According to data recently presented by stockapps.com, the global voice recognition market CAGR is expected to increase by 16.8% between 2021 and 2026. The market size in 2021 was $10.7 billion, and forecasts show it could grow to $27.16 billion.
The voice and speech recognition market has grown tremendously over the last few years. The technology allows for spoken commands by interpreting the human voice. Manufacturers of smart appliances are now including the feature due to increased demand for hands-free technology.
When giving their comments on the forecasts, Edith Reads from stockapps.com had this to say, “Speech and voice recognition technology is increasingly becoming popular and we can only expect this trend to keep growing. In the coming years, we expect an increase in the use of smart appliances, going beyond the phones and other devices that we are used to today. This, together with the increased use of artificial intelligence will be the primary factors for the market’s growth.”
Voice-controlled devices to penetrate different sectors
Today, voice recognition technology is particularly convenient for humans to control devices without using the keyboard or mouse. Although the global pandemic slowed down the market’s growth, there has been increased use of smart devices as more people work from home.
Now, manufacturers in the industry are coming up with different ways to stay competitive and ahead of the game. One such example is the integration of voice technology in personal assistant devices. Companies such as Nuance Technologies are even looking to implement the assistance system across different devices. This trend may well be adopted by more companies, providing more opportunities for the market’s growth.
In the years leading to 2026, we expect more smart devices to integrate voice recognition. The technology can be installed in just about any smart machine, including mixers, coffee makers, refrigerators, and even home systems.
Major Industry Players
The key players in the industry are all giant companies that have some competitive advantage. Despite the increasing popularity, there’s still a massive barrier to entry due to the expenses involved in developing the technology.