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Speech Recognition - Southern Asia

Southern Asia
  • The market size in the Speech Recognition market is projected to reach US$315.70m 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$702.00m 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.

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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.
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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 Computer Vision market in Southern Asia is experiencing considerable growth, fueled by the increasing use of Artificial Intelligence and the convenience of online services. Factors such as rising awareness of the benefits of Speech Recognition technology are also impacting this growth rate.

    Customer preferences:
    With the growing adoption of smart home technology in Southern Asia, there is a rising demand for speech recognition capabilities in these devices. This is driven by the need for hands-free and convenient control of household appliances and entertainment systems. Additionally, the increasing internet penetration and mobile device usage in the region have led to a surge in demand for voice-enabled virtual assistants for tasks such as online shopping and information retrieval. This trend is expected to continue as consumers become more tech-savvy and seek seamless and intuitive interactions with their devices.

    Trends in the market:
    In Southern Asia, the Speech Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is undergoing a significant shift towards voice-based user interfaces. This trend is driven by the increasing adoption of smart home devices and the integration of speech recognition in mobile applications. As the market continues to grow, there is a rising demand for more accurate and multilingual speech recognition solutions. This presents opportunities for industry players to develop innovative products and services to cater to the diverse needs of the region. Additionally, the integration of speech recognition technology in industries such as healthcare and education is expected to further drive the market growth.

    Local special circumstances:
    In South Asia, the Speech Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is heavily influenced by the region's diverse cultural and linguistic landscape. Multilingual speech recognition technology is in high demand, with companies catering to the varying languages and dialects spoken in the region. Additionally, regulatory frameworks and data privacy laws differ across countries, impacting the adoption and development of speech recognition technology. For example, India has seen a rise in voice-based commerce due to its large population and high smartphone usage, while countries like Sri Lanka have been slower to adopt due to concerns over data privacy.

    Underlying macroeconomic factors:
    The Speech Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Southern Asia is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. Countries with supportive regulatory environments and significant investments in AI technology are experiencing rapid market growth, while those with limited regulatory frameworks and budget constraints are facing slower adoption. Moreover, the increasing demand for AI-powered solutions in various industries, such as healthcare and retail, is driving the growth of the market in the region. Additionally, the region's growing population and rising disposable incomes are also contributing to the market's growth, as they fuel the demand for advanced AI technologies and services.

    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.

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    Key Market Indicators

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

    Most recent update: Sep 2024

    Source: Statista Market Insights

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