According to a Reportlinker.com study, the voice-recognition-technologies market is set to grow 8 percent by 2015 to reach $58.4 billion.
Currently, banks, auto manufacturers and telecommunications companies are developing, or already using, voice-recognition technology for a variety of uses – not just customer service operators. The global market, in particular, is new territory as many manufacturers create voice recognition for languages other than English.
Tools under development are being designed to accommodate more ambient noise, more easily transmit signals and better understand human speech. Text-to-speech software is also a new area – where users might be able to browse the Internet using voice commands, for example.
The report states voice recognition should remain an area of development even in recessionary economies.
“Given the continued adoption of wireless devices and the seemingly insatiable consumer and business demand for unlimited access to information, it is likely that many enterprising companies will choose voice recognition solutions, either hosted at their site or shared in a cloud-computing environment, for competitive advantage even when the short-term economic landscape remains murky,” the report noted.