A recent report from Global Industry Analysts (GIA) predicts that global speech technology market will reach $31.3 billion by the year 2017.
Speech technology, according to GIA, is one of the few industries that showed greater resilience during the recession. This industry segment contributed to a major share of the revenue for the software industry. Some of the contributing factors that drive speech technology market include cost reduction, productivity improvement, security enhancement and customer convenience, GIA said.
Europe and North America are the most prominent markets for voice applications, with the U.S. flaunting the largest geographic presence and capturing a sizeable chunk of the world market. However, the research agency expects that companies in Latin America and Asia-Pacific will contribute a greater share in the near future as there is significant rise in the adoption of voice applications in these regions.
The Automatic Speech Recognition (ASR) segment is the largest and fastest growing market for speech technology. A significant change noted by GIA is that speech recognition solutions, which started as support applications, have now evolved into core applications penetrating several industries including airlines, banks, medical transcription, warehousing, inventory management, and security brokerages.
In addition to ASR, Text-to-speech (TTS) and speaker verification (SV) applications represent major growth drivers for the broad software industry, the report said.
Speech technologies also find accelerated adoption in military operations including communications, control and command, intelligence, field vehicle operations, and aircraft and ship operations. Several consumer applications are also gaining popularity. The most popular among them include voice-based dialers on mobile handsets, vocal stock quote smartphone apps, voice-based email, and of late, the interactive entertainment and voice authentication.
Earlier in November, GIA released a report on global interactive voice response (IVR) market, in which it projected the IVR market to reach $2.78 billion by the year 2017, TMCnet reported.
As part of the larger customer relationship management (CRM) sector, IVR technologies are making advances rapidly in speech analytics, voice recognition, and new customer service software including self-service developments, the report said.
Edited by Juliana Kenny