What is Medical Speech Recognition Market?
Any technology that allows speaking what you wish to type is considered medical speech recognition. Directly on the screen is the spoken dictation. The use of this technology is helpful since it enables quicker data research, contributes to the improvement of daily operations, and encourages patients to adopt healthier practices. Clinicians may generate, document, amend, and sign electronic documents simultaneously, which decreases the number of clicks required to use an EHR, the frequency of errors, and the time spent dictating. Additionally, records no longer need to be rewritten or transcribed in order to be sent to another office. This is a crucial benefit if a patient needs to be transported.
Highlights from Medical Speech Recognition Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Nuance Communications Inc. (United States), Microsoft (United States), Amazon (United States), Infermedica (Poland), Sensly (United States), eGain Corporation (United States), Kognito Solutions LLC (United States), Verint Systems Inc. (United States), HealthTap Inc. (United States) and Babylon Healthcare Services Ltd (United Kingdom)|
The players are focusing on investing more in Launching New Technologies. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Nuance Communications Inc. (United States), Microsoft (United States), Amazon (United States), Infermedica (Poland), Sensly (United States), eGain Corporation (United States), Kognito Solutions LLC (United States), Verint Systems Inc. (United States), HealthTap Inc. (United States) and Babylon Healthcare Services Ltd (United Kingdom) are some of the key players profiled in the study.
Medical Speech Recognition Market Segmentation:
|Application / End User||Hospital, Clinic and Others|
|Type||Front-end Medical Speech Recognition and Back-end Medical Speech Recognition|
On the basis of geography, the market of Medical Speech Recognition has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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.
Advancements in Technologies of the Healthcare Sector
Market Growth Drivers:
Increasing Application of the Medical Speech Recognition in the Health Industry and The Popularity of Machine Learning and Internet of Things
Lack of Awareness among New Technologies
Availability of the Alternative Solutions and High Cost Associated with the Medical Speech Recognition Devices
Investment in Healthcare Sector can create Opportunities for the Market Growth
Key Target Audience
Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
On 8th June 2021, Voiceitt launched State-of-the-Art Speech Recognition App. The Voiceitt app is available for free individual download as well as bulk download by institutions, nursing homes, and organizations. The assistive technology software enables people to navigate their environments and manage smart home devices using their own voice commands, and it will be made available for free at launch for a brief time.