TLDR:
- The global speech and voice recognition market is expected to reach USD 83.0 billion by 2032
- Voice search users around the globe have been increasing steadily over the years
Speech and voice recognition technology have been driven by its ability to provide interactions, with diverse applications in virtual assistants, transcription services, accessibility tools, security systems, and automotive interfaces. Challenges like accuracy and privacy concerns persist, but advances in learning methods and cloud-based solutions are improving the technology. The market is segmented by deployment mode, with cloud-based solutions dominating. The estimated revenue for the global market by 2032 is expected to reach USD 83.0 billion. Voice search users have been increasing, with 125.2 million users in 2023. Voice recognition technology adoption varies across departments, with customer service leading at 81% adoption rate. The accuracy of voice assistants like Google Assistant, Apple’s Siri, and Amazon Alexa varies. Future outlook for voice assistants includes focusing on delivering consistent customer experiences, expanding voice-enabled channels, and evolving into multimodal experiences.