Benefits of Speech Recognition will Drive Industry Growth, Report Concludes

The benefits of speech recognition technology will drive growth within the industry over the next four years, according to a new report from market research firm Global Industry Analysts.

The firm's new report, Speech Technology: A Global Strategic Business Report, forecasts the market to reach $20.9 billion by 2015. Much of that growth will be driven by the technology's cost controlling benefits.

Unlike cost cutting, which is deployed by companies for a short-term fix, cost controlling is a long-term solution for companies to save money, according to the report. Cost-controlling technology, such as speech recognition, generates long-term benefits "by helping [a company] to increase productivity and efficiency levels during difficult economic conditions and to be effective and stronger during favorable conditions," the report states.

Speech recognition's ability to control costs is why companies continued to deploy the technology through the recent economic recession, while dispensable technologies were among the first to be cut.

Software and tools necessary to deploy speech recognition and digital dictation are available at American Speech Solutions. The site also contains information and expertise that may answer any questions a company may have.