Though the Voice Recognition Software Developers market has been static for a few years, growth is expected, reports market research firm IBISWorld.

In its new report on this industry, IBISWorld reports that the market is expected to increase an average of 2.3% annually to $1.1 over five years to 2012. However, due to an increase in private investment in hardware and software, that growth is pegged at 5% in 2012 alone.

The recession has affected the voice recognition software development market but companies and individuals are opening up their wallets again to spend money on products that incorporate voice technology. This is particularly the case with the mobile technology and health care fields.

IBISWorld has found that the market share of this industry isn’t fully concentrated, with the four largest players making up over half of the overall industry revenue. The two major players are Nuance Communications and MModal, both of which have grown rapidly in the last five years due to acquisitions.