speech technology market size, speech technology market trends, speech technology market growth, speech technology market demand, speech technology market forecast, speech technology market statistics
How big is the speech technology market today, and what are its future growth expectations?
The speech technology market size has grown exponentially in recent years. It will grow from $16.71 billion in 2024 to $21.06 billion in 2025 at a compound annual growth rate (CAGR) of 26.1%. The growth in the historic period can be attributed to advancements in natural language processing (nlp), rise in voice-activated devices, accessibility and inclusion, integration in customer service, multilingual support.
The speech technology market size is expected to see exponential growth in the next few years. It will grow to $52.89 billion in 2029 at a compound annual growth rate (CAGR) of 25.9%. The growth in the forecast period can be attributed to conversational ai evolution, healthcare applications growth, cross-industry integration, emotion recognition capabilities, voice biometrics for security. Major trends in the forecast period include emotion recognition, multilingual and cross-language processing, voice biometrics for security, voice-enabled smart devices, conversational ai and chatbots.
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What have been the primary factors driving the speech technology market’s growth?
The increased use of voice assistants is expected to propel the growth of the speech technology market going forward. A voice assistant is a digital tool or assistant that recognizes voice commands, processes language and synthesizes voice output. Voice assistants are a key component of speech technology as they enable hands-free control of devices and facilitate natural language interactions, enhancing user convenience and accessibility across a variety of applications. For instance, in June 2022, according to the Voice Consumer Index 2022 report published by Vixen Labs, an England-based app development studio, in the United States, the adoption of voice assistants, such as Google Assistant, saw a significant rise, increasing to 34% in 2022 from 24% in 2021. Therefore, the increased use of voice assistants is driving the growth of the speech technology market.
What are the key segments within the speech technology market?
The speech technology market covered in this report is segmented –
1) By Type: Artificial Intelligence, Non-Artificial Intelligence
2) By Deployment Mode: On Cloud, On-Premises Or Embedded
3) By Application: Automotive, Consumer, Government, Enterprise, Healthcare, Banking, Financial Services, And Insurance (BFSI)
Subsegments:
1) By Artificial Intelligence: Speech Recognition, Natural Language Processing (NLP), Voice Assistants, Speech-To-Text And Text-To-Speech Systems
2) By Non-Artificial Intelligence: Traditional Voice Recognition Systems, Basic Speech Processing Tools, Analog Voice Systems
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Which key players are shaping the speech technology market?
Major companies operating in the speech technology market report are Amazon.com Inc., Apple Inc., Alphabet, Microsoft Corporation, International Business Machines Corporation, Baidu Inc., iFLYTEK, Nuance, Verbit, Uniphore, Lilt, Speechmatics, SoundHound, Acapela Group, SESTEK, The Cobalt Co., Sensory Inc., Atexto, Aigo.ai, Speak2web, Voiceitt, Syntiant, Speechly, Symbl.ai, Cantab Research, Rev
How will emerging trends drive the speech technology market throughout the forecast period?
Major companies operating in the speech technology market are increasing their focus on developing technologically advanced solutions, such as text-to-speech (TTS) APIs, to improve naturalness and expressiveness. A Text-to-Speech (TTS) API converts written text into spoken words using synthetic speech. It offers various voice options and customization features for natural-sounding audio output. For instance, in March 2024, Deepgram, a US-based AI company, launched Aura, a text-to-speech (TTS) API designed for real-time, conversational voice AI agents. Aura features 12 human-like voices, offers low latency of under 250 milliseconds for quick responses, and is priced competitively at $0.015 per 1,000 characters. This API enables developers to create applications that engage users in natural conversations, making it ideal for sectors like customer service and healthcare. Aura also integrates seamlessly with Deepgram’s Nova-2 speech-to-text API, providing a comprehensive solution for building sophisticated voice AI interactions.
How do regional factors impact the speech technology market, and which region is the largest contributor?
North America was the largest region in the speech technology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the speech technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Speech Technology Market Report 2025 Offer?
The speech technology market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Speech technology refers to a type of computing technology that use of voice recognition and speech synthesis technologies to enable machines to understand and respond to human speech. It enhances communication between humans and machines by enabling voice commands for virtual assistants, hands-free operation in vehicles, and providing accessibility features such as speech-to-text for diverse applications.
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