Speech and voice recognition market size worth $59.6
Jersey City, New Jersey, Sept. 06, 2022 (GLOBE NEWSWIRE) — Verified Market Research recently released a report, “Speech and Speech Recognition Market” By deployment (cloud, on-premises), by end user (automotive, banking, telecom) and by geography. According to Verified Market Research, the voice and voice recognition market size was valued at USD 7.5 billion in 2021 and is projected to reach USD 59.6 billion by 2030, growing at a CAGR of 22.57% 2022 to 2030.
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126 – Tables
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Overview of the Global Speech and Speech Recognition Market
Many healthcare professionals spend a lot of time taking notes and reports and keeping a record of each patient. However, these activities take time away from more productive activities such as treatment and personal contact with patients. Therefore, doctors and clinicians prefer to use speech recognition software. These software are also widely used to document medical exams, patient data, diagnostic records, etc., when a doctor or staff member is not available. These software solutions allow healthcare professionals to insert notes into the electronic health record (EHR) system or into their computers without taking up extra time for patient care and staying productive throughout the day. This eliminates the need for healthcare providers to be late for work to complete paperwork, allowing them to visit more patients during the day. Convenient and easy-to-use features of automated voice recognition software in medical systems enable doctors to perform their tasks more efficiently, driving the growth of the speech and voice recognition market. Thus, an increase in productivity leads to an increase in cash flow.
There are many words with the same sounds but different meanings, called homophones. For example, right and write, goodbye or by or buy, etc. AI can struggle to identify synonyms in a sentence without a full language model and training in those terms regarding the appropriate contexts. Many English and Roman words have multiple meanings. For example, a “cell” can be a component of a living being, a prison cell, or a radio transmitter. Also, heteronyms with various meanings are common in many languages. For example, in English, “close” means “near” or “close”, and “talk” means “to speak” or “opposite”. Therefore, it can be difficult to know when to use the right homonyms when translating content. To meet this challenge, the translator must be familiar with the vernacular and the language into which the text is to be translated. This may require a deeper understanding of both languages by the translator. The opportunity in this market is the rapid acquisition and use of voice aids by the customer, as well as the expansion of e-commerce, which provides access to solutions for voice assistant applications and service providers.
- In May 2021, Nuance Communications partnered with Athena Health to integrate Nuance’s speech and visual assistant technology into Athena Health’s electronic health records and mobile apps. With this integration, customers can utilize the power of voice that will help reduce documentation time and improve the patient experience.
- In April 2021, Baidu collaborated with Logitech to improve efficiency, modify performance, and streamline communication across language barriers using artificial intelligence (AI) and voice. The partnership aims to enable Baidu Al to improve the speed and accuracy of speed recognition for Logitech customers.
Major market players include Apple, Microsoft, IBM, Alphabet, Amazon, Baidu, iFlytek, SESTEK, speak2web, Verint, and others.
Verified Market Research has segmented the global speech and voice recognition market on the basis of deployment, end-user, and geography.
- Speech and Speech Recognition Market, By Deployment
- Voice and Speech Recognition Market, By End User
- Health care
- Consumer apps
- Other end users
- Speech and Voice Recognition Market, By Geography
- North America
- The rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- Latin America
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Top 7 Voice and Speech Recognition Companies power users’ lives
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