Voice / speech recognition systems and software to reach $69.4 billion by 2015

By Telecom Lead Team: Global market for Voice/Speech Recognition Systems and
Software will reach $69.4 billion by 2015, according to a report by Global
Industry Analysts.

The global market of voice/speech
recognition technology is increasing because the use of voice/speech
recognition technology has transcended from conventional corporate uses, such
as automated speech enabled interactive voice response systems at contact centers
to mass-market products, such as, mobile phones, and car navigation systems,
among others.

Speech recognition technologies are
an integral part of an increasing number of products and services across a
broader array of industries. Presently, these technologies are being used for a
many purposes, such as, searching addresses in the mobile phone, accessing
public information from the Internet, dictating messages to computers,
controlling consumer appliances and converting voice mail into email or text message.

Proliferation of speech recognition
technologies has over the last few years encouraged mobile phone manufacturers
to offer mobile handsets with voice recognition features, such as
voice-dialing, speech-enabled GPS navigation, and other voice-powered applications,
such as, auto-dictation, and voice search.

The report by Global Industry
Analysts says that the market however remains under penetrated, with technology
hurdles obstructing wider acceptance.

The report claims that accuracy is
the key stumbling blocks for the popularity of voice/speech technology. The
spoken command is not always recognized by the devices. Another major challenge
is for the enterprises that deploy voice-enabled systems.

However, the report predicts that
the market for voice recognition systems and software is projected to
witness unfazed developments with players in the space striving to take the
technology to higher grounds by improving the ability of these systems to
accurately recognize and respond to natural human speech.

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