January 03, 2017
Wellesley, Mass., Jan 03, 2017 – New developments in speech and machine learning, lower costs, and greater processing power are driving growth in the global markets for voice recognition and technologies. BCC Research reveals in its new report that productivity gains from voice-enabled applications, along with new lower cost implementations, are making these systems easier to develop and deploy.
The global market for voice recognition technologies should increase from $104.4 billion in 2016 to $184.9 billion in 2021, growing at a five-year compound annual growth rate (CAGR) of 12.1%. The consumer market is expected to reach $54.4 billion and $95.9 billion in 2016 and 2021, respectively, demonstrating a five-year CAGR of 12.0%. The enterprise market is expected to grow from $44.0 billion in 2016 to $79.0 billion in 2021 at a five-year CAGR of 12.4%.
The adoption of voice-enabled applications for mobile devices and other smart voice-enabled consumer products is increasing the scale of the consumer/mobile category, challenging the traditional voice technology engine of growth, namely contact centers. Legal compliancy issues will continue to ensure the healthcare sector’s dependence on voice recognition solutions that can help the industry meet electronic medical record (EMR) standards while providing efficient healthcare.
In the enterprise and healthcare sectors, voice recognition technologies are allowing physicians, soldiers, and other users to accomplish more by reducing the time consumed by written communications. The military sector, the industry's largest investor, uses the technology to increase operational efficiency and for precision driving. North America remains the leading market in that sector, but Asia-Pacific countries are rapidly increasing their market shares.
Among the underlying technology areas, the nascent market for speaker variation segment in speech analytics should demonstrate the highest five-year CAGR, at 17.6% from 2016-2021.
"The implementation of analytics across voice recognition systems is critical to support greater responsiveness and enable automation,” says BCC Research analyst Michael Sullivan. "The largest markets are voice-activated mobile search and advertising services, which have overtaken interactive response systems and automatic speech recognition. Mobile search is growing faster than all other areas at a CAGR of 21.1%, which reflects the powerful combination of a richer than ever storehouse of data."
Global Markets and Technologies for Voice Recognition (IFT039D) analyzes top supplier market shares, new technologies, and the unique challenges faced by each category. The report also examines the importance of traditional and emerging voice-enabled devices, as these media will promote and extend voice recognition’s reach. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
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Global Markets and Technologies for Voice Recognition( IFT039D )
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