Speech Market to Reach $19 Billion by 2020, ReportsnReports Predicts

Propelled by big data, mobile Internet, cloud computing, and other technologies, the global intelligent voice industry is predicted to grow 30.7 percent from a year ago to hit $6.21 billion, according to research from ReportsnReports The market was valued at $4.75 billion in 2014. As the application of speech recognition technology in intelligent in-vehicle, smart home, and wearable devices goes deeper, the market will maintain rapid growth, reaching an estimated $19.17 billion in 2020.

With the intense involvement of Internet giants including Google, Microsoft, and Apple around 2010, the global intelligent voice industry has gradually evolved from an oligopoly to monopolistic competition. In 2015, speech recognition leader Nuance Communications still took first place with a market share of 31.1 percent but suffered a significant decline; Google, Microsoft, Apple, and IFLYTEK witnessed rapid share growth, standing at 20.7 percent, 13.4 percent, 12.9 percent, and 6.7 percent, respectively.

The report identifdies the major speech recognition players as Nuance, Apple, Google, Microsoft, IBM, MindMeld, and Speaktoit.

In the intelligent in-vehicle field, speech recognition giants Nuance, Apple, Google, Microsoft, iFLYTEK, and Baidu have launched Dragon Drive in-vehicle speech development platform, CarPlay, AndroidAuto, Windows in the Car, Auto Speech System, and CarLife, respectively, and cooperated with carmakers to grab emerging intelligent in-vehicle market.

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