Global Voice Search Market By Function (Speech Recognition and Voice Recognition), By Deployment (Cloud and On-Premises), By Technology (AI-Based and Non-AI Based), By Industry Vertical (Public Sector, Healthcare, Media & Entertainment, IT & Telecommunication, BFSI, and Others Industry Verticals) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

The Global Voice Search Market size is expected to be worth around USD 112.5 Billion by 2033, from USD 24.2 Billion in 2023, growing at a CAGR of 19.2% during the forecast period from 2023 to 2032.

Voice search is a technology that allows users to interact with devices and search for information using spoken commands rather than typing. With the advancements in natural language processing and voice recognition technology, voice search has become increasingly popular and widespread. Users can now simply speak into their smartphones, smart speakers, or other voice-enabled devices, and receive instant responses and search results.

The voice search market has witnessed significant growth in recent years, driven by several factors. The increasing adoption of voice-enabled devices, such as smart speakers like Amazon Echo and Google Home, has played a major role in the market expansion. These devices have become commonplace in households, offering convenient access to information, entertainment, and smart home controls through voice commands.

From an analyst viewpoint, the driving factors for the growth of the voice search market are the increasing adoption of voice-enabled devices, the convenience and speed of voice commands, and advancements in natural language processing and machine learning. Voice search offers a seamless and user-friendly experience, allowing individuals to access information and perform tasks more efficiently.

The voice search market presents numerous opportunities for businesses and marketers. Optimizing content for voice search has become crucial to ensure visibility and relevance in search results. As voice search queries tend to be more conversational and longer, businesses need to understand user intent and adapt their SEO strategies accordingly.

Moreover, voice search opens up new avenues for personalized and contextualized marketing. With access to user preferences and behavioral data, businesses can deliver targeted and relevant content through voice assistants, creating more engaging and personalized experiences for consumers.

Key Takeaways

• Voice search market was valued at USD 24.2 billion in 2023, expected to reach USD 112 billion by 2032 with a CAGR of 19.2%.
• Dominant segments: Speech recognition (66% market share) and non-AI-based technology (73% market share).
• Lucrative sectors: BFSI (29% revenue share) and healthcare.
• Regional dominance: North America (33% market share), Europe, and APAC.
• ~4.2 billion voice assistants are currently in use, with expectations to double to ~8.4 billion by the end of 2024.
• Voice search assistants demonstrate a high level of accuracy, successfully answering ~93.7% of search queries on average.
• Monthly, there are over ~1 billion voice searches, indicating the widespread use of this technology.
• The number of voice search users has seen a steady increase, reaching ~125.2 million in 2024, up from ~123.5 million in 2022.
• ~27% of voice search users utilize this technology on their mobile phones as of 2023.
• More than ~50% of adults worldwide use voice search daily, reflecting its integration into everyday life.
• Voice search results, often derived from featured snippets, account for ~40% of the outcomes, showcasing the efficiency of voice queries in providing quick information.
• ~58% of consumers have utilized voice search to locate local businesses, indicating its role in influencing consumer behavior.
• Google Assistant has been integrated into over ~50,000 smart home devices, whereas ~45.1% of voice assistant users prefer Apple’s Siri for conducting voice searches.
• Voice search results are loaded ~52% faster compared to average search results, highlighting the efficiency and speed advantage of using voice commands.
• By 2023, approximately ~125.3 million individuals globally have adopted voice search, showing a slight increase from ~123.5 million users in 2022.
• In the United States, ~34% of residents report using voice search at least once a week, and ~50% incorporate it into their daily routines.
• A significant demographic engagement shows that ~77% of adults aged 18 to 34 years use voice search on their smartphones. Meanwhile, ~63% of adults aged 35 to 54 also utilize voice assistants from their mobile devices.
• While ~27% of users rely on mobile for voice search, a substantial ~68% use various digital assistants, demonstrating the diverse platforms through which voice search is accessed.

Function Analysis

Speech Recognition Segment is the Most Lucrative in the Global Voice Search Market

Based on function, the market for voice search is segmented into speech recognition and voice recognition. Among these function types, the speech recognition segment is the most lucrative in the global voice search market, with a market share of 66% globally. Owing to their suitability in smartphones and smart automobiles.

Moreover, speech recognition technology is very useful for doctors and radiologists to create patient reports. Furthermore, adding speech recognition in virtual reality can enhance the experience and further increase market demand. VR platforms are developed with cutting-edge technology to create VR gear by Facebook for oculus rift.

Deployment Analysis

Cloud Segment is Estimated to be the Most Lucrative Segment

By deployment, the voice search market is further divided into cloud and on-premises. Based on deployment, the cloud segment is estimated to be the most lucrative segment in the global voice search market, with a market share of 59%, and is anticipated to grow during the forecast period. Owing to the acceptance of cloud usage in various industries. Moreover, on-premises are expected to grow with a low CAGR rate during the forecast period. Owing to the preference for cloud technology by several small and new organizations.

Technology Analysis

Non-AI based Segment is Estimated to be the Most Lucrative Segment

By technology, the voice search market is further divided into AI-based and non-AI-based. Based on technology, the non-AI-based segment is estimated to be the most lucrative segment in the global voice search market, with a market share of 73%, and is anticipated to grow at a constant CAGR during the forecast period. Owing to previous market presence and easily accessible compared to AI technology.

Furthermore, AI-based segments are expected to grow with a high CAGR rate during the forecast period. Owing to the increasing demand for artificial intelligence and better speech recognition by artificial intelligence. Moreover, AI changes speech into a neatly formed structure by formulating and developing speech using recognition technology.

