A just released comprehensive global report on the Speech Technology Market has revealed the IVR market will reach a forecasted $20.9 billion by 2015. Speech technology via IVR is greatly in-demand from various types of companies that wish to gain efficiency, but lower costs at the same time.

The new IVR speech recognition system currently in use has been crafted through years of tweaks and refinements of the various developments in technology along with the ever-changing needs of consumers.

The huge growth of speech technological services in the past few years has spread from just conventional corporate uses to everyday uses by everyday citizens. Mobile phone manufacturers have recognized the need and have offered new services applications. These include voice recognition services like voice-dialing, speech-enabled GPS navigation, and other voice-powered applications such as auto-dictation, and voice search as stated in the press release. Because of this, network operators and device manufacturers are revolutionizing innovations in the area of voice- based products and services.

Even through the recession, speech technology has expanded mainly because of its focus on not raising costs. Stated in the press release, cost-saving technologies have a propensity to rise above the turmoil as their increased focus tends to be shed on the same, as part of companies’ recession induced cost “controlling” measures. A multitude of long-term benefits can be brought to a company through cost capping such as increased productivity and raised efficiency levels among employees.

For example, Automated Speech Recognition Systems (ASR) saves about 50 percent of costs spent on service agents simply because of the increased productivity of the call center. The ability of speech analytics to transform unstructured customer communications and conversations into actionable events, make these applications beneficial for enterprises of all sizes, as stated in the press release.

An ASR system works by supporting the call center management in product innovation, by using feedback and ideas from customers on products or services offered in a timely manner rather than conducting additional outside research. A demand throughout the world for Automatic Speech Recognition is expected to continue at double-digit growth rate during the 2007 through 2015 period, the press release stated. People need applications they can access during their busy lives no matter where they are, even while performing different activities simultaneously. The demand for speech recognition applications for mobile communication is forecast to wax exponentially in the upcoming years, the press release stated.

The Europe and U.S. market dominate the Global Speech Technology market, the market research reported. In the next couple of years, Plans Call center companies are beginning to make plans for speech-only and also combined speech/touch-tone technologies. This will help in maintaining this great progress of growth in years to come.

According to the press release, even though the recession completely devastated many industries, new types of e-commerce have made huge strides in areas like voice commerce where companies are seeking to not increase the low-cost natural interface offered by automated speech-recognition, text-to-speech and voice-identification technologies, to electronic channels of commerce, the press release stated. The market for speech recognition systems and equipment will therefore witness continued unfazed developments with players in this space striving to take the technology to higher grounds by improving the ability of these systems to accurately recognize and respond to natural human speech, the report stated.

Some key companies within this industry include Acapela Group (News - Alert); Applied Voice & Speech Technologies, Inc.; Convergys Corp; Fonix Speech Inc; Genesta Partnership; Genesys Telecommunications Laboratories, Inc.; HomeSeer Technologies LLC; IBM Voice Systems; Intel (News - Alert) Corporation; iVoice Technology; Microsoft Speech Technologies; Nortel Networks Corporation; Novauris; Nuance Communications; Sensory, Inc.; Speech + Mobility; Syntellect; Telephonetics VIP Ltd (News - Alert).; Telisma; Vocollect, Inc.; Voxify, Inc.; Voxware, Inc.; Wizzard Software Corporation; among others, the press release stated.

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