Revenue for the Software Testing Services industry has grown more quickly than that of the overall Information sector (Research
report 51) over the five years to 2020, with industry revenue rising at an annualized rate of 12.1% to $6.1 billion during the current period.
Since testing is an integral part of the development process, demand for software testing services ultimately derives from total demand for software, including traditional software packages, cloud-based solutions and mobile applications.
Revenue for the Speech and Voice Recognition Software Developers industry is expected to increase an annualized 12.8% to $16.6 billion over the five years to 2019.
Speech recognition software recognizes the articulated words of a speaker and converts them into a digital format.
Voice recognition can be used like a fingerprint and is aimed toward identifying the speaker, often for security purposes, using voice biometrics solutions.
Furthermore, voice recognition helps consumers with high accuracy speech recognition, natural language understanding, dialog and information management, text to speech and optical recognition.
Additionally, industry operators have benefited from the innovations in artificial intelligence, including machine learning in order to create smarter and more natural experiences.
Industry services are useful for the healthcare, automotive and mobile industries as well as an increasing number of others, the industry is expected to develop rapidly during the period.
Its growth will slow to 6.2% in 2019, while profit represents 30.6% of industry revenue during the same year.
Operators in the Tax Preparation Software Developers industry provide software that enables individuals and small businesses to file federal and state tax returns online, often following an automated step-by-step guide.
Due to the necessary nature of filing taxes each year, industry revenue is generally steady.
Further, operators have encountered rising demand over the five years to 2020, as more personal and business filers became comfortable using software programs.
According to the 2020 Tax Returns Study by the National Retail Federation, the share of consumers self-filing with computer software will total 37.0% this year, while more than 70.0% will file online altogether.
This has enabled the industry to outpace growth in demand for other tax-filing services.
Overall, industry revenue has risen at an annualized rate of 5.9% over the five years to 2020 to $3.3 billion, including anticipated growth of 2.5% in 2020.
The COVID-19 (coronavirus) pandemic has prompted the Internal Revenue Service to extend the deadline for personal tax filings and constrained the US economy, including lower private investment in computers and software.
This is likely to constrain industry revenue growth this year.
The HR and Payroll Software industry sells human resources, payroll and recruitment software to businesses.
The industry generates revenue through the sale of new software, software license updates and subscription fees for online applications.
Businesses use the software to streamline administration and collate data, while reducing the risk of litigation and other compliance issues.
Companies also use the software to control labor costs, minimize risk and manage personnel.
Over the five years to 2019, the industry has experienced robust growth, with revenue rising at an annualized rate of 9.9% to $9.9 billion.
The industry has benefited especially from increased private investment in software and the trend of businesses bringing HR services in-house to cut costs.
The Insurance Claims Processing Software industry has transformed insurance claims handling, previously a labor-intensive process, over the past decade.
Industry operators market their products, which are used to process insurance claims and manage policies, primarily to the Property, Casualty and Direct Insurance industry (Research
report 52412) and the Life Insurance and Annuities industry (52411a).
Property and casualty (P&C) insurers and life insurers seek to differentiate themselves in their competitive environments by using industry products, which are designed to streamline operations, reduce process complexity and costs, manage compliance with new regulations and increase customer satisfaction.
Therefore, industry revenue has declined an annualized 0.4% to $9.3 billion over the five years to 2020, including a decline of 16.7% in 2020 alone due to the increased economic and financial uncertainty amid the COVID-19 (coronavirus) pandemic.
Profit is anticipated to decline during the period as well.
Operators in the Language Learning Software Developers industry create language learning software that includes features such as speech recognition technology, online practice sessions with native speakers and language learning games.
Over the past five years, the industry has expanded greatly.
Long-term trends such as globalization, immigration and internet connectivity, caused revenue to climb.
Rising per capita disposable income has also benefited the industry by providing consumers with the income they need to purchase industry products, which may be viewed by many consumers as discretionary items.
Over the five years to 2019, industry revenue is expected to climb at an annualized rate of 11.5% to $3.1 billion, including a 7.3% increase in 2019 alone.
Operators in the Online Computer Software Sales industry sell and distribute software for local installation and execution to customers via the internet.
Companies in this industry may also handle digital rights management for that software.
The broad array of available computer software programs used today enables a range of different retail channels to provide industry products to consumers and businesses alike.
Industry sales include unique download and subscription software sales, in addition to the sale of industry software in combination with computer hardware or accessories.
The Online Payment Processing Software Developers industry has experienced rapid growth over the five years to 2019, primarily due to consumers’ retail preferences shifting from traditional brick-and-mortar stores to online retail outlets.
This shift in demand has been facilitated by the boom in the number of mobile internet connections during the current five-year period.
The ever-increasing percentage of services conducted online has bolstered demand for industry services, as online payment processing is directly tied to the use of online retail and auction sites.
Furthermore, growing per capita disposable income is expected to induce consumers to spend more online, spurring demand for industry services.
Overall, industry revenue is expected to increase an annualized 8.4% to $23.3 billion over the five years to 2019, including growth of 6.0% this year alone.
The Online Survey Software industry develops software for use in market research, product testing and a variety of other customizable uses such as employee satisfaction or consumer preferences.
Industry operators offer clients a product that is less costly to run but also more time efficient, interactive and can be easily integrated with data analytics platforms.
As a result, many companies have reduced their use of traditional market research activities, which rely on physical results collection and often generate lower response rates as well as lower operational efficiency.
Instead, users are increasingly opting to extract feedback using services provided by online survey software companies, at a fraction of the cost.
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