Voice and speech recognition software market to reach $6.9B by 2025, research firm says

Aug. 21, 2018
Smart home controls, security and authentication among the use cases driving growth in spoken interfaces

With the advent of digital assistants like Amazon’s Alexa and Apple’s Siri, voice and speech recognition software has become an important part of the growing market for smart home solutions in recent years. In fact, according to a new report from Tractica, the use of machine learning and deep learning-based natural language processing (NLP) systems has driven a boom in demand for this technology.

The research firm forecasts that the global market for voice and speech recognition software will increase from $1.1 billion in 2017 to $6.9 billion by 2025. It also anticipates that the leading use cases for the technology during that period will include healthcare (clinical documentation), automotive virtual digital assistants (VDAs), and voice commerce and customer service applications. Additional use cases will include smart home controls, security and authentication, and voice search, among others.

“Speech recognition technology has been around for quite a while, but it was the emergence of smartphones and cloud computing that was the real game-changer for this market,” says Tractica Principal Analyst Mark Beccue. “Artificial intelligence algorithms have improved voice and speech recognition accuracy rates significantly in the span of a few short years, and these new capabilities are enabling a wider range of applications for spoken interfaces across multiple industry sectors.”

For more information about Tractica’s "Voice and Speech Recognition" report, click here.