Tractica: voice and speech recognition software market to reach $6.9 billion by 2025
August 15, 2018 — According to a new report from Tractica, “Voice and Speech Recognition,” the global market for voice and speech recognition software will increase from $1.1 billion in 2017 to $6.9 billion by 2025.
By SP&T Staff
The firm anticipates that the leading use cases for the technology during that period will be 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,” said Tractica’s 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.”