Speech recognition, the most popular new technology in voice solutions field, plays a major role in numerous industries such as automobiles, telecommunications, banking, finance and travel. With immense growth potential in telecommunications, brokerage and banking sectors, global market for speech technology is expected to register over 36% growth annually.
San Jose, California (PRWEB) February 28, 2008 -- Buoyed by the robust growth in developed regions, global speech technology market, is portended to reach US$7.8 billion by 2010. North America and Europe collectively contributes to over 91% of expenditure on speech technologies. Automatic speech recognition market, represents the largest segment. Sales from automatic speech recognition products are expected to register about US$7.5 billion by 2010. Business portal self-service and call center applications are the biggest sectors for growth and sales in the speech recognition telephony software markets, constituting over three-fourths of all global shipments. Major factors for automatic speech recognition technology's high growth include - the power and speed of the standard PC increased subsequently gaining the ability to process speech in real-time; and algorithms were enhanced to enable computers to distinguish correct patterns that inspire speech, without giving importance to speed of speech, accent or other parameters.
Major players in the marketplace include Acapela Group, Active Voice, AT & T Labs, BeVocal, Edify Corporation, Fonix Corp, Genesta, IBM Voice Systems, Intel Corporation, Intervoice, iVoice, Lucent Speech Solutions, Microsoft, Nortel Networks Corporation, Novauris, Nuance Communications, Philips Speech Processing, ScanSoft, Sensory, Speech Interface Group of MIT Media Lab, Telephonetics Interactive Voice Systems, Telisma, Vocollect, VoiceGenie Technologies, VoiceVantage, Voxeo Corporation, Voxify, Voxware, and Wizzard Software.
"Speech Technology: A Global Strategic Business Report", published by Global Industry Analysts, Inc., provides a comprehensive review of market trends, product profile, recent developments, mergers, acquisitions, profiles of major players and other strategic industry activities. Analysis is presented for major geographic markets such as United States, Canada, Europe, and rest of world. Analytics from 2000 through 2015 are provided in terms of product segments including Automatic speech recognition, text-to-speech and speaker verification.
For more details about this research report, please visit http://www.strategyr.com/Speech_Technology_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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