Global Speech Technology Market to Reach US$20.9 Billion by 2015, 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 market. World speech technology market is forecast to reach US$20.9 billion by the year 2015. Speech technology, which has numerous medium to long-term benefits stacked in its favor, has managed to stay afloat, and perform remarkably well even in the dismal economic scenario, riding on demand from organizations seeking to enhance their efficiency levels and simultaneously save costs.

Speech Technology: A Global Strategic Business Report

Decades of refining technology development, and product innovation have fashioned the present day ubiquitous speech recognition systems as indispensable part of new-age applications. The use of this technology has transcended from conventional corporate uses, such as, automated speech enabled interactive voice response systems at contact centers, medical reporting in healthcare establishments to mass-market products, such as, mobile phones, and car navigation systems, among others. 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 gaining in significance. Proliferation of speech recognition technologies has over the last few years encouraged mobile phone manufacturers to offer mobile handsets with voice recognition features, such as voice-dialing, speech-enabled GPS navigation, and other voice-powered applications, such as, auto-dictation, and voice search. Network operators and devices manufacturers are alike stepping up innovations in the area of voice based products and services.

A traditionally resilient vector of the IT industry, speech technology has ridden high on the wings of optimism recording hardy growth against a backdrop of increased recession induced focus on cost “controlling”. The recession has been especially hard on dispensable technologies, which are prone to be the first to be axed as part of companies “cost cutting” reactions to the financial hardships imposed by the recession. In comparison, cost saving technologies has a propensity to rise above the turmoil as increasingly focus tends to be shed on the same, as part of companies’ recession induced cost “controlling” measures. While cost cutting is a short-term measure that is just enough to save the day for an organization in adverse economic conditions, cost controlling can generate long-term benefits to a company, by helping it to increase productivity and efficiency levels during difficult economic conditions and to be effective and stronger during favorable conditions.

Recession induced changes in IT buying behavior in itself presents a business case for speech technology which is increasingly being perceived as a medium to long-term cost saving investment rather than a dispensable capital expenditure. Additionally, although seemingly a paradoxical situation, the most spontaneous need to curtail costs in an unfavorable business environment is overridden with a simultaneous need to develop a platform for future growth. And with past experience showing that enterprises that grow when their competitors and peers are shrinking are most likely to fruitfully gain when the next growth curve gets underway, demand for speech-enabled applications has maintained course given its potential to directly impact a company’s bottom line.

Automated Speech Recognition Systems (ASR) for instance, save about fifty percent of costs spent on service agents, even as they improve the overall productivity of the call center. The ability of speech analytics to transform unstructured customer communications and conversations into actionable events, make these applications beneficial for enterprises of all sizes. An ASR system, as a case in point, supports the call center management in product innovation, by taking feedback and suggestions from customers on products or services offered, in a much easier and economical way than a manually conducted research does. Global demand for Automatic Speech Recognition is expected to increase at a robust double-digit growth rate during 2007 through 2015 period. With modern fast paced, on-the-go lifestyles leading consumers to use mobile phones even in environments where both hands and eyes are engaged, the demand for speech recognition applications for mobile communication is forecast to wax exponentially in the upcoming years. Advanced Speech Recognition (ASR) in both mobile handsets and in in-vehicle telematics, are expected to witness robust opportunities.

The US and Europe account for a lion’s share of the global Speech Technology market, as stated by the new market research report. While industry growth will not continue at the blistering pace witnessed prior to recession, call center companies plans for and interest in speech-only and combined speech/touch-tone technologies in the coming years will maintain the growth momentum. Revenues for Text-to-Speech in United States are expected to surge at a CAGR of 23.2% during the analysis period. Additionally, the recession has catalyzed the popularity of new forms of e-Commerce, such as, voice commerce where companies are seeking to leverage the low-cost natural interface offered by automated speech-recognition, text-to-speech and voice-identification technologies, to electronic channels of commerce. Market for speech recognition systems and equipment will therefore witness continued unfazed developments with players in this space striving to take the technology to higher grounds by improving the ability of these systems to accurately recognize and respond to natural human speech.

Major players in the marketplace include Acapela Group, Applied Voice & Speech Technologies Inc, Convergys Corp, Fonix Speech Inc, Genesta Partnership, Genesys Telecommunications Laboratories Inc, HomeSeer Technologies LLC, IBM Voice Systems, Intel Corporation, iVoice Technology, Microsoft Speech Technologies, Nortel Networks Corporation, Novauris, Nuance Communications, Sensory Inc, Speech + Mobility, Syntellect, Telephonetics VIP Ltd, Telisma, Vocollect Inc, Voxify Inc, Voxware Inc, Wizzard Software Corporation, 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, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections (in US$ Million) for major geographic markets including the United States, Canada, Japan, Europe, and Rest of world. Product segments analyzed 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 reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.

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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