Mobile Speech Recognition Software Market, Size, Share, Growth, and Industry Analysis, By Type (Isolated Word Recognition, Keyword Spotting, Continuous Speech Recognition, and Mobile Speech Recognition Software), By Application (Healthcare, Military, Automotive, Retail, Government, Education, BFSI, and Others), Regional Insights, and Forecast From 2024 To 2031

Mobile Speech Recognition Software Market Overview

The global mobile speech recognition software market size was USD 286.7 million in 2022 and is projected to touch USD 618.61 million by 2031, at a CAGR of 8.9% during the forecast period.

Utilizing pattern recognition, voice recognition technology turns spoken words into a written sequence. Instead of scrolling the screen, users can now speak to mobiles and computers to get quick responses with speech and voice technologies. Additionally, current developments in Natural Language Processing (NLP), Machine Learning (ML), and Automated Speech Recognition (ASR), in addition to the abundance of accessibility and AI of AI platforms, have exponentially increased the capacities to process voice at a bigger scale.

Software for mobile voice recognition Typically, biometrics are utilized in the security that aids a device in carrying out a transaction. In the upcoming projection period, this is anticipated to fuel the market expansion for mobile voice recognition software. Due to the closing of offices and lockout regulations, more people are choosing to work remotely, which has generated a large market opportunity for speech and voice recognition software companies. 

COVID-19 Impact: Expanding It Industry Boosted the Software Demand

The global COVID-19 pandemic has been unprecedented and staggering, with mobile speech recognition software experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The outbreak of the pandemic hampered various industries, except the IT industry. Thus, the development of advanced technologies continued. Software for speech and voice recognition was essential during the COVID-19 pandemic. Due to lockdown restrictions and the shift toward remote working, there was a substantial market potential for speech and voice recognition software vendors. This was mostly due to the demand for smart appliances and devices sparked by the closure of workplaces and lockdown regulations. The COVID-19 epidemic accelerated the development of several technologies owing to the IT industry’s consistent development even during the lockdown. Throughout the COVID-19 epidemic, voice and speech recognition software was essential, which propelled the mobile speech recognition software market growth.

LATEST TRENDS

Accelerating the Adoption of Smartphones to Foster Market Growth

The need for mobile speech recognition software in the market is driven by increasing consumer and industry acceptance of speech recognition software as a more effective means of communication among devices such as tablets and smartphones. Positively, the expansion of smartphones with cutting-edge components and the creation of voice-based applications are influencing the demand for speech recognition software, which is expected to increase market growth. The rapid adoption of smartphones is forecasted to prosper mobile speech recognition software market growth in the forecast period.

Mobile Speech Recognition Software Market Segmentation

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• By Type Analysis

By type, the market is segmented into isolated word recognition, keyword spotting, continuous speech recognition, and mobile speech recognition software.

• By Application Analysis

Based on application, the market is classified into healthcare, military, automotive, retail, government, education, BFSI, and others.

DRIVING FACTORS

Rising Popularity of AI-Based Voice Assistants to Surge Service Demand

In the market for mobile speech recognition software, the AI-based voice assistant is a crucial trend that is growing in popularity. To give customers another method to connect with their various business apps, major voice assistant application developers are concentrating on creating AI-based voice assistants. For instance, in June 2022, US-based healthcare provider Athenahealth unveiled Athena One, an AI-based voice assistant technology. Athenahealth also offers mobile apps and network-enabled services. Healthcare professionals can perform clinical tasks without using their hand's thanks to Athena One, a voice-guided, fully integrated, mobile-integrated digital companion. It speeds up information retrieval. Doctors may naturally and consistently dictate medical documents while spending more time speaking with patients due to the new iOS-based mobile device.

Accelerating Need for Advanced Services to Augment Growth in the Market

The essential need for biometric authentication in mobile banking results in a deeper integration of speech authentication, which is driving the market trends for mobile speech recognition software. Additionally, a significant element propelling the positive growth of the mobile voice recognition software market is the growing awareness of the multifunctionality of mobile devices in speech recognition technologies.

RESTRAINING FACTORS

Lack of Accuracy in Noisy Environments to Affect Market Growth

Lack of accuracy when recorded in a noisy environment is likely to restrain market growth. Voice technology continues to lead the market, but lack of punctuation, fluency, accent, seamless performance, speaker, and identification may hamper the market growth.

Mobile Speech Recognition Software Market Regional Insights

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North America to Lead the Market Due to Steady Adoption of Smartphones

North America is forecasted to lead the mobile speech recognition software market share due to the escalating adoption of smartphones in the region. 

Europe is likely to show sizable growth owing to the increasing trend of connected devices in home automation and automotive. The need for speech recognition technologies is growing due to its easy applications in retail and consumer electronics.  

KEY INDUSTRY PLAYERS

Key Players Focusing On Innovative Technology Development to Grow in Market

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

LIST OF TOP MOBILE SPEECH RECOGNITION SOFTWARE COMPANIES

• Alphabet (U.S.)
• Apple (U.S.)
• Baidu (China)
• Amazon (U.S.)
• Microsoft (U.S.)
• VoiceBox Technologies (U.S.)
• LumenVox (U.S.)
• Pareteum (U.S.)
• Sensory (U.S.)
• ReadSpeaker (Netherlands)
• VoiceVault (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2022 through 2028, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.