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Voice and speech recognition software market to reach $5.1B by 2024: Tractica report

Tractica has published a new report titled “Voice and Speech Recognition” which projects that licenses for speech and voice recognition biometrics, also known as speaker recognition, will increase from 49 million in 2015 to 565.8 million worldwide by 2024.

Starting from a base of $249 million in 2015, Tractica forecasts that the global speech and voice biometrics market will reach a revenue of $5.1 billion by 2024, with cumulative revenue for the 10-year period totaling $19 billion at a CAGR of 40%.

The sharp rise in adoption over the next decade will be driven by improvements in storage capabilities, advances in biometrics algorithms, and greater consumer acceptance of biometrics in general.

The report forecasts that consumer applications such as mobile device authentication will see the largest opportunity for speaker recognition technology adoption.

There will also be strong growth in a number of other use cases, including patient medical record access, wearable device authentication and commands, government IT system protection, call centers, and automotive controls.

The report offers a thorough analysis of market and technology issues for speech and voice recognition biometrics software, including 10-year forecasts for revenue and software licenses during the period of 2015 to 2024.

As part of the report, Tractica analyzed 20 use cases specific to voice and speech recognition, including other authentication methods that may compete for business in the same use cases.

Profiles of key industry players are also included. An Executive Summary of the report is available for free download on the firm’s website.

“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,” said Bob Lockhart, principal analyst at Tractica. “Like all other biometrics markets, this one is driven by use cases. As such, vendors are flexible in their business models, tailoring software license pricing and programs to individual industry use cases, and also selling software development kits (SDKs) to companies that wish to build their own.”

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