A new report from Grand View Research predicts that the market for speech and voice recognition tech will hit $31.82 billion by 2025. The rising demand for voice-activated virtual AI assistants is expected to drive much of that growth, leading to a CAGR of 17.2 percent.
The banking, automotive, and healthcare sectors are expected to be particularly important in that regard. Healthcare was the largest of the three in 2017, deploying voice recognition to assist with the creation of electronic medical records. Meanwhile, a growing number of banks are integrating voice authentication for an extra layer of security, especially for transactions that take place over the phone.
The use of voice recognition in the automotive industry is indicative of the increasing interest in voice-activated consumer products. Nuance Automotive has found numerous partners for its Dragon Drive voice assistant in the past few months, and similar technology is popping up in smart speakers and other IoT devices.
North America is currently the largest market for voice recognition, although Asia and Europe are also expected to see major growth. Tellingly, some of the world’s largest corporations – including Amazon, Apple, Microsoft, and Google – see tremendous potential in voice recognition and remain at the forefront of the field.
If accurate, the $31.82 billion figure would make speech and voice recognition one of the largest segments of the biometric marketplace. A previous Grand View report predicted that the total biometrics market would hit $59.31 billion in the same time frame, although it’s worth noting that some speech recognition tech might not fall under the official biometrics umbrella.