Voice and Speech Recognition Software Licenses to Surpass 550 Million Worldwide by 2024

Consumer and Healthcare Use Cases to Drive the Strongest Growth in Speaker Recognition Technology Adoption

Speech and voice recognition biometrics, sometimes referred to collectively as speaker recognition, are poised for a new wave of adoption in the coming decade, enabled by improvements in storage capabilities, advances in biometrics algorithms, and greater consumer acceptance of biometrics in general.

According to a new report from Tractica, licenses for voice and speech recognition software will increase from 49.0 million in 2015 to 565.8 million worldwide by 2024.  The market intelligence firm forecasts that consumer applications such as mobile device authentication will represent the largest opportunity for speaker recognition technology adoption, with strong growth in other use cases as disparate as patient medical record access, wearable device authentication and commands, government IT system protection, call centers, and automotive controls, among many others.

VSR-15 chart

“Speech and voice recognition are a microcosm of the entire biometrics market: mature technology that is finally finding a market, with abundant opportunity over the next 10 years,” says principal analyst Bob Lockhart.  “Like all other biometrics markets, this one is driven by use cases.  As such, vendors are flexible in their business models, tailoring software license pricing and programs to individual industry use cases, and also selling software development kits (SDKs) to companies that wish to build their own.”

Tractica’s report, “Voice and Speech Recognition”, examines market and technology issues for speech and voice recognition biometrics software, including 10-year forecasts for revenue and software licenses during the period from 2015 through 2024.  The report examines 20 use cases specific to voice and speech recognition, including other modalities that may compete for business in the same use cases.  Profiles of key industry players are also included.  An Executive Summary of the report is available for free download on the firm’s website.

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