Europe Voice And Speech Recognition Market Size & Outlook
Europe voice and speech recognition market, 2018-2030 (US$M)
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Europe voice and speech recognition market highlights
- The Europe voice and speech recognition market generated a revenue of USD 5,014.4 million in 2023.
- The market is expected to grow at a CAGR of 15.2% from 2024 to 2030.
- In terms of segment, speech recognition was the largest revenue generating function in 2023.
- Voice Recognition is the most lucrative function segment registering the fastest growth during the forecast period.
- Country-wise, Poland is expected to register the highest CAGR from 2024 to 2030.
Europe data book summary
| Market revenue in 2023 | USD 5,014.4 million |
| Market revenue in 2030 | USD 13,535.2 million |
| Growth rate | 15.2% (CAGR from 2023 to 2030) |
| Largest segment | Speech recognition |
| Fastest growing segment | Voice Recognition |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Voice Recognition, Speech Recognition |
| Key market players worldwide | Advanced Voice Recognition Systems Inc, Amazon.com Inc, APi Group Corp, Apple Inc, Baidu Inc ADR, BrightView Holdings Inc, Meta Platforms Inc Class A, Alphabet Inc Class A, International Business Machines Corp, Microsoft Corp, 3M Co, Nuance Communications, RTX Corp, Medlst MBS Ttl Rtn A |
Other key industry trends
- In terms of revenue, Europe region accounted for 24.8% of the global voice and speech recognition market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 16,614.0 million by 2030.
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Voice And Speech Recognition Market Scope
Voice And Speech Recognition Market Companies
| Name | Profile | # Employees | HQ | Website |
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Europe voice and speech recognition market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to voice and speech recognition market will help companies and investors design strategic landscapes.
Speech recognition was the largest segment with a revenue share of 64.47% in 2023. Horizon Databook has segmented the Europe voice and speech recognition market based on voice recognition, speech recognition covering the revenue growth of each sub-segment from 2018 to 2030.
The increasing need for voice and speech recognition tools for regional language and micro linguistics and rising integration of speech and voice recognition technologies in consumer electronics and rising personal disposable income are fueling the market growth.
Increasing security and privacy concerns, higher airport inspection, and increased industry demand for automation will all worsen the market growth rate. Other significant factors influencing market expansion include increasing research and development capabilities, increased demand for machine vision systems, and industrial Internet of things (IIoT), integrated with artificial intelligence (AI).
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Our clientele includes a mix of voice and speech recognition market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the Europe voice and speech recognition market , including forecasts for subscribers. This continent databook contains high-level insights into Europe voice and speech recognition market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Europe voice and speech recognition market size, by country, 2018-2030 (US$M)
Europe Voice And Speech Recognition Market Outlook Share, 2023 & 2030 (US$M)
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