Voice Recognition Software Developers in the US Industry Market Research Report Now Available From IBISWorld

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During the five years to 2014, the Voice Recognition Software Developers industry bounced back from recessionary lows, as corporate profit and per capita disposable income began to rise, and in the five years to 2019, revenue is expected to continue increasing, due to increased investment in computers and software, rising demand in downstream markets and a growing number of devices that incorporate the technology. For these reasons, industry research firm IBISWorld has added a report on the Vision Recognition Software Developers industry to its growing industry report collection.

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Increasing per capita disposable income and corporate profit are expected to drive growth

Revenue for the Voice Recognition Software Developers industry is expected to increase an annualized 10.7% to $20.5 billion over the five years to 2014. Voice recognition can be used like a fingerprint and is aimed toward identifying the speaker, often for security purposes, using voice biometrics solutions. Speech recognition software captures spoken words and converts them into digital form, recognizing the articulated words. Useful for the healthcare, automotive and mobile industries, as well as an increasing number of others, the industry is expected to develop rapidly, growing 7.9% in 2014 alone.

According to IBISWorld Industry Analyst Sarah Kahn, “Increasing per capita disposable income and corporate profit are expected to drive industry growth as individuals and companies spend more on products that incorporate voice and speech recognition technology.” Software developers in this industry license products to companies that produce mobile and consumer devices including cell phones and global positioning systems. The Voice Recognition Software Developers industry has benefited, and is expected to continue benefiting, from the increasing number of mobile internet connections. For example, Apple's iPhone and Google's Android provide a digital personal assistant that recognizes the owner and adheres to its commands. Wearable technology and smart appliances are expected to obey their owners' instructions as well.

Industry revenue has also been boosted by a growing number of healthcare providers that have adopted electronic health records (EHRs), partly in response to The Health Information Technology for Economic and Clinical Health Act, enacted in February 2009, providing tax incentives for healthcare providers that adopt EHRs. “The increasingly widespread use of the software, coupled with a growing number of physician visits, has caused demand from the healthcare sector to rise over the past five years,” says Kahn.

Although the industry is expected to experience more competition from open source software providers, industry developers are expected to continue investing in research and development to tackle the shortcomings the software currently has.

For more information, visit IBISWorld’s Voice Recognition Software Developers in the US industry report page.

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IBISWorld industry Report Key Topics

Companies in the Voice Recognition Software Developers industry develop speech and voice recognition software. Voice recognition software uses the individual's voice for recognition purposes while speech recognition is the ability of a machine to understand and carry out spoken commands by interpreting articulated words.

Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
Globalization & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios

About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.

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