Market research of speech recognition

The global voice recognition market was valued at USD $51 billion in 2015 and is expected to grow at 11% annually

One of the problems with voice communications is that even if the conversation is recorded, it takes a lot of time to go back and listen and understand it. Consequently, a lot of data is simply recorded and stored.

Speech recognition brings huge value for people and businesses because text is easy to analyse. The global voice recognition market was valued at USD $51 billion in 2015 and is expected to grow at 11% annually.

Speech Recognition Market Worldwide

The adoption of voice-enabled applications for mobile devices and other smart voice-enabled consumer products is increasing the size of the consumer/mobile category, challenging the traditional voice technology engine of growth — namely call centers.

Legal compliance issues will ensure the healthcare sector’s continued dependence on voice recognition solutions that can help the industry meet electronic medical record (EMR) standards whilst providing efficient healthcare. In the enterprise and healthcare sectors, voice recognition technologies are allowing physicians, soldiers, and other users to accomplish more by reducing the time consumed by written communications. The military sector, the industry’s largest investor, uses the technology to increase operational efficiency and for precision driving. North America remains the leading market in that sector, though APAC (the Asia-Pacific region) is rapidly increasing its market share.

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