Global Speech Technology Market to Reach US$31.3 Billion by 2017, 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. The world Speech Technology market is forecast to reach US$31.3 billion by the year 2017. The industry displayed remarkable resilience during recession, and is one of the major revenue grosser for the software industry. The penetration of the technology is intensifying by the day, driven by benefits such as cost-reduction, productivity improvement, security enhancement, and consumer convenience.

Speech Technology: A Global Strategic Business Report

Follow us on LinkedIn – 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. In the current business scenario speech recognition solutions are tools for service differentiation, and building customer relationships. Moreover, voice recognition is fast becoming a statutory and much demanded security measure for service companies. Speech communication is one of the vital capabilities in a number of military operations including communications, control and command, intelligence, field vehicle operations, and aircraft and ship operations. Consumer applications of the technology range from rudimentary voice-enabled alarm systems, and voice-based dialers on mobile handsets, to vocal stock quote smartphone apps and voice-based email, and to more niche solutions such as interactive entertainment and voice authentication. Text-to-speech (TTS), automatic speech recognition (ASR), and speaker verification (SV) applications represent major growth drivers for the broad software industry.

The industry displayed strong resilience during the recession period, with speech technology increasingly being perceived as a medium to long-term cost saving investment rather than a dispensable capital expenditure. Speech analytics technology, also referred as audio mining, is rapidly transforming into a highly preferred technology for use in call/contact centers, with ASR systems cutting operating costs by half. Deployment of open standards in speech recognition systems for operational exchanges between components such as applications, platforms, engines and telephony infrastructure is becoming vital for the end-user businesses to gain adequately from their investments. The penetration of speech recognition technology in the consumer applications segment is also intensifying, with the focus resting on accuracy, efficiency, and speed of the device.

The proliferation of the Voice over Internet Protocol (VoIP) platform in recent years is fuelling the adoption of speech recognition technology in the enterprise environment. Speech recognition is also a major component in automotive navigation and telematics systems, enabling LBS and GPRS, as well as information tracking and other customized infotainment services. Employment of speech for information search engines and systems is steadily gaining momentum. Medical centers, hospitals, pharmaceutical companies and other healthcare industry participants are adopting self-service speech solutions not only to bring down the operational costs but also to enhance the privacy of their customers. Speech-user interfaces are also being tested as an alternative to keypad and graphical based interfaces, in handheld devices, as well as fax machines, and telephones.

Europe and North America are already established markets for voice applications. Companies in Latin America and Asia-Pacific are expected to register a huge rise in voice application adoption. The United States rules the speech technology market flaunting the largest geographic presence and capturing a sizeable chunk of the world market, as stated by the new market research report on Speech Technology. The region along with Europe is expected to continue on the growth path with strong double-digit growth over the years. The Automatic Speech Recognition (ASR) segment represents robust potential as the largest and fastest growing market for speech technology.

Key players profiled in the repost include Acapela Group, Applied Voice & Speech Technologies Inc., Convergys Corp., Genesta Partnership, Genesys Telecommunications Laboratories Inc., HomeSeer Technologies LLC, IBM Voice Systems, Intel Corporation, Microsoft Speech Technologies, Novauris LLC, Nuance Communications Inc., Sensory, Inc., Speech + Mobility, SpeechFX Inc., Syntellec Inc., Telephonetics VIP Ltd., Telisma, Vocollect Inc., 24/7, Inc., Voxware Inc., and Wizzard Software Corporation.

The research report titled “Speech Technology: A Global Strategic Business Report” announced by Global Industry Analysts Inc., outline the major trends influencing the vibrant speech technology market. The report also sheds light on the competitive landscape in the industry together with major corporate events. Annual sales estimates and projections are provided in US$ Million for years spanning 2009 through 2017. Major geographic markets analyzed include United States, Canada, Japan, Europe, and Rest of World markets, as well as product segments analyzed including Automatic Speech Recognition, Text-to-Speech, and Speaker Verification. The study also provides historic data for an insight into market evolution over the period 2003 through 2008.

For more details about this comprehensive market research report, please visit –

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 more than 1300 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.

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Global Industry Analysts, Inc.
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