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Tech, Apps, VoIP All Seen as Market Drivers for Speech Technology
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Tech, Apps, VoIP All Seen as Market Drivers for Speech Technology

July 25, 2014

  By TMCnet Staff

Predicted growth in the speech technology market is coming from new technology, applications and Voice over Internet Protocol (VoIP), according to a new report.

Global Industry Analysts (GIA) says that speech recognition solutions have become mainstream applications in airlines, banks, brokerages, inventory management, medical transcription, security and warehousing. Among enterprises, technology builds customer relationships and is used for services, which makes it useful for call centers, GIA said in a statement about a forthcoming study.

Such new innovations as automotive navigation, telematics, LBS- and GPRS-based information tracking and customized infotainment services are among the markets that lead to increased demand. In addition, hospitals, medical centers and pharmaceutical companies are using more self-service speech solutions. They lower costs and provide more privacy for customers. GIA also said that speech-user interfaces are being tried out as an option to keypad and graphical-based interfaces. These are often found in handheld devices, fax machines and telephones.

Speech communication is also found in many military operations such as communications, control and command, intelligence, field vehicle operations, and aircraft and ship operations.

Consumers will find applications of speech communication tech in voice-enabled alarm systems for residences, voice-based dialers on mobile devices, and voice-based e-mail, GIA said.

A future GIA report will review the records of Convergys Corp, IBM Voice Systems, Intel (News - Alert) Corporation, Microsoft Speech Technologies, Nuance Communications Inc., Telisma, and other companies.

GIA predicts that by 2017, the worldwide market for speech technology will reach some $31.3 billion.

Similarly, the speech analytics market is predicted to jump from $456 million in 2014 to $1.33 billion by 2019. That represents a compound annual growth rate (CAGR) of 23.9 percent, between 2014 and 2019. The increases in speech analytics are being credited to demand at call centers, regulations, competitive intelligence and market intelligence, the firm said.

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