Authored By: Sarah
10 Sep 2023

Voice Speech Recognition Software Market to witness market growth by USD 14,859.93 Mn through 2023-2027  

The Voice Speech Recognition Software Market is estimated to grow at a CAGR of 13.72% between 2022 and 2027 followed by a staggering revenue growth of  USD 14,859.93 Mn.

The rising adoption of technologically advanced mobile devices, increasing demand for voice-driven navigation systems and workstations, and the growing use of voice biometrics are some of the prime determinants of market growth.

"Voice speech recognition software is a technology that enables a computer to recognize, understand, and translate human speech into text via a microphone. Speech recognition helps those with limited use of their hands to work with computers, using voice commands instead of typing."

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Voice Speech Recognition Software Market at a Glance

Navigating through the growth drivers of the Voice Speech Recognition Software Market

  • Technologically advanced mobile devices are notably driving the voice speech recognition software market growth.
  • Mobile subscribers are increasing in count rapidly across the world, and end users are choosing highly technological mobile devices for personal and business usage, thus leading to growing usage of use of advanced assistive technologies such as voice assistants and biometrics
  • Digital Business ecosystems are increasing worldwide, as a result, companies provide and support handheld devices for their employees for business purposes, Manufacturers are also coming up with devices that support various assistant applications, thus driving the market growth of Voice Speech Recognition Software.

Technavio's research report segments the market into major segments and the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers that are likely to impact the market in focus along with complete qualitative and quantitative analyses of market leaders with a wider understanding of the business ecosystem. 

Core Companies of Voice Speech Recognition Software Market

When it comes to the key market players in this segment, names that are worth mentioning are3M Co., Alphabet Inc., Inc., Apple Inc., Baidu Inc., Brainasoft, CastleOS Software LLC, Cisco Systems Inc.,iFlytek Co. Ltd., International Business Machines Corp., LumenVox GmbH, Meta Platforms Inc., Microsoft Corp., Optimal Technology Solutions LLC, etc.] comes with wide range of offerings and are constantly upgrading themselves with technological and product innovations, such as incorporation of AI and speech recognition.

Global Names like 3M Co offers 3M Modal Fluency Direct, which is a voice speech recognition software. Download our sample report on the Voice Speech Recognition Software Market for more insights.

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerating at a CAGR of 13.72%.

  2. What is the incremental growth of the market?
    The market is expected to grow by USD 14,859.93 mn through 2023-2027.

  3. What is a key factor driving this market?
    Increasing adoption of technologically advanced mobile devices will drive market growth over the forecast period.

  4. What are the key regions covered in this market research report?
    North America, Europe, APAC, South America, and Middle East, and Africa are the key regions featured in this research report.

  5. Which is the leading geographic region for this market?
    31% growth will originate from North America.
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