Global Voice Recognition Market To Reach $113 Billion In 2017
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- (1888PressRelease) January 04, 2013 - Wellesley, Mass. - According to a new technical market research report, GLOBAL MARKETS AND TECHNOLOGIES FOR VOICE RECOGNITION (IFT039C), from BCC Research (www.bccresearch.com), the global voice recognition market was valued at nearly $47 billion in 2011 and should reach $53 billion in 2012. Total market value should total $113 billion in 2017 after increasing at a five-year compound annual growth rate of 16.2%.
The market for voice recognition can be broken down into three main end-markets: enterprise, consumer, and healthcare.
The enterprise end-market should total $20.1 billion in 2012 and nearly $42.2 billion in 2017, a CAGR of 15.9%.
The end-market for consumers is expected to reach nearly $29.5 billion in 2012 and $65.1 billion in 2017, a CAGR of 17.2%.
As an end-market, healthcare should be valued at nearly $3.8 billion in 2012 and $5.9 billion in 2017, a CAGR of 9.4%.
The voice recognition technologies market is at an important crossroads. At the intersection of dominant players stands a single company - Nuance. Its deft acquisition strategy has enabled it to maintain a competitive advantage for the better part of a decadeCasting a very large shadow on its presence, however, are such heavyweights as IBM, Google, and Apple - all having the resources and the vision to take their voice-enabled technologies and applications into territories once dominated by Nuance as well as into new frontiers.
Turbulence in the global economy continues to cast uncertainty with regard to the survival of companies seeking a competitive edge. Their mantras continue to be to do more with fewer resources. In the voice recognition (VR) space, "doing more" translates into adopting such voice recognition applications as speech analytics, to identify gaps in customer satisfaction and employee performance, and choosing the SaaS (Software as a Service) business model, whereby businesses can mitigate the cost of capital spending by sharing resources in a cloud-computing environment managed by third-party providers.
This report will analyze in depth voice recognition technologies and the market and applications they serve. It addresses such questions as:
• Who is using these technologies?
• What benefits do they accrue from using them?
• At what price points do they buy them?
• Which markets will reap the most benefits from their adoption?
• Which issues must be addressed to generate a successful return on investment?
This report will be valuable to many industry participants, including the following:
• Voice recognition product manufacturers
• Voice recognition specialists
• End users and distributors
• Financial institutions
• Academic and research institutions.
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