Languages Magazine

Voice and Speech Recognition: Industry Forecast

By Expectlabs @ExpectLabs

The fields of voice recognition and speech recognition are poised to experience massive growth, according to findings from Tractica. Recently, the HCI-focused market research firm released its latest report, a 53-pager highlighting twenty specific use cases, profiles of key industry players, and revenue forecasting through the next ten years.


In Tractica’s own words:

Starting from a base of $249 million in 2015, Tractica forecasts that global speech and voice biometrics revenue will reach $5.1 billion by 2024, with cumulative revenue for the 10-year period totaling $19 billion at a compound annual growth rate (CAGR) of 40%.  The strongest markets are likely to be consumer-facing:  mobile device authentication and control of wearable devices.  On the enterprise side, the growth markets are expected to include call centers, government IT, enterprise IT, and healthcare.

The report is available for purchase at Tractica’s website, with an Executive Summary and Marketing Brochure freely downloadable upon registration. 

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