Note: Actual Numbers Might Vary In The Final Report

Industry Vertical Analysis

BFSI Segment is Estimated to be the Most Lucrative Segment

Based on industry verticals, the voice search market is segmented into the public sector, healthcare, media & entertainment, IT & telecommunication, BFSI, and other industry verticals. Among these industry verticals, the healthcare segment is estimated to be the most lucrative in the voice search market, with the largest revenue share of 29%. Owing to data gathering easily in EHR across the globe.

Moreover, this method helps physicians to connect with the system without technical knowledge of computers. Furthermore, it will have developed technology to improve healthcare departments such as radiology, emergency, pathology, and others. The BFSI segment is expected to grow at the highest CAGR during the forecast period from 2023 to 2032.

Key Market Segments

Based on Function

• Speech Recognition
• Voice Recognition

Based on Deployment

• Cloud
• On-Premises

Based on Technology

• AI based
• Non-AI based

Based on Industry Vertical

• Public Sector
• Healthcare
• Media and Entertainment
• IT and Telecommunication
• BFSI
• Others Industry Verticals

Drivers

Increasing Advanced Technology is a Driver of the Market

Advanced technologies such as IoT, machine learning, and AI are more used, increasing market growth. Voice-based technology used to log in for smartphone apps is increasing. Furthermore, nerve networks and extensive learning in apps like speaker adopt, digital speaker, recognize, visual & audio Recognize, and word recognition are increasing the market growth. Main players in the market are concentrating on developing technology to increase business growth for an extended period.

Restraints

Fluency, Accent, Noise, and Punctuation Place Like Several Factors Are Giving Several Issues to Reduce Increase of the Market

Voice technology’s advancement is increasing, solving several difficult issues of speech. Several factors are giving several issues to reduce the increase of the market such as fluency, accent, noise, punctuation place, technical words, and specific individual identify.

Also, maintaining accuracy in the language is a tremendous challenge compared to the American language. Moreover, voice-dependent technology will give a more advanced experience than the other experience as they separate and decide the user’s voice. However, the danger of information privacy is restraining market growth.

Opportunity

The trend of Buying Things Online is Opportunities

Based on the consumer behavior of several countries’ individuals, there is a trend of buying things online. Moreover, a lot of individuals are shopping for products from home to get information about the products. Depending on the situation, you can customize the product as needed. These things can be streamlined and more useful by using voice search that can help you find a product you want and reduce search time for the required product. Searching products and services, making a list, adding items in carts, evaluating order status, giving feedback, and recommending several products.

Trends

Voice search is more used for searching applications.

Rather than typing for search data, increasing the use of voice search is in high demand. Owing to the reduced time of searching data and increasing comfort for the customer. Furthermore, several smart technologies use voice search to do tasks on voice command.

Hence, it is increasing the market growth. Additionally, Voice search has gained significant popularity and adoption in recent years. With the proliferation of virtual assistants like Amazon Alexa, Google Assistant, Siri, and Cortana, more users are using voice commands to search for information, perform tasks, and interact with devices.

Regional Analysis

North America is estimated to be the Most Lucrative Market.

Global voice search market based on region segmented into MEA, Latin America, North America, Europe, and APAC. In 2022, North America is dominating with a market of 33% and will likely grow at a high CAGR rate in the forecast period from 2023 to 2032. Owing to the Increasing use of the voice search tool in various application-based devices such as smartphones, smart TV, smart washing machine, etc.

Moreover, these voice searches and recognition can be used for IoT, consumer electronics, and mobile banking. In Europe, voice search tools and technologies are anticipated to boost the market owing to their applications in the e-consumer and retail market for automation. In the Asia-Pacific region, it is going to show the highest CAGR during the forecasted period from 2023 to 2032. Owing to the increasing use of devices that have voice search features in the APAC regional market.

Note: Actual Numbers Might Vary In The Final Report

Key Regions and Countries Covered in this Report

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Share and Key Players Analysis

Strong key players in the market are using strategies like mergers, collaborations, expansion, and acquisitions which are expected to increase competition in the market. These strategies are helping to grow its reach and quality in the market by creating novel technology. Significant key players are adopting these strategies to help to improve their product portfolio and boost their business.

Market Key Players

Listed below are some of the most prominent bio-based surface disinfectant industry players.

• Sensory, Inc.
• SemVox GmbH
• Raytheon Company
• Nuance Communications, Inc.
• Nortek Holdings, Inc.
• MModal, Inc.
• Microsoft Corp.
• International Business Machines Corp.
• Google, Inc.
• Facebook, Inc.
• CastleOS Software, LLC
• BioTrust ID B.V.
• Baidu, Inc.
• Apple, Inc.
• ai
• Anhui USTC iFlytek, Ltd.
• com, Inc.
• Agnitio S.L.
• Advanced Voice Recognition Systems, Inc.
• Other Key Players

Recent Developments

• In April 2022, Google LLC announced novel technology, such as speech recognition technology, to increase voice-user interaction. In comparison, Google’s sequence-to-sequence model is used for 23 different languages and 61 different types of named localities.
• In April 2022, Veriant announced an IVA, known as Veriant Virtual Assistant, which is AI for less code conversation that can change the conversation to an automatic experience based on its service. Furthermore, it helps to create a chatbot to avoid calls and helps to aid the customer. IVA can also help to increase businesses across various firms.
• In Oct 2022, the University of Illinois at Chicago(UIUC) presented a collab with companies such as Apple and others to create a speech accessibility project that can improve voice search technology for various impaired individuals who have issues with the ongoing instruments.

Report Scope