According to a market report by Lucintel, the future of the speech and voice recognition market looks promising with opportunities in the consumer, automotive, government, enterprise, healthcare, and BFSI industries. The speech and voice recognition market is expected to grow with a CAGR of 20% from 2019 to 2024. The major drivers for this market are increased demand for speech-based biometric systems for multifactor authentication, growing demand for voice authentication in mobile banking applications, and growth in voice control-based smart assistive devices in consumer and enterprise vertical.
In this market, voice and speech recognition technology are used in various end use industries for identification and acess control. Lucintel forecasts that voice recognition technology is expected to witness the highest growth over the forecast period due to the increasing demand for multifactor authentication systems in BFSI, government, and defense verticals.
Within the speech and voice recognition market, the consumer segment is expected to witness the highest growth over the forecast period due to increasing demand for intelligent virtual assistant (IVA) smart speakers.
Acapela, AT&T, Baidu, Lumenvox, Panasonic Corporation, Raytheon Bbn Technologies, Samsung Electronics, Vocalzoom, Voicebox Technologies, and Voicevault are among the major manufacturers of speech and voice recognition technology.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the speech and voice recognition market by technology, end use industry, and region. Lucintel has prepared a comprehensive research report titled “Growth Opportunities in the Speech and Voice Recognition Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategies, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the speech and voice recognition market by technology, end use industry, and region as follows:

By Technology [$M shipment analysis for 2013 – 2024]:

• Voice Recognition
• Speech Recognition
By End Use Industry [$M shipment analysis for 2013 – 2024]:
• Automotive
• Consumer
• Government
• Enterprise
• Healthcare
• BFSI
• Others
By Region [$M shipment analysis for 2013 – 2024]:
• North America
– United States
– Canada
– Mexico
• Europe
– Germany
– UK
– Italy
– France
• Asia Pacific
– China
– Japan
– India
• Rest of the World
A more than 150 pages research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at [email protected].
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.

This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the speech and voice recognition market by technology (voice recognition and speech recognition), end use industry (automotive, consumer, government, enterprise, healthcare, BFSI, others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity did occur in the last five years, and what has its impact been on the industry?