Growing Sophistication of Industrial Machinery and Consumer Devices Drives the Global Speech Technology Market, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Speech Technology markets. Global market for Speech Technology is projected to exceed US$30 billion by 2020, driven by growing sophistication of industrial machinery as well as consumer devices due to increasing integration of microphones, sensors, and microprocessors.

Speech Technology: A Global Strategic Business Report

Follow us on LinkedIn – Speech technology, which represents the latest interface between man and machine, brings unchallenged ease and comfort for users while accessing a range of controls and features on a machine. Growing sophistication of machines, both industrial machinery as well as consumer devices, represents the primary growth driver for the market’s strong evolution over the years. The use of speech technology has quickly transcended from conventional corporate uses, such as, automated speech enabled interactive voice response (IVR) systems at contact centers, medical reporting in healthcare establishments to mass-market products, such as, personal navigation devices, personal computers, laptops, industrial machinery, automotive telematics and mobile handsets, among others.

Robust demand for automatic speech recognition (ASR), text-to-speech (TTS), and speaker verification (SV) solutions will drive future growth in the market. Decades of refining technology development and product innovations have fashioned the present day ubiquitous speech recognition systems as an indispensable part of new-age applications. From searching addresses in the mobile phone, accessing public information from the internet, dictating messages to computers, controlling consumer appliances to converting voice mail into email or text message, the use of simple and natural speech commands has and will continue to gain significance. Automated speech recognition (ASR) system represents the dominant product market. 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. Voice recognition is fast becoming a statutory and much demanded security measure for service companies.

Penetration of speech recognition technology in consumer applications is also intensifying, with the focus resting on accuracy, efficiency, and speed of the device. Consumer applications of the technology range from rudimentary voice-enabled alarm systems, to vocal stock quote smartphone apps and voice-based email. Commercial and consumer demand for wireless devices and unlimited information access represent major growth drivers prompting even austere businesses to host solutions on cloud-computing platforms. Rapid proliferation of gadgets and smartphones coupled with technological advancements are also promoting growth in the market. With modern fast paced, on-the-go lifestyles leading consumers to use mobile phones even in environments where both hands and eyes are engaged, demand for speech technology solutions for mobile communications is forecast to grow exponentially in the coming years. Robust sales of wearable devices are slated to create huge business opportunities for voice recognition systems.

As stated by the new market research report on Speech Technology, the United States represents the largest market worldwide, followed by Europe. Increasing adoption of speech technology in automobiles and in-car systems, availability of innovative and sophisticated ASR systems and software, and growing inclination of enterprises towards advanced enabling technologies represent key growth drivers in these developed markets. Asia-Pacific ranks as the fastest growing market with a CAGR of 20.5% over the analysis period.
Robust economic growth, booming enterprise segment, increasing adoption of e-governance model, expanding BPO/KPO sectors, low penetration level of speech technology solutions and subsequent development in enterprise IT infrastructure, particularly in emerging markets such as China and India, represent important growth drivers in the region.

Key players covered in the report include 24/7 Customer, Inc., Acapela Group, Apple, Inc., Applied Voice & Speech Technologies, Inc., Avaya, Inc., Cisco Systems, Inc., Convergys Corp., Dimension Data, Genesta Partnership, Genesys Telecommunications Laboratories, Inc., Honeywell Scanning & Mobility, IBM Corporation, Intel Corporation, LumenVox LLC, Microsoft Corporation, Netcall Telecom, Nuance Communications, Inc., Sensory, Inc., Speech + Mobility, SpeechFX, Inc., Syntellect, Inc., Telisma,    Voxware, Inc., and Wizzard Speech LLC, among others.

The research report titled “Speech Technology: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections in dollars for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea, and Rest of Asia-Pacific), Latin America and Rest of World. Product segments analyzed in the report include Automatic Speech Recognition, Text-to-Speech, and Speaker Verification.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Speech_Technology_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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