Market for Global Speech Technology Including IVR Service Providers Will Reach $31.3 Billion by 2017
March 19, 2012
By Ed Silverstein, TMCnet Contributor
The global speech technology software market, comprising segments such as Automatic Speech Recogition, Text-to-Speech and Speaker Verification is projected to reach $31.3 billion by 2017, according to a recent Global Industry Analysis press release.
Despite the recent recession, the market has been a source of revenue for the software sector, according to a report from Global Industry Analysts (GIA). Seen as a cost-saver, speech recognition has become popular in such sectors as: airlines, banks, inventory management, medical transcription, security brokerages and warehousing, according to the report.
Speech recognition helps to differentiate businesses and to build customer relationships, and voice recognition is needed for security fields, the report adds. In addition, speech communication is used in the military, alarms, mobile handsets, email, and voice authentication, the report said.
Other growth fields in software, according to the report, include text-to-speech (TTS), automatic speech recognition (ASR) and speaker verification (SV). Audio mining is being used, too, in call centers and contact centers. Still, automatic speech recognition is the largest and the quickest growing market.
Use of Voice over Internet Protocol (VoIP) is leading to more speech recognition technology in enterprises, the report adds. IVR leads to saving of money and improved management for incoming calls, according to TMCnet.
Speech recognition is also seen in hospitals, pharmaceuticals, and other parts of the healthcare industry, helping to lower costs and improve confidentiality. Some other uses can be found with graphical-based interfaces, handheld devices, fax machines and telephones.
Markets for the products are already significant in Europe and North America. Latin America and the Asia-Pacific region are projected to see a huge rise in voice application adoption, according to the release. The U.S. is dominant in the market, and with Europe is projected to see double-digit growth, GIA reported.