Despite increased adoption of speech recognition applications, this market still has immense opportunities to tap. Estimates show that only about 15-20 percent of the market potential has been used so far. With speech recognition increasingly replacing several manual processes, it is expected to see exponential growth at various enterprise levels. Improving accuracy and adaptability of speech recognition applications will also serve as a contributing factor.
North America continues to be the fastest growing region with a market share of close to 70 percent. However this is expected to change with regions such Europe, Middle East and Africa exhibiting potential.
TechNavio™s analyst says, Several markets remain untapped, as providing applications in regional languages is a prerequisite in this industry. This will change with emergence of newer applications targeted at various segments.
According to TechNavio, the overall estimated spend on speech recognition applications in 2010 was $613 million. Analysts also predict that the market will be impacted by a slight flattening of the enterprise contact segment and high growth in the mobile device segment.
TechNavio has published a report on this subject titled Automated Speech Recognition Market 2009-2013. This report has been prepared based on a study of the global automated speech recognition market with a focus on region wise trends. Inputs from industry experts, vendors and end-users were used in the analysis. The report includes a market size estimate and forecast, market landscape, vendor landscape, drivers, challenges and trends in this market.
For more information, please visit: Automated Speech Recognition Applications Market 2010-2013
Automated Speech Recognition Applications Market 2010-2013
