Speech Market Projected To See Triple Growth Over Next 6 Years
That’s right. The voice and speech recognition markets are going to grow from about $4 billion today to about $12 billion by 2022.
This market forecast comes from research published this month by MarketsandMarkets, a worldwide mark research firm.
According to the report, the speech recognition market, currently at $3.73 billion, will grow to $9.97 billion by 2022. The voice recognition market is expected to grow from $440 million today to $1.99 billion by 2022. That’s a compound annual growth rate of 23.66 percent.
Growth in Speech Recognition Market
Speech recognition is the process of a device recording spoken words and converting it into digital text. This allows our devices to understand the meaning of what we are saying. This technology has been around for a while, but the quality of speech recognition systems have improved much recently, which has made it more useful in our daily lives.
One of the reasons the speech recognition marketing is growing is because of the widespread adoption of mobile computer technology. Smart phones have become a mainstay in our lives. Developers have turned to speech recognition technology to make it easier for us to interact with our smart phones and its applications.
Another reason for growth in the speech recognition market is its rising popularity in the healthcare sector. Hospitals and doctor’s offices have employed the likes of electronic health records (EHR) systems to keep track of customer records.
These devices and applications often feature speech recognition and text-to-speech functionality. A health practitioner can simply ask for a record and then have it read aloud to them. EHR’s can also eliminate the need for typing in notes. Practitioners just speak to their devices while it transcribes all of their notes in text!
Translations, transcription, hands-free computing, and automated customer service are some of the main uses of speech recognition.
Growth in Voice Recognition Market
Whereas speech recognition is technology tries to understand what is being said, voice recognition’s purpose is to understand who is saying it.
Voice recognition technology analyzes the features of your speech to try to identify you. It can do this by focusing on several factors such as pitch, tone, accent, speaking style, and so on.
The applications of voice recognition technology are different than that of speech recognition. Voice recognition is primarily used in instances where identification is necessary for security purposes. One industry that is using voice recognition for this purpose and driving growth is the banking industry.
The growing instances of fraud and the rise of mobile banking have made voice recognition technology vital. To prevent fraud, a bank needs to know that a user is who they say they are when using their mobile application. Speaker verification is a great way to do this. Everyone’s speech is uniquely identical, just like their fingerprints. And thanks to improvements in voice recognition’s accuracy, it has become more useful.
What’s Next For The Speech Market?
Much like how speech recognition and voice recognition are being used more on our mobile devices, the report expects other consumer devices to integrate these technologies into their applications. Examples include thermostats, mixers, ovens, and refrigerators.
When you add text-to-speech technology to the mix, developers are able to create a complete hands-free experience for any device by using a natural language user interface. We can talk to our devices and they can talk back to us. Speech technology is making it easier for people to interact with technology.
Don’t expect the growth of the speech market to slow down anytime soon. Developers are continuing to find new ways to use speech technology and enhance our experiences with technology.
What do you think?
What do you think is driving the growth in the speech market? How do you think speech technology is going to influence our world in the coming years? Let us know in the comments!
Learn More about NeoSpeech’s Text-to-Speech
To learn more about the different areas in which Text-to-Speech technology can be used, visit our Text-to-Speech Areas of Application page. And to learn more about the products we offer, visit our Text-to-Speech Products page.
If you’re interested in adding Text-to-Speech software to your application or would like to learn more about TTS, please fill out our Sales Inquiry form and one of our friendly team members will be happy to help.