The Speech Recognition industry is expected to reach US $69.4 Billion by 2015. These are the stats included in a new report published by Global Industry Analysts, Inc., the leading publisher specialized in market analysis and technology trends.

In the age of customer support being top priority, speech recognition has become a need for any company that values its customers. Imagine being able to access information on the Internet by means of spoken word or converting voice  into email or mobile text message. This is a time-saving tool that every individual and especially company wants to own.

There is unbelievable growth potential in what is considered to be the “holy grail” of computing, but the challenges that computer engineers are facing to develop it further are complex. The biggest issues at the moment are the level of accuracy, the high costs and the difficult integration into existing applications, mobile devices and IT systems.

Saving costs thanks to speech technology

Speech recognition has been adopted and used successfully in call centers by Fortune 500 companies and government agencies. However, the costs of using such a complex technology are very high, which made it impossible for smaller companies to adopt it as well.

Today things are finally changing as the speech recognition industry is improving and the costs will soon reduce considerably. Once speech recognition technologies improves and enhances the level of accuracy, more companies will be using it to provide fast customer support and save costs at the same time. Many companies are already doing this successfully.

The market is still young and under penetrated, which means that once the technology improves and the level of accuracy increases, speech recognition will probably have the fastest growth in computer software.

The future of speech translation technology

A rock solid speech recognition software will also be a breakthrough for the translation industry as anyone will be able to communicate and do business freely in any language, without having to learn it. SYSTRAN is already working on developing a speech translator software to make this happen. Find out more about speech translation.