NEW YORK, April 12, 2017 /PRNewswire/ -- Use this report to:
- Evaluate the market opportunity for voice recognition technology providers.
- Learn about the advances in machine learning, statistical data-mining techniques, ubiquitous mobile devices and other technologies on the revenue opportunities for voice recognition suppliers.
- Gain an insight into healthcare user segment including interactive voice response, assistive technology and transcription applications.
- The global market for voice recognition technologies was valued at $90.3 billion in 2015. This market is expected to increase from $104.4 billion in 2016 to $184.9 billion in 2021 at a compound annual growth rate (CAGR) of 12.1% for 2016-2021.
- Consumer market is expected to grow from $54.4 billion in 2016 to $95.9 billion in 2021 at a CAGR of 12.0% from 2016 through 2021.
- Enterprise market is expected to grow from $44.0 billion in 2016 to $79.0 billion at a CAGR of 12.4% from 2016 through 2021.
In the three years since BCC Research issued its last report on voice recognition technologies, the market has continued to expand due to the growing demand for enhanced enterprise, consumer and healthcare applications that feature speech as a primary user interface. This report updates the forecast for supplier revenue in those three segments, as well as the subsegments covered in the previous report.
STUDY GOALS AND OBJECTIVES
The goal of this market report is to update BCC Research's ongoing evaluation of the market opportunity for voice recognition technology providers. The key finding is that the market has expanded and grown more valuable in numerous ways. This study
Highlights the impact of advances in machine learning, statistical data-mining techniques, ubiquitous mobile devices and other technologies on the revenue opportunities for voice recognition suppliers.
REASONS FOR DOING THE STUDY
As part of BCC Research's ongoing information technology agenda, this report investigates a continually expanding technology-driven market opportunity by updating previous findings while highlighting new opportunities for market participants.
SCOPE OF THE REPORT
The scope of this report covers the overall voice recognition technologies market with market sizing and trends analysis for the most recently completed actuals for 2015 as well as forecasts, trends and compound annual growth rates (CAGRs) for 2016 through 2021.
The market is segmented into end user, technology and regional segments. End user segments include consumer entertainment, telematics and home applications, as well as enterprise applications within the military, legal, contact center and warehouse sectors. The healthcare user segment is also examined including interactive voice response, assistive technology and transcription applications.
Technologies covered include overall hardware, software and devices as well as automatic speech recognition, text-to-speech, speaker verification, speech analytics, call center, interactive voice response, voice-enabled mobile search, games and set top boxes, digital signal processors, gateways, microelectromechanical systems and Bluetooth technology. The market is also segmented by region, specifically, North America, Latin America, Europe and Asia-Pacific. Device applications, a key driver of current demand for voice recognition, are also explored with subsegments ranging from voice integrated navigation systems to wearable devices.
The intended audience for this report includes players in the following markets and industries:
- Voice recognition suppliers addressing all markets.
- Manufacturers, supply chain personnel and marketing managers.
- Analysts, investors and consultants.
- End users and academic scholars seeking data on the market.
METHODOLOGY AND INFORMATION SOURCES
Both primary and secondary research sources were used in preparing this study. Primary sources of information included contacts with market players. Secondary information sources included both printed publications and online resources such as previously published market research reports, corporate documents, technology white papers, public company discloser statements, press release and assorted industry reference sources. Market forecasts were developed using a top-down approach for the voice recognition market as a whole. Line items were then further cross-checked on a per segment basis to verify market size and sub-segment growth. Finally, company financials were reviewed for the leading firms to further validate market size, segment strength and growth expectations.
Michael Sullivan is currently Senior Editor for Information Technology at BCC Research. He is also an IT industry analyst with more than 20 years of experience investigating, studying and reporting on information technology development and applications. Previous reports include coverage of content delivery networks and zero net energy buildings.
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