Global Speech & Voice Recognition Solutions Market: Introduction
Speech & voice recognition solutions are software programs that work by analyzing sounds and converting them to text. These solutions apply the probability and knowledge of how English is usually spoken to decide what the speaker said. The recognition rate of speech & voice recognition solutions is nearly 95% if an individual speaks with clarity.
Speech & voice recognition solutions are generally a substitute for typing on a keyboard. The solution was developed to provide a fast method of writing on a computer and can help people with disabilities.
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Global Speech & Voice Recognition Solutions Market – Dynamics
Increasing Adoption of Smart Technologies driving the Growth of the Speech & Voice Recognition Solutions Market
Rising Adoption of Smartphones and Smart Devices across the Globe
Demand for speech & voice recognition solutions is also spiked by the demand of smartphones and smart devices has increased rapidly across the globe in the past few years. Demand for smartphones is increasing rapidly within developing countries such as India, China, Indonesia, and Malaysia. Within North America, adoption of smartphones is already very high whereas usage of smart devices such as smart watches and smart wearable are increasing annually at a healthy CAGR. Demand for these devices is eventually driving the demand for speech & voice recognition solutions.
Rising Demand for Speech-Based Biometric Systems for Multifactor Authentication
Demand for multiple authentication systems across the globe is increasing. Industