International. Despite the fact that the market for voice recognition software developers has remained static for some years, market research firm IBISWorld noted that considerable growth is expected.
In its new report on this industry, IBISWorld states that the market is expected to grow at an average of 2.3% per year to reach $1.1 in five years. However, due to an increase in private investments in hardware and software, this growth is estimated at 5% for 2012 alone.
The recession has affected the market for developing software for speech recognition, but companies and individuals are reinvesting in products that incorporate voice technology. This is especially true in the fields of mobile technology and health care.
IBISWorld concluded that the market shares of this industry are not fully concentrated and the four largest operators receive more than half of the total revenue of the industry. The two main players are Nuance Communications and MModal, both with rapid growth over the past five years thanks to their acquisitions.
