Voice and Speech Recognition Market to Reach $6.9B by 2025: Tractica

“Clinical documentation in the healthcare market will be a leading driver going forward, Tractica says – good news for companies like Nuance Communications, which is already gaining a foothold with its Dragon Medical platform. “

Tractica is predicting some major growth for the voice and speech recognition market over the next several years. The market research firm predicts that it will rise from a value of $1.1 billion last year to $6.9 billion by the year 2025.

In a report summary, Tractica explained that these technologies have “undergone a transformation in recent years,” point to advancements in AI technology that have helped to propel the rise of voice interfaces for smartphones and other devices. As principal analyst Mark Beccue explained, “it was the emergence of smartphones and cloud computing that was the real game-changer for this market.”

And the technology is only getting better, with a number of major tech companies pouring R&D funding into the AI technology that is voice interaction’s backbone. “Increasingly, companies are building viable market use cases in which the human voice will control highly sophisticated, automated processes and operations,” the summary asserted.

Clinical documentation in the healthcare market will be a leading driver going forward, Tractica says – good news for companies like Nuance Communications, which is already gaining a foothold with its Dragon Medical platform. Nuance will also appreciate Tractica’s prediction that automotive virtual digital assistants will be another key driver; meanwhile, “voice commerce” will emerge as a third key factor. Other important use cases include “smart home controls, security and authentication, and voice search,” Tractica says.

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August 24, 2018 – by Alex Perala