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

Speech Recognition - MENA

MENA
  • The market size in the Speech Recognition market is projected to reach US$305.20m 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$678.60m 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: Jul 2024

    Source: Statista Market Insights

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

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The MENA region's Artificial Intelligence market is experiencing considerable growth, driven by factors such as increasing adoption of speech recognition and computer vision technologies, rising awareness of their benefits, and the convenience of online services. This growth rate is influenced by the region's growing demand for AI solutions in various industries, including healthcare, finance, and retail.

    Customer preferences:
    As the MENA region continues to embrace technological advancements, the demand for speech recognition technology within the computer vision market is on the rise. This can be attributed to the growing preference for hands-free and voice-activated interactions, especially among younger demographics. Additionally, the increasing use of virtual assistants and smart home devices is driving the need for accurate and efficient speech recognition solutions. This trend is expected to continue as consumers prioritize convenience and ease of use in their daily lives.

    Trends in the market:
    In the MENA region, the Speech Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand for virtual assistants and chatbots. This trend is being driven by the increasing adoption of AI-enabled devices and the need for more efficient customer service solutions. Additionally, there is a growing interest in voice-based technology for hands-free operation in industries such as healthcare and automotive. This trend is expected to continue as companies explore the potential of AI-powered speech recognition technology.

    Local special circumstances:
    In the MENA region, the Speech Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is rapidly expanding due to the growing adoption of smart devices and the increasing demand for advanced technology solutions. In countries like Saudi Arabia, the market is driven by the government's initiatives to transform the traditional industries and promote digitalization. In the United Arab Emirates, the market is fueled by the high smartphone penetration and the government's focus on establishing a knowledge-based economy. Additionally, the cultural preference for voice-based communication in this region has also contributed to the growth of the Speech Recognition Market.

    Underlying macroeconomic factors:
    The growth of the Speech Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong government support and high investment in AI technologies are experiencing faster market growth compared to regions with limited government support and limited funding for research and development. Additionally, the increasing demand for automation and efficiency in various industries, such as healthcare, finance, and retail, is driving the demand for speech recognition and computer vision technologies. This is further accelerated by the increasing adoption of AI in emerging economies, such as those in the MENA region, where governments are investing in building a strong digital infrastructure.

    Global Comparison

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

    Most recent update: Jul 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.