Speech Recognition Market Expected to Reach $13 Billion by 2022

Driven by increasing security concerns around the use of Internet-connected and digital devices, the global market for speech recognition technologies is expected to exceed $13 billion by 2022, according to research by Market Research Future.

The growing adoption of automated and smart applications in consumer electronics and healthcare are the major contributors for growth, the analyst firm concluded in its "The Global Speech Recognition Market Research Report -Forecast to 2022" report.

The report identified Nuance Communications, Microsoft, Agnitio, VoiceVault, VoiceBox Technologies, Google, LumenVox, Raytheon BBN Technologies, Advanced Voice Recognition Systems, and Sensory as the dominant players in the market.

Market Research Future has predicted that this market will be dominated by North America throughout the forecast period. Europe stands as the second biggest market today, but Asia-Pacific is expected to gain significant share by the end of forecast period, largely due to the growing economies of India and China and the strong presence of manufacturing in the region.

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