Voice Recognition Market to See Double-Digit Growth

BCC Research expects the global market for voice recognition technologies to grow from its current level of $104.4 billion to $184.9 billion by 2021, at a compounded annual rate of 12.1 percent. The market was valued at $90.3 billion in 2015.

The consumer market is expected grow from $54.4 billion in 2016 to $95.9 billion in 2021, at a CAGR of 12 percent, while the enterprise market is expected to grow from $44 billion in 2016 to $79 billion, at a CAGR of 12.4 percent.

BCC Research noted that in the three years since it 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. 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.

This study also notes that advances in machine learning, statistical data-mining techniques, ubiquitous mobile devices, and other technologies have had a significant impact on the revenue opportunities for voice recognition suppliers.

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