Voice Recognition: Technologies and Global Markets
November 10, 2010
Wellesley, Mass. – According to a new technical market research report, VOICE RECOGNITION: TECHNOLOGIES AND GLOBAL MARKETS (IFT039B) from BCC Research (www.bccresearch.com), the value of the global voice recognition industry was nearly $38.4 billion in 2010, but is expected to increase to $58.4 billion in 2015, for a 5-year compound annual growth rate (CAGR) of 8.8%.
The largest segment of the market, hardware, is projected to increase at a CAGR of 9.8% to $26.3 billion in 2015, after being valued at $16.5 billion in 2010.
The second-largest segment, software, is estimated at $13.6 billion in 2010, but is expected to increase at a CAGR of 6.8% to reach nearly $19 billion in 2015.
The other segment, enhanced devices, is expected to reach $13.2 billion in 2015, after rising at a CAGR of 9.7% from its estimated value of $8.3 billion in 2010.
No longer narrowly associated with assistive and customer-care applications, voice recognition technologies are becoming integral parts of products and services that span a much broader array of industries. With worldwide software revenues expected to reach $18.9 billion by 2015, this maturing industry owes much of its growth to advances from the critical triad of automatic speech recognition (ASR), text-to-speech (TTS), and speaker verification (SV) technologies.
The voice recognition market is a web of interlocking dependencies. The software technologies that sense, process, translate, and interpret audio input need hardware to transmit the signals as well as abate ambient noise. Enhanced devices close the loop by acting as the interface between these technologies and the applications serving the end markets.
An overview of the voice recognition industry in this report precedes later chapters that review the main voice recognition categories, discuss top supplier market share, new technologies, and the unique challenges faced by each category in the future. Five-year forecasts follow, segmented by voice recognition categories as well as expansion into end markets.
This report emphasizes market potential for voice recognition technologies as well as current and future forces shaping the voice-enabled market. It is targeted at manufacturers, supply chain personnel, marketing managers, and futurists.
Source: BCC Research
Voice Recognition: Technologies and Global Markets ( IFT039B )
Publish Date: Sep 2010
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.
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