The article cited AMA's Global AI Speech Recognition Market Study explored substantial growth with CAGR of %. According the report, Increasing Trend for speech recognition and natural language processing, companies can transcribe calls in businesses
is one of the primary growth factors for the market. Businesses are Increasingly Adopting Digital Assistants and Automated Support to Streamline their Services.
is also expected to contribute significantly to the AI Speech Recognition market. Overall, Automotive
applications of AI Speech Recognition, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The presence of players such as Amazon. Com, Inc. (United States), Baidu, Inc. (China), Google Inc. (Alphabet Inc.) (United States), IBM Corporation. (United States), IFLYTEK Inc. (China), Microsoft Corporation (United States), Nuance Communications, Inc. (United States), Raytheon Company (United States), Sensory Inc. (United States) and speak2web (United States) may see astonishing sales in this Market and certainly improve revenue growth.
The Technology, such as Natural Language Processing (NLP), is boosting the AI Speech Recognition market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
AMAs Analyst on the Global AI Speech Recognition market identified that the demand is rising in many different parts of the world as "Development of a model that will compare the wave data with phoneme database and displaying the characters (sentences) on the screen
". Furthermore, some recent industry insights like "On 6th Jan 2020, Consumer Technology Association (CTA) is honoring Fluent.ai, a Canadian technology company, for its groundbreaking work with speech recognition technology and artificial intelligence (AI). Fluent.ai is one of several groundbreaking technology companies being recognized as an Innovation Awards Honoree for its Multi-Wake Word and Voice Control Engine, a Cortex M4 embedded solution which supports 4 separate wake words and 100 multilingual commands, offering users unparalleled flexibility in hands-free voice control." is constantly making the industry dynamic. One of the challenges that industry facing is "Challenge of designing a machine that truly functions like an intelligent human"
The report provides an in-depth analysis and forecast about the industry covering the following key features:
Detailed Overview of AI Speech Recognition market will help deliver clients and businesses making strategies. Influencing factors that thriving demand and latest trend running in the market What is the market concentration? Is it fragmented or highly concentrated? What trends, challenges and barriers will impact the development and sizing of AI Speech Recognition market SWOT Analysis of profiled players and Porter's five forces & PEST Analysis for deep insights. What growth momentum or downgrade market may carry during the forecast period? Which region may tap highest market share in coming era? What focused approach and constraints are holding the AI Speech Recognition market tight? Which application/end-user category or Product Type [Automatic Speech Recognition and Text to Speech] may seek incremental growth prospects? What would be the market share of key countries like Germany, USA, France, China etc.?
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the AI Speech Recognition market and other related sub-markets covered in the study.
o Key & emerging players in the AI Speech Recognition market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall AI Speech Recognition market size is calculated using market estimation process, the AI Speech Recognition market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global AI Speech Recognition market size has been validated using both top-down and bottom-up approaches.