Voice recognition technology has been commercially available since Radio Rex hit store shelves in the 1920s, but it is only in the past decade that it started making serious inroads into the consumer market. The latest research suggests that trend will continue in the next ten years.
A new report from IDTEchEx Research suggests that market for smart speech and voice recognition technology will reach $15.5 billion by the year 2029. Titled “Voice, Speech, Conversation-Based User Bases 2019-2029: Technologies, Players, Markets”, the report includes a full rundown of the various hardware and software fields that will make use of smart speech tech and analyzes the prospects of key players like Google Home and Amazon Alexa.
According to IDTechEx, the projection reflects the convenient nature of voice recognition technology. Smart speech offers a faster, more intuitive way to interact with technology, especially when measured against current options like a touchscreen or a mouse. It will therefore be incorporated into modern devices at an accelerating rate as the technology becomes more reliable.
The $15.5B eclipses a similar estimate from Tractica, which forecast a $6.9B voice recognition market for the year 2025 back in August. IDTechEx’s report also explores the ways in which smart speech will affect the business models and revenue projections in a number of different industries, including finance, health care, retail, and transportation.
January 18, 2019 – by Eric Weiss