Speech recognition software leader sees potential market growth

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With
more than 6,000 users of its products and sales projected to reach $1.2
billion in 2010, Nuance Communications General Manager of India and
Southeast Asia Sunny Rao recently explained that he sees potential
growth in the speech recognition market.

“Our market includes not
just software, but also services and systems in areas ranging from
desktop software to call centers, healthcare, mobile phones and
automobiles,” Rao recently told CIOL in an interview. “It’s a diverse
and growing market. Speech is probably the preferred way for people
everywhere to interact with technology.”

Nuance Communications is
the maker of PC-based speech dictation software Dragon
NaturallySpeaking, which enables users to dictate and have their speech
transcribed as written text. Rao explained the key areas of the speech
recognition software include medical and legal reporting, as well as
field reporting such as insurance claims or social work and law
enforcement reporting.

According to Rao, most people type at a rate of 40 words per minute.Speech recognition software and dictation recorders, such as those offered by American Dictation Corp, enable users to create documents and emails almost three times faster than typing.  The productivity gains are incredible says Paul Ross of American Dictation Corp.  “With proper setup and training, we see over 99% accuracy”.

According to a report by BCC Research released in September, the
voice recognition technologies market will grow at a compound annual
growth rate of 8.8 percent between 2010 and 2015, from $38.4 billion to
$58.4 billion.

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