The Global Market for Mobile Speech Recognition Software is Forecast to Exceed US$370 Million by 2024
Growing Prominence of
Voice-Based User Interface Technologies in Mobile Devices Drives the Mobile
Speech Recognition Software 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 Mobile Speech
Recognition Software market. The global market for Mobile
Speech Recognition Software is forecast to exceed US$370 million by 2024, driven by the rise of
sophisticated Conversational User Interface (CUI) as a more natural, smart, and
productive way to communicate with mobile devices coupled with technology
developments that make speech recognition more accurate, intelligent and fluid.
Speech
recognition technology takes convenience of mobile phones a step further by
enabling voice command and voice control features, which allow mobile users to
vocally operate key device functions. Capable of recognizing voice commands,
speech recognition technology allows mobile users to verbally input commands
for desired action instead of physically maneuvering through user interface and
selecting required function, thus providing unchallenged ease of use,
especially while accessing key functions such as searching contact list from
phone book, allowing voice dialing, or searching information over mobile
Internet. Increasing sophistication of speech recognition technology is also
allowing users to verbally create text (SMS) messages rather than manually type
the entire content, thereby adding to the technology’s charm. The growing use
of mobile handsets, both by consumers as well as enterprise users represent the
primary factor for the strong evolution of the market in recent years. Voice-based user interface
technologies
such as speech recognition is expected to become an all-time application tool
for smartphone, tablets, and smartwatch users in terms of hands-free calling,
virtual digital assistants (VDAs), and always-on interfaces, among others. More
than 80% of the mobile devices would have speech recognition by end of the
decade as compared to only 50% in 2015 with over 50% of searches expected to be
through speech.
Future
growth in the market will be driven by the growing adoption of Conversational User
Interfaces (CUI) in mobile devices supported by developments in conversational virtual
agents, Artificial Intelligence and Big Data advances, and development of
various intelligent applications. The rising interest shown by mobile
manufacturers, mobile service providers, content providers and mobile
application developers in increasing the efficiency and precision of speech
recognition capabilities and expanding applications of speech recognition to
other mobile functions is also expected to benefit market expansion. Voice
commands used for locating data in the devices is another major research area
of interest for companies. As speech recognition accuracy significantly
increase to 98-99% incorporating large vocabulary, continuous speech
recognition and better recognition capabilities, adoption rates are forecast to
explode in the coming years. Rapid proliferation of smartphones with built-in
speech recognition applications and growing number of voice enabled web portals
will also lend traction to market growth.
As
stated by the new market research report on Mobile Speech Recognition
Software, the
United States represents the largest market worldwide supported by a large base
of avid smartphone users with a penchant for advanced enabling technologies. Asia-Pacific
ranks as the fastest growing market with a CAGR of 17% over the analysis period,
led by factors such as untapped potential for smartphone penetration among the
growing base of affluent middle class population; increased media multitasking behavior;
widespread multifunctional use of mobile phones and the resulting acute need
for intuitive interaction with mobile interfaces. The already active use of voice-to-text
capabilities for carrying out search queries and navigation also lays the
foundation for the evolution of mobile speech recognition software.
Key
players in the market include Advanced Voice Recognition Systems Inc., Amazon
Inc., Apple Inc., AT&T Inc., Baidu Inc., Cisco Systems Inc., Google Inc.,
International Business Machines Corporation, LumenVox LLC, Microsoft
Corporation, Nuance Communications Inc. and Sensory Inc., among others.
The research report titled “Mobile
Speech Recognition Software: A Global Strategic Business Report”
announced by Global Industry Analysts Inc., provides a comprehensive review of
market trends, growth drivers, technology innovations and strategic industry
activities of major companies worldwide. The report provides market estimates
and projections for all major geographic markets including the US, Canada,
Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (China, and Rest of Asia-Pacific), and Rest of World.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA,
All Rights Reserved.
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