Reports forecast significant growth in speech and voice recognition market
Opus Research recently released a report titled “Executive Survey on Speech Analytics,” which found that 72% of companies believe that speech analytics can lead to improved customer experience and more than 52% think that its deployment can lead to higher revenue.
Additionally, Opus Research analysts found that 68% of respondents consider speech analytics as a cost-saving mechanism.
“The most salient meaning of these data points is that experienced customer care professionals have gained confidence in real-time capabilities of the latest speech analytics platforms,” said Dan Miller, lead analyst at Opus Research.
The study found that 68% of respondents expect rapid and easy recognition of customer intent, while 67% believe that it helps monitor calls for quality purposes and agent training.
The research also pointed to speech analytics’ ability to detect and prevent fraud, especially in financial services, banking and retail industries.
Most respondents said they expect to increase spending and investment on speech analytics for their business operations.
The research is based on 500 surveys of executive decision makers at companies with revenue of more than $50 million.
The survey was conducted in the first quarter of 2016 across the United States, Canada, Southeast Asia, India and Australia, representing diverse sectors such as banking, financial markets, healthcare services, retail, telecommunications, travel and hospitality.
In total, 247 out of the 500 respondents had speech analytics deployed at their enterprises and organizations.
The report confirmed cost savings and improved customer experience as the significant reasons for deployment of speech analytics.
Markets and Markets has also introduced a new report titled “Speech & Voice Recognition Market by Technology (Speech Recognition, Voice Recognition), Application (AI Based, Non AI Based), Vertical (Automotive, Consumer, Finance, Retail, Military, Healthcare & Government) and Geography – Global Forecast to 2022“.
The study found that the speech recognition market is expected to grow from $3.73 billion in 2015 to $9.97 billion by 2022, at a CAGR of 15.78% during the forecast period.
Meanwhile, the voice recognition market is expected to grow from $440.3 million in 2015 to $1.99 billion by 2022, at a CAGR of 23.66% between 2016 and 2022.
The key factors driving the speech and voice recognition market are the growing instances of fraud in several end-user industry segments such as enterprise and healthcare, and the adoption of mobile banking by several national and international banks and e-commerce retailers.
The report also emphasizes that major companies such as Google, Apple, and Microsoft are leveraging their large customer base and neural networks to process, understand, and take decisive actions based on real-time voice inputs from the user.
In the long term, speech and voice recognition abilities are expected to be integrated with other consumer devices such as refrigerators, ovens, mixers and thermostats, with the growth of IoT.
This growth in other consumer devices is expected to be fueled by the trend among OEMs of
integrating speech and voice recognition technology in their devices.
North America dominated the global speech and voice recognition market due to the large-scale deployment of biometric systems compared to other regions.
The report also highlights major players in the speech and voice recognition market, including Nuance Communications, Microsoft Inc., Agnitio SL, Biotrust, VoiceVault, VoiceBox Technologies Corp., LumenVox LLC, M2Sys LLC, Raytheon BBN Technologies, ValidSoft UK Limited, Advanced Voice Recognition Systems, Sensory Inc., and MMODAL Inc.