Global Industry Analysts Inc., a reputed publisher of off- the- shelf market research, in its comprehensive global report on speech technology, has predicted the world speech technology market to reach $ 20.9 billion by the year 2015. The research report titled ‘Speech Technology: A Global Strategic Business Report’ presents an all-inclusive view of market trends, mergers, acquisitions, issues, drivers, company profiles and other strategic industry activities. IVR, text-to-speech, and speaker verification are some of the product segments analyzed in the report.

From conventional corporate uses such as automated speech enabled interactive voice response systems at contact centers to personal uses such as mobile phones and car navigation systems, speech recognition systems have now become an indispensable part of present day applications. Voice based products and services have also been upgraded with highly advanced voice recognition features such as voice-dialing, speech-enabled GPS navigation, auto-dictation and voice search to suit the demanding needs of their customers.

With the multitude of medium to long term benefits offered, speech technology was identified as a major cost saving instrument during the global economic meltdown, thanks to the soaring demand from organizations seeking enhanced efficiency levels at low costs.

For instance, Automated Speech Recognition Systems (ASR) reduces the costs spent on service agents by about fifty percent, along with improving the overall productivity of the call center by obtaining customer feedbacks in an easily, economically and accurately compared to a manual process. New forms of e-Commerce such as voice commerce have also gained popularity.

According to the new market research report, the U.S. and Europe own the major share of the global speech technology market. The report also incorporates the market estimates and projections for major geographic markets including the United States, Canada, Japan, Europe, and Rest of world. Acapela Group, Genesta Partnership, IBM (News - Alert) Voice Systems, Intel Corporation, Microsoft Speech Technologies, Nortel Networks Corporation and Novauris are some of the market giants named in the report.

Global Industry Analysts, Inc., (GIA), one of the world’s largest market research publishers, also offer smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.