Increasing per capita disposable income and corporate profit are expected to drive growth
New York, NY (PRWEB) August 12, 2014
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.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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