Latin America Voice And Speech Recognition Market Size & Outlook
Latin America voice and speech recognition market, 2018-2030 (US$M)
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Latin America voice and speech recognition market highlights
- The Latin America voice and speech recognition market generated a revenue of USD 1,599.4 million in 2023.
- The market is expected to grow at a CAGR of 15.7% 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, Argentina is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 1,599.4 million |
| Market revenue in 2030 | USD 4,429.5 million |
| Growth rate | 15.7% (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, Latin America region accounted for 7.9% 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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Latin America 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 76.62% in 2023. Horizon Databook has segmented the Latin America voice and speech recognition market based on voice recognition, speech recognition covering the revenue growth of each sub-segment from 2018 to 2030.
The emergence of a voice tech startup in South America is transforming the voice and speech recognition market. Key players like Voice Bunny, Atexto, Vozy, and Amazon are innovating new technologies solution in the market.
For instance, in 2019, Amazon launched Alexa a virtual assistant in Brazil in Portuguese. This feature boosted the market growth for voice and speech recognition market as only a small portion of the population has advanced English skills.
Approximately 10% of South America's population can't read or write. Voice and recognition technology has given access to people for accessing digital world. it has also transformed the ecommerce industry boosting approximately 20% of online sales through voice commands.
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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 Latin America voice and speech recognition market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America voice and speech recognition market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America voice and speech recognition market size, by country, 2018-2030 (US$M)
Latin America Voice And Speech Recognition Market Outlook Share, 2023 & 2030 (US$M)
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