Speech and Voice Recognition Market To Hit $5.1 Billion

Speech & Voice Biometrics Market To Hit $5.1 Billion

Market analysts at Tractica are predicting massive growth for the speech and voice recognition market. In a new report, the market intelligence firm predicts that the global market for this biometric modality will grow from $249 million to $5.1 billion by the year 2024.

That reflects an annual growth rate of 40 percent (CAGR) over the 10-year forecast period. Moreover, Tractica says that licenses for speech and voice recognition software will rise from 49 million this year to 565.8 million at the end of the forecast period. Speaking in a synopsis, Tractica analyst Bob Lockhart explained, “Speech and voice recognition are a microcosm of the entire biometrics market: mature technology that is finally finding a market, with abundant opportunity over the next 10 years.”

Most of these opportunities are going to come from consumer applications. While Tractica focuses on those involving user authentication on mobile devices, there could also be a wealth of opportunities emerging from the expanding Internet of Things, in which a number of traditionally offline devices will benefit from novel means of user interaction beyond the usual touchscreens and buttons.

Other use cases that Tractica thinks have significant potential for growth include patient identification in health facilities, wearable technology, call centers, government IT security, and smart car systems.

June 11, 2015 – by Alex Perala