Voice Search Market to Record a CAGR of 19.2%, Speech Recognition Segment to be Largest Revenue - Generating Function Type Segment, 2023-2032
The utilization of cutting-edge technologies such as the Internet of Things (IoT), machine learning, and artificial intelligence (AI) is predominantly contributing to the acceleration of market expansion.
New York, July 20, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The Global Voice Search Market Size accounted for *USD 20.3 Billion in 2022* and is estimated to garner a market size of *USD 112.5 Billion by 2032* rising at a *CAGR of 19.2%* from 2023 to 2032.
Voice search is a technology that aids in understanding speech and then changing it into text, and further, it is helpful for web searching. Moreover, it decreases typing text use. Furthermore, it is aiding dictating essays or social media comments. Moreover, it significantly helps function like an automatic speech recognition system (ASR) to convert voice sound into text. Due to various devices like cars, smartphones, smart home appliances, smart speakers, smart T.V., and other devices are included in novel qualities like voice search owing to the needs of various individuals. Thus, the global voice search market is about to rise.
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*Key Takeaway:*
· By function type, the *speech recognition segment* is anticipated to remain lucrative in the forecast period, with a *market share of 66%.*
· By deployment, the *cloud segment* will be lucrative in the market in 2022, with a market *share of 59%* and is anticipated to be dominant in the forecast period.
· By technology, the *non-AI-based segment* will be lucrative in the market in 2022 with a *market share of 73%*, but AI-based segment technology is expected to grow in the forecast period.
· By industry vertical, the *healthcare segment* will be lucrative in the market in 2022 with a *market share of 29%* and is anticipated to dominate in the forecast period.
· *North America* is the most lucrative market, with the *largest revenue share* of nearly *33% in 2022.*
· *Europe region *acquired the market share with the *second highest revenue share of 22%.*
*Factors affecting the growth of the voice search industry?*
*Several factors can affect the growth of the voice search industry. Some of these factors include:*
· *Increasing Advanced Technology:* Most of the usage of advanced technologies like IoT, machine learning, and A.I. are helping to boost market growth.
· *The trend of buying things online: *Depending on the consumer behavior of various countries' individuals, there is a trend of purchasing things online.
· *Ease of use and accessibility:* It has easy usage and is simple to access without prior information of technology; hence, several individuals can use voice search technology which is increasing the market.
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*Top Trends in Global Voice Search Market*
Rather than dictating for data search, rising voice search usage is in high need due to decreased time of finding data and rising comfort need for the customer. Moreover, various smart and advanced technologies are increasing the use of voice search for various tasks based on voice commands. Thus, it is raising the market growth.
*Market Growth*
Various economic factors such as increasing advanced technology, the trend of buying things online, ease of use, and accessibility are expected to increase the market growth during the forecast period. Thus, these types of factors will boost the market growth of the global voice search market.
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*Regional Analysis*
Global voice search market based on region segregated into *MEA, Latin America, North America, Europe, and APAC.* North America is a lucrative market of 33% in 2022 and will likely increase at a large CAGR rate during the forecast period from 2023 to 2032. Due to the rising usage of voice search technology in several applications depend on devices like *smartphones, smart washing machines, smart T.V.,* etc. Furthermore, such voice search and recognition can be utilized for consumer electronics, IoT, and mobile banking. Voice search technology is expected to increase the market due to its applications in the retail market and e-consumer for the automation process in Europe. The *Asia-Pacific region* is about to display the largest CAGR in the future period from 2023 to 2032 due to rising device usage that has voice search quality in the APAC's regional market.
*Competitive Landscape*
Key players with a strong presence in the market are utilizing strategies such as collaborations, mergers, expansion, and acquisitions that are expected to improve the competitiveness of several competitors. These strategies are aiding to increase its quality and reach in the market by forming new technology. The main key players are accepting such strategies to boost their product portfolio and increase their business.
*The competitive landscape of the market has also been examined in this report. Some of the major players include,*
· Sensory, Inc.
· SemVox GmbH
· Raytheon Company
· Nuance Communications, Inc.
· Nortek Holdings, Inc.
· MModal, Inc.
· Microsoft Corp.
· International Business Machines Corp.
· Google, Inc.
· Facebook, Inc.
· CastleOS Software, LLC
· BioTrust ID B.V.
· Baidu, Inc.
· Apple, Inc.
· ai
· Anhui USTC iFlytek, Ltd.
· com, Inc.
· Agnitio S.L.
· Advanced Voice Recognition Systems, Inc.
· Other Key Players
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*Scope of the Report*
*Report Attributes* *Details*
Market Value (2022) USD 20.3 Billion
Market Size in 2032 USD 112.5 Billion
CAGR (2023 to 2032) 19.2%
North America Revenue Share 33%
Europe Revenue Share 22%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032
*Market Drivers*
Advanced technologies like machine learning, IoT, and A.I. are more utilized, raising market growth. Voice-based technology utilized for logging in for various smartphone apps is rising. Moreover, extensive learning and nerve network in apps such as speaker adoption, visual & audio recognition, digital speaker recognition, and word recognition are boosting the market growth. Significant market players have long been focusing on cutthroat technology to boost business growth.
