The global market value of voice recognition solutions is projected to grow from US$2.61 billion in 2016 to US$15.98 billion in 2021, with the compound annual growth rate in the forecast period at 43.64%.
This is according to a report by market research firm TrendForce, which reveals the main source of growth momentum in voice recognition technologies will come from the widespread adoption of voice-based virtual assistants in various devices.
The report notes development of AI systems and their applications will continue to revolve around voice and image recognition technologies in 2017. Virtual assistant developers will look to different smart products as they strive to establish the dominant voice control platform in the IOT market, adds the report.
Major tech companies Apple, Google, Microsoft and Amazon are all working on voice recognition digital assistants powered by artificial intelligence: Siri, OK Google, Cortana and Alexa.
"Amazon did not reveal new products at CES 2017, but its virtual assistant Alexa garnered the most attention during the event because it was featured in numerous smart products that were being demonstrated," says Christy Lin, TrendForce analyst. "Amazon has been bullish on the market potential of voice control platforms. Alexa's applications have also expanded rapidly as Amazon took the technology beyond its own Echo speakers to other products and released the virtual assistant's application programming interface and software development kit to third parties. Amazon ultimately wants to make Alexa the dominant voice control platform for smart products, so that the company in turn will wield significant influence in the development of the entire IOT market."
International research firm Creative Strategies did a study to find out how excited consumers were about voice recognition technologies and their usage habits.
The study found 21% of those surveyed had never used Siri, 34% had never used OK Google, and 72% had never used Cortana. The main reason cited for not using the functionality was not being comfortable talking to technology.
"I think voice-operated technology will definitely last but people need to adapt to it," says ICT veteran Adrian Schofield.
"Currently, there is a social inhibition about giving instructions to your mobile device in public, even though the same people have no qualms about carrying on a phone conversation at full volume in the same public space."
However, Arthur Goldstuck, MD of World Wide Worx, says: "Voice assistance applications are perfect examples of solutions in search of a problem. They tend to be invasive, clunky and more prone to error and frustration than other modes of input. As they improve, uptake will increase, but for the foreseeable future touch will remain the primary form of input as it is both more accurate and more discreet."
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