The market for speech technologies is growing as more and more industries find benefit in using the technology for voice solutions.

 

According to recent research, this growth in the global speech technology market will reach $78 billion by 2010.

 

The report, "Speech Technology: A Global Strategic Business Report" from Global Industry Analysts looks at market trends, recent developments, mergers, acquisitions and the profiles of major players and other strategic industry activities.

 

The reports findings point to a collective contribution of over 91 percent expenditure on speech technologies by North America and Europe.

 

Speech recognition has grown especially popular in the banking, finance, travel, automobile and telecommunications industries.

 

The largest segment, automatic speech recognition, was also predicted to grow to about $7.5 billion by 2010. Factors of this high growth rate were attributed to the increased "power and speed of the standard PC," which has resulted in the ability to process speech in real-time. As well, enhanced algorithms have made speech more advanced.

 

And, according to the reports findings, business portal self-service and call center applications will constitute for over three-fourths of all global shipments of speech recognition telephony software.