*Market Restraints*
Voice technology's development is rising that are solving various complicated problems of speech. Various factors are providing various issues to decrease market growth, like accent, fluency, punctuation place, noise, specific individual identity, and technical words. Furthermore, managing the accuracy of a language other than the American language is a heavy restraint. Furthermore, voice-dependent technology is likely to grant a more advanced cutthroat experience than other experiences as they differentiate and check the users' voices. Furthermore, there is a risk of information privacy leaks stopping market growth.
*Market Opportunities*
Depending on the customer behavior of various countries' people, there is a possible tendency to purchase things online. Furthermore, various individuals are purchasing products from home by collecting product information. Based on the situation, individuals can customize the products as per individuals demands. Furthermore, such things can be organized and more utilized by using voice search, which can aid in searching for a product that an individual needs and reduce search time for the wanted product. Searching services and products, creating a list, filling the carts, checking the status of orders, providing feedback, and suggesting various products.
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*Report Segmentation of the Global Voice Search Market *
*Function **Insight*
Based on function, the speech recognition segment is the most dominant in the global voice search market, with a market share of 66% all over the globe, due to their acceptability in smart automobiles and smartphones. Furthermore, radiologists and doctors mainly utilize speech recognition technology to form a patient report. Moreover, augmenting speech recognition with virtual reality can improve the experience and additionally boost market needs. V.R. platform is advanced with developed technology to form a V.R. gear for Facebook using oculus rift. The market for voice search is based on functions segregated into speech recognition and voice recognition.
*Deployment Insight*
Based on deployment, the cloud segment is anticipated to be the most dominant segment in the global voice search market, with a market revenue share of 59% and expected to rise in the forecast period due to the approval of cloud usage in several industries. The voice search market is based on deployment segregated into cloud and on-premises. Furthermore, on-premises are anticipated to grow with a very low CAGR rate in the forecast period due to the liking of cloud technology by various small and novel organizations.
*Technology Insight*
Based on technology, the non-AI-based segment is anticipated to be the most dominant segment in the global voice search market, with a market revenue share of 73% and expected to rise at a steady CAGR in the forecast period, due to old market presence and simple to access than A.I. technology. The voice search market is based on technology segregated into A.I.-based and non-AI-based. Moreover, A.I.-based segments are anticipated to increase with a large CAGR rate in the forecast period. Due to the rising need for artificial intelligence and advanced speech recognition by A.I. Furthermore, A.I. converts speech further into a neatly created structure by developing and formulating speech by utilizing recognition technology.
*Industry Vertical Insight*
Based on the industry vertical, the healthcare segment is anticipated to be the most dominant segment in the voice search market, with the highest revenue share of 29%, due to data collecting with ease in EHR globally. Furthermore, this idea aids physicians in attaching to the system with no prior technical computer knowledge. Moreover, it will have advanced technology to increase healthcare departments like radiology, emergency, pathology, and others. The voice search market is based on industry verticals segregated into the public sector, healthcare, media & entertainment, I.T. & telecommunication, BFSI, and other industry verticals. The BFSI segment is anticipated to increase with the largest CAGR in the forecast period from 2023 to 2032.
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*Market Segmentation*
*Based on Function*
· Speech Recognition
· Voice Recognition
*Based on Deployment *
· Cloud
· On-Premises
*Based on Technology*
· I. based
· Non-AI based
*Based on Industry Vertical*
· Public Sector
· Healthcare
· Media and Entertainment
· T. and Telecommunication
· BFSI
· Others Industry Verticals
*By Geography*
· North America
· The US
· Canada
· Mexico
· Western Europe
· Germany
· France
· The UK
· Spain
· Italy
· Portugal
· Ireland
· Austria
· Switzerland
· Benelux
· Nordic
· Rest of Western Europe
· Eastern Europe
· Russia
· Poland
· The Czech Republic
· Greece
· Rest of Eastern Europe
· APAC
· China
· Japan
· South Korea
· India
· Australia & New Zealand
· Indonesia
· Malaysia
· Philippines
· Singapore
· Thailand
· Vietnam
· Rest of APAC
· Latin America
· Brazil
· Colombia
· Chile
· Argentina
· Costa Rica
· Rest of Latin America
· Middle East & Africa
· Algeria
· Egypt
· Israel
· Kuwait
· Nigeria
· Saudi Arabia
· South Africa
· Turkey
· United Arab Emirates
· Rest of MEA
* **Recent Development of the Global Voice Search Market*
· *In April 2022,* Google LLC announced novel technology, such as speech recognition technology, to increase voice-user interaction. In comparison, Google's sequence-to-sequence model is used for 23 different languages and 61 different types of named localities.
· *In April 2022,* Veriant announced an IVA, known as Veriant Virtual Assistant, which is A.I. for less code conversation that can change the conversation to an automatic experience based on its service. Furthermore, it helps to create a chatbot to avoid calls and helps to aid the customer. IVA can also help to increase businesses across various firms.
· *In Oct 2022,* the University of Illinois at Chicago(UIUC) presented a collab with companies such as Apple and others to create a speech accessibility project that can improve voice search technology for various impaired individuals who have issues with the ongoing instruments.
*Browse More Related Reports*
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· Android TV Box Market size is estimated to be worth USD 8,128.72 Mn in 2023 and is to size USD 68,189.78 Mn by 2033 with a CAGR of 23.70%
· Smart TV Market value was USD 163,213 million in 2021. This market is forecast to grow at a CAGR of 6.9% between 2023-2032.
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