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The speech and voice recognition market is expected to grow from USD 8.3 billion in 2021 to USD 22.0 billion by 2026; it is expected to grow at a CAGR of 21.6% during the forecast period. The major driving factors for the growth of the speech and voice recognition market include increase in use of smart appliance and use of artificial intelligence technology to boost accuracy of speech and voice recognition system.
In terms of deployment mode on-premises to grow with the highest CAGR from 2021 to 2026
The on-premises/embedded segment is expected to witness high growth owing to the recent advancement of speech and voice recognition as a multifactor authentication system in BFSI and other enterprise applications, where on-premises voice recognition is used for a high degree of consumer data security. On-premises speech and voice recognition systems can be easily deployed with company data management and CRM software.
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