The global voice and speech recognition technology market is projected to grow by US$15 Billion, driven by a compounded growth of 17.1%, according to Reportlinker (www.reportlinker.com).
Speech, one of the segments analyzed and sized in this study, displays the potential to grow at over 16.4%, adds the research group. The shifting dynamics supporting this growth makes it critical for businesses in this space to keep abreast of the changing pulse of the market. Poised to reach over $18.8 Billion by the year 2025, Speech will bring in healthy gains adding significant momentum to global growth, says Reportlinker.
The research group says that, representing the developed world, the U.S. will maintain a 15.2% growth momentum. Within Europe, which continues to remain an important element in the world economy, Germany will add over $574.6 million to the region’s size and clout in the next 5-6 years. Over $485 Million worth of projected demand in the region will come from the rest of Europe markets.
In Japan, speech will reach a market size of $972.4 million by the close of the analysis period. As the world’s second largest economy and the new game changer in global markets, China exhibits the potential to grow at 21.7% over the next couple of years and add approximately $3.7 billion in terms of addressable opportunity for the picking by “aspiring businesses and their astute leaders,” according to Reportlinker.