GITNUX MARKETDATA REPORT 2024

Speech Recognition Industry Statistics

The speech recognition industry is expected to grow significantly in the coming years, driven by the increasing adoption of virtual assistants and smart devices.

Last Updated: June 22, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we will explore the dynamic landscape of the speech recognition industry, backed by compelling statistics and forecasts. From the substantial market valuations to the rapid adoption across various sectors, the realm of speech and voice recognition technology continues to evolve and shape the way we interact with devices and information.

Statistic 1

"As of 2021, the speech and voice recognition market is forecast to be worth over 31.82 billion U.S. dollars worldwide."

Statistic 2

"North America accounted for the largest share of over 40% in the speech recognition market in 2019."

Statistic 3

"From 2020 to 2027, the voice recognition market is expected to show a CAGR of over 17%."

Statistic 4

"In healthcare, the global speech and voice recognition market was USD 1.89 billion in 2019."

Statistic 5

"It is predicted that more than 50% of the smartphone apps will be speech-enabled by 2022."

Statistic 6

"The market share of speech recognition in automobiles and consumer electronics was approximately 23% in 2017."

Statistic 7

"Automatic transcription services in the market are expected to grow by 18.7% by 2026."

Statistic 8

"A study from Pindrop found that 78% of businesses plan to invest in speech technology in 2021."

Statistic 9

"The global hospitals' speech and voice recognition market is expected to grow at a CAGR of 16.2% from 2018 to 2025."

Statistic 10

"British speech recognition systems market size was valued at over USD 10 million in 2017."

Statistic 11

"By 2027, the voice and speech recognition software market is anticipated to reach USD 31.82 billion."

Statistic 12

"Nuance Communications accounted for over 70% share in the speech recognition market in 2016."

Statistic 13

"The global speech-to-text API market is predicted to reach a size of USD 4.1 billion by 2024."

Statistic 14

"Per a study, nearly 25% of workers said they used voice recognition software daily in 2020."

Statistic 15

"The AI market in speech & voice recognition accounted for more than USD 1 billion in 2018."

Statistic 16

"Estimates show that voice-activated speakers reach 55% of U.S households in 2022."

Statistic 17

"Google’s Speech-to-Text feature includes more than 125 languages and variants."

Statistic 18

"By 2022, 82% of businesses will be using voice and speech recognition technology."

The statistics presented highlight the robust growth and wide-reaching impact of the speech and voice recognition industry. From the substantial market values to the increasing adoption across various sectors such as healthcare, automobiles, consumer electronics, and business services, it is evident that speech technology is rapidly becoming a cornerstone of modern technological advancements. The projected high CAGR rates and increasing market shares further emphasize the industry’s potential for continued expansion and innovation. With businesses and consumers alike embracing voice-enabled technologies, the future looks promising for the evolution of speech and voice recognition solutions.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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