What is AI Speech Recognition Market?
Speech recognition is an AI-enhanced technology converting human speech from an analog form to digital form. Speech recognition is a computer receiving dictation and is different from NLP. Speech recognition is the process of converting an acoustic signal, capture by a microphone or any peripherals, to a set of words. Plenty of businesses now include speech-to-text software to enhance their business applications and streamline the customer experience. Using speech recognition and natural language processing, companies can transcribe calls, meetings, and even translate them.
Highlights from AI Speech Recognition Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||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)|
The companies operating in this industry are focusing on efficient growth, improvement of operational efficiency and productivity, and focus on maintaining sustainable development. The players are focusing on securing a leading position in this industry. They are continuously looking for the opportunity to reinforce their competitive advantage. To meet high market share, and develop socially responsible business companies are identifying various strategic pillars such as mergers & acquisitions, product enhancements Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global AI Speech Recognition market throughout the forecasted period. 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) are some of the key players profiled in the study.
AI Speech Recognition Market Segmentation:
|Application / End User||Automotive, Consumer, BFSI, Government, Retail, Healthcare, Education and Others|
|Type||Automatic Speech Recognition and Text to Speech|
|Technology||Natural Language Processing (NLP),Machine Learning (ML)|
On the basis of geography, the market of AI Speech Recognition has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Increasing Trend for speech recognition and natural language processing, companies can transcribe calls in businesses and Launching of Budget-Friendly AI Speech Recognition by Key Manufacturers
Market Growth Drivers:
Businesses are Increasingly Adopting Digital Assistants and Automated Support to Streamline their Services. and Increasing use of Smart Home Devices is Driving the Growth
Challenge of designing a machine that truly functions like an intelligent human
Growing Privacy and Security Concern Associated with AI Solutions
Development of a model that will compare the wave data with phoneme database and displaying the characters (sentences) on the screen and Advancement in the Products and Services
Key Target Audience
AI Speech Recognition solution providers, Media & entertainment companies, Consumer electronics companies, Cloud solution providers, E-commerce companies, Automobile manufacturers and Others
Market Leaders & Development Strategies
On 4th March 2022, Microsoft has completed its acquisition of Nuance Communications, a provider of AI-based speech recognition software. Microsoft believes Nuance will advance its conversational AI capabilities in several industries, notably financial services, telecommunications and retail. But it will have the most significant impact on health care, where Nuance’s speech recognition technology is popular, Microsoft signaled.
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.