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Global Voice Recognition Market To Reach $113 Billion In 2017
1. Global Voice Recognition Market To Reach $113 Billion In 2017
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?
2. 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.