The Global Market for Voice and Speech Recognition Software is Projected to Reach US$12.6 Billion by 2022

Developments in Computational Linguistics & Expanding Applications in the Field of Telecommunications to Drive the Voice & Speech Recognition Technology Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Voice and Speech Recognition Technology market. The global market for Voice and Speech Recognition Software is projected to reach US$12.6 billion by 2022, driven by technology developments in computational linguistics that help enhance accuracy in automatic speech recognition (ASR) and versatile use in consumer, industrial and enterprise applications.

Voice and speech recognition technology represents the most innovative and effective man and machine interface. The technology offers unchallenged ease and comfort to users when accessing a range of controls and features on a machine. There is growing demand for intelligent machines, both industrial machinery and consumer devices, capable of automated management and control. New generation of voice and speech recognition solutions allow users to operate a range of machines such as personal navigation devices, computers, laptops, industrial machinery, automotive telematics and mobile handsets through verbal commands. Automatic speech recognition (ASR), text-to-speech (TTS) and speaker verification are applications that are gaining prominence in end-use markets such as customer care and call center facilities, healthcare establishments and financial institutions. In the coming years, consumer facing applications such as mobile device authentication and wearable device management are forecast to witness the maximum growth in voice and speech recognition implementations.

Enterprise applications with significant promise for speech and voice recognition include government IT, enterprise IT, call centers, and healthcare. Increasing focus on combating fraudulent activities against the backdrop of growing consumer adoption of mobile banking services is driving use of speech recognition technologies in the banking and financial sector. The relatively high proportion of phone banking users in North America and Europe is necessitating financial and banking institutions to adopt voice-based authentication solutions for either accepting or rejecting the user’s mobile transactions. The market for voice recognition/authentication technologies also stands to benefit from the mind-bending rise in e-commerce growth. Consumer electronics such as laptops, mobile phones, and smart TVs, among others are increasingly being integrated with voice and speech recognition software for added convenience and security. The rise of voice-powered Internet of Things (IoT) and the growing focus on Natural Language Interface Solutions for IoT products will help open new avenues for growth in the market.  

As stated by the new market research report on Voice and Speech Recognition Technology, the United States represents the largest market worldwide supported by the mainstream use of voice and speech recognition technology in enterprise call centers, telecommunication devices and in-car systems. Asia-Pacific ranks as the fastest growing market with a CAGR of 18.9% over the analysis period led by factors such as digitalizing lifestyles of the middle class population and the ensuing consumer preference for voice and speech recognition capabilities in consumer electronics devices; increasing proliferation of IVR based self-service applications in the banking, telecom and other service sectors; strong appetite for cutting edge automobile technologies including intelligent HMI solutions; growing healthcare industry and the increasing use of speech recognition software to drive efficiencies and cost savings in clinical documentation.

Major players covered in the report include 24/7 Customer Inc., Acapela Group, Advanced Voice Recognition Systems Inc., AGNITIO S.L., Apple Inc., Applied Voice & Speech Technologies Inc., Avaya Inc., Cisco Systems Inc., Convergys Corp., Genesta Partnership, Genesys Telecommunications Laboratories Inc., Google Inc., Honeywell Scanning & Mobility, IBM Corporation, LumenVox LLC, M*Modal Inc., Microsoft Corporation, Netcall Telecom, Nuance Communications Inc., Sensory Inc., SpeechFX Inc., VoiceBox Technologies Corporation, VoiceVault Inc., Voxware Inc., Wizzard Speech LLC, among others.

The research report titled “Voice and Speech Recognition Technology: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America) and Rest of World. The global market is additionally analyzed by the segments – Voice Recognition and Speech Recognition.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.