Skip to main content
  1. Market Insights
  2. Technology
  3. Artificial Intelligence
  4. Computer Vision

Speech Recognition - Eastern Asia

Eastern Asia
  • The market size in the Speech Recognition market is projected to reach US$1.86bn in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 14.24%, resulting in a market volume of US$4.14bn by 2030.
  • In global comparison, the largest market size will be United States (US$1.90bn in 2024).

Definition:
Speech recognition, as a part of computer vision, focuses on converting spoken language into written text and/or commands. It involves the use of algorithms and machine learning models to analyze and interpret audio signals, recognizing and transcribing the spoken words into textual form. Speech recognition systems utilize techniques such as acoustic modeling, language modeling, and neural networks to accurately convert spoken language into written text. This technology has widespread applications, including voice assistants, dictation software, transcription services, call center automation, and hands-free control of devices, facilitating natural and efficient human-machine communication through spoken language.

Additional Information:

The market comprises two key performance indicators: market sizes and market sizes by industry. Market sizes are generated by the funding amount of Computer Vision companies. Key players of the market include companies such as Nvidia, Intel or IBM.

For more information on the data displayed, use the info button right next to the boxes.

In-Scope

  • Technologies that convert human speech into written text or computer commands, such as automatic speech recognition (ASR)
  • Products and services that use speech recognition technology, such as virtual assistants, transcription software, and language translation tools.

Out-Of-Scope

  • Technologies that do not rely on speech as an input, such as text-based chatbots and image recognition software
  • Products and services that do not use speech recognition technology, such as physical goods and traditional customer service support.
Artificial Intelligence: in-depth market analysis - Cover

Market Insights report

Artificial Intelligence: in-depth market analysis

Study Details

    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Speech Recognition market in Eastern Asia is experiencing considerable growth, driven by the increasing adoption of artificial intelligence and digital technologies. Factors such as rising demand for efficient communication and convenience in healthcare services are impacting this growth rate. Similarly, the Computer Vision market in the region is also witnessing significant growth due to the growing use of AI for image and video analysis.

    Customer preferences:
    In Eastern Asia, there has been a growing demand for speech recognition technology as a means of enhancing communication and improving productivity. This trend is driven by the region's high adoption of technology and the need for efficient and accurate communication in business and personal settings. Additionally, the use of speech recognition technology is becoming increasingly popular in education and entertainment, as it allows for a more interactive and immersive experience. This shift is also reflective of the cultural value placed on efficiency and innovation in the region.

    Trends in the market:
    In Eastern Asia, the Speech Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for voice-activated virtual assistants. This trend is driven by the increasing adoption of smart homes and the need for hands-free control of devices. Additionally, there is a growing demand for speech recognition technology in industries such as healthcare, finance, and retail. This trend is expected to continue in the coming years, with the development of advanced natural language processing algorithms. This has significant implications for industry stakeholders, as it opens up new opportunities for revenue growth and improved customer experiences.

    Local special circumstances:
    In South Korea, the demand for speech recognition technology is driven by the country's advanced telecommunications infrastructure and high adoption of smartphones. Additionally, the government's focus on developing AI technology, coupled with a culture that values efficiency and convenience, has led to a strong market for speech recognition solutions. In China, the market is heavily influenced by government policies promoting the adoption of AI in various industries, including healthcare and retail. The country's large population and high demand for technology also create a unique market for speech recognition, with a focus on voice-enabled virtual assistants and smart speakers.

    Underlying macroeconomic factors:
    The growth of the Speech Recognition Market in Eastern Asia is greatly influenced by macroeconomic factors such as technological advancements, government support, and investment in artificial intelligence infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing digitalization of industries and the rising demand for automation and efficiency in business processes are driving the adoption of speech recognition solutions in the region.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Methodology

    Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

    Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

    Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

    Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.

    Technology

    Access more Market Insights on Technology topics with our featured report

    Artificial Intelligence: in-depth market analysis - BackgroundArtificial Intelligence: in-depth market analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Artificial intelligence (AI) worldwide - statistics & facts

    Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.
    More data on the topic

    Explore more high-quality data on related topic

    Artificial intelligence (AI) in the U.S. - statistics & facts

    Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.
    More data on the topic

    Contact

    Get in touch with us. We are happy to help.