Market Overview

Voice and Speech Recognition Software Market to Reach $6.9 Billion by 2025, According to Tractica

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Healthcare, Automotive, Voice Commerce, and Customer Service
Applications Will Drive the Largest Growth in Spoken Interfaces

Voice and speech recognition technology has undergone a transformation
in recent years, thanks to the successful utilization of machine
learning and deep learning-based natural language processing (NLP)
systems. According to a new report from Tractica,
voice and speech recognition has become the tip of the technology spear
for a broadening range of sophisticated voice services. Increasingly,
companies are building viable market use cases in which the human voice
will control highly sophisticated, automated processes and operations.

Tractica forecasts that the global market for voice and speech
recognition software will increase from $1.1 billion in 2017 to $6.9
billion by 2025. The market intelligence firm anticipates that the
leading use cases for the technology during that period will include
healthcare (clinical documentation), automotive virtual digital
assistants (VDAs), and voice commerce and customer service applications.
Additional use cases will include smart home controls, security and
authentication, and voice search, among others.

"Speech recognition technology has been around for quite a while, but it
was the emergence of smartphones and cloud computing that was the real
game-changer for this market," says principal analyst Mark Beccue.
"Artificial intelligence algorithms have improved voice and speech
recognition accuracy rates significantly in the span of a few short
years, and these new capabilities are enabling a wider range of
applications for spoken interfaces across multiple industry sectors."

Tractica's report, "Voice
and Speech Recognition"
, analyzes the global market opportunity for
speech recognition and voice recognition software during the period from
2016 through 2025. The report further examines use cases where spoken
word is the input or output or both. The study identifies key market
drivers and barriers, defines key use cases, assesses technology issues,
and profiles key industry players. Market forecasts are provided for
software revenue, segmented by use case and world region. An Executive
Summary of the report is available for free download on the firm's website.

About Tractica

Tractica is a market intelligence firm that focuses on human interaction
with technology. Tractica's global market research and consulting
services combine qualitative and quantitative research methodologies to
provide a comprehensive view of the emerging market opportunities
surrounding Artificial Intelligence, Robotics, User Interface
Technologies, Wearable Devices, and Digital Health. For more
information, visit www.tractica.com
or call +1.303.248.3000.

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