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Worldwide Speech Technology Market To Cross $31.3 Billion By 2017 Says Global Industry Analysts Inc.
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Worldwide Speech Technology Market To Cross $31.3 Billion By 2017 Says Global Industry Analysts Inc.

March 16, 2012

  By Arvind Arora, TMCnet Contributor

Voice recognition tools have been making our lives easier in every possible manner nowadays, whether it’s dialing a contact from the phonebook of a mobile phone handset, or making a transaction using the phonebanking service.

Global Industry Analysts, Inc. (GIA), a research firm that carries out off-the-shelf market research, has released a new report that finds that, by the year 2017, the overall global market for speech technology will reach around $31.3 Billion. The company publishes over 1300 full-scale research reports every year, analyzing more than 40,000 market and technology trends and keeping an eye upon over 126,000 companies. It serves more than 9500 clients across 27 countries worldwide.

Titled ‘Speech Technology: A Global Strategic Business Report,” the new study report takes into account a number of factors that are going to play a vital role in affecting the dynamically changing speech technology market. It observes various geographic markets such as United States, Canada, Japan, Europe and Rest of World; and also the different product segments such as Automatic Speech Recognition, Text-to-Speech and Speaker Verification. Evolution of the speech technology market between the years 2003 through 2008 has been assessed within the study, and it also offers annual sales estimates and projections in US$ Million for years spanning 2009 through 2017.

Speech Technology market is one of the best revenue grossing sectors for the software industry, and showed extra-ordinary resilience during the recession period. A number of additional factors such as cost-reduction, productivity improvement, security enhancement and consumer convenience have been considerably boosting the market penetration of the technology.

Initially the speech recognition solutions had been developed as support applications, which have by now blossomed into core applications being used within a number of sectors such as airlines, banks, medical transcription, warehousing, inventory management and security brokerages. Enterprises of all sizes and capacities have now been deploying these speech recognition solutions for differentiating their services and establishing customer relationships.

Not only this, voice recognition has also being implemented by as an effective security measure for service companies. Various military operations such as communications, control and command, intelligence, field vehicle operations and aircraft and ship operations have also been banking upon the technology to ensure authorized and secure access to their modules.

Speaking about the consumer applications, the speech recognition technology is being deployed in a number of ways, such as voice-enabled alarm systems, voice-based dialers on mobile handsets, vocal stock quote smartphone apps, voice-based email, and interactive entertainment and voice authentication. The study emphasizes that the Text-to-speech or ‘TTS,’ automatic speech recognition or ‘ASR,’ and speaker verification or ‘SV’ applications have been effectively boosting the growth within the software industries. More details about the ‘Speech Technology: A Global Strategic Business Report’ study report are available here.

In February 2012, the Global Industry Analysts, Inc. or ‘GIA’ after completing a global analysis of the Software or ‘IT’ Industry, determined that by 2015, the global market could reach revenues of as much as $384.4 billion.

Edited by Chris Freeburn
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