latin America voice recognition industry is
poised to attain a significant valuation by the
end of 2028. Supportive government initiatives
aimed at promoting digitalization in the
healthcare sector is set to propel market growth
in LATAM. Meanwhile, the Middle East Africa
voice recognition market is speculated to amass
substantial gains through the forecast period due
to mounting demand for digital payment solutions
across MEA.

• Competitive Analysis

• Aculab PLC, Advanced Voice Recognition Systems
  Inc., Alphabet Inc., Amazon.com Inc., Apple Inc.,
  Aware Inc., Brainasoft, Fujitsu Ltd., IBM
  Corporation, Iflytek, Microsoft Corporation, NEC
  Corporation, Neurotechnology, Nuance
  Communications Inc., Phonexia, Raytheon
  Technologies Corporation, Sensory Inc., Thales
  Group (Gemalto), Uniphore Software Systems,
  Validsoft, Verint Systems Inc., and Vocalect
  Biometric Solutions, LLC

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