Global Speech Technology Market to Reach US$31.3 Billion by 2017, According to New Report by Global Industry Analysts

Follow us on LinkedIn Starting out as support applications, speech recognition solutions have evolved into core applications penetrating several industries including airlines, banks, medical transcription, warehousing, inventory management, and security brokerages. In the current business scenario speech recognition solutions are tools for service differentiation, and building customer relationships. In addition, voice recognition is fast becoming a statutory and much demanded security measure for service companies. Speech communication is one of the vital capabilities in a number of military operations including communications, control and command, intelligence, field vehicle operations, and aircraft and ship operations. Consumer applications of the innovation range from rudimentary voice-enabled alarm systems, and voice-based dialers on mobile handsets, to vocal stock quote smartphone apps and voice-based email, and to more niche solutions just as interactive entertainment and voice authentication. Text-to-speech, automatic speech recognition, and speaker verification applications represent major growth drivers for the broad software industry.

The proliferation of the Voice over Internet Protocol platform in recent years is fuelling the adoption of speech recognition innovation in the enterprise environment. Speech recognition is as well a major component in automotive navigation and telematics systems, enabling LBS and GPRS, as then as information tracking and other customized infotainment services. Employment of speech for information search engines and systems is steadily gaining momentum. Medical centers, hospitals, pharmaceutical companies and other healthcare industry participants are adopting self-service speech solutions not only to bring down the operational costs nevertheless also to enhance the privacy of their clients. Speech-user interfaces are as well being tested as an alternative to keypad and graphical based interfaces, in handheld devices, as so then as fax machines, and telephones.

Europe and North America are already established markets for voice applications. Companies in Latin America and Asia-Pacific are expected to register a huge rise in voice application adoption. The United States rules the speech research market flaunting the largest geographic presence and capturing a sizeable chunk of the world market, as stated by the new market research report on Speech Research. The region along with Europe is expected to continue on the growth path with strong double-digit growth over the years. The Automatic Speech Recognition segment represents robust potential as the largest and fastest growing market for speech innovation.

The repost include Acapela Group

Key players profiled in the repost include Acapela Group, Applied Voice & Speech Technologies Inc., Convergys Corp., Genesta Partnership, Genesys Telecommunications Laboratories Inc., HomeSeer Technologies LLC, IBM Voice Systems, Intel Corporation, Microsoft Speech Technologies, Novauris LLC, Nuance Communications Inc., Sensory, Inc., Speech + Mobility, SpeechFX Inc., Syntellec Inc., Telephonetics VIP Ltd., Telisma, Vocollect Inc., 24/7, Inc., Voxware Inc., and Wizzard Software Corporation.

The technology report titled Speech Research: A Global Strategic Business Report announced by Global Industry Analysts Inc., outline the major trends influencing the vibrant speech innovation market. The report as well sheds light on the competitive landscape in the industry at the same time with major corporate events. Annual sales estimates and projections are provided in US$ Million for years spanning 2009 through 2017. Major geographic markets analyzed include United States, Canada, Japan, Europe, and Rest of World markets, as so then as product segments analyzed including Automatic Speech Recognition, Text-to-Speech, and Speaker Verification. The study as well provides historic data for an insight into market evolution over the period 2003 through 2008.

About Global Industry Analysts, Inc. Global Industry Analysts, Inc., is a leading publisher of off-the-shelf market innovation. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale technology reports and analyzes 40,000+ market and research trends during monitoring more than 126,000 Companies worldwide. Serving over 9500 customers in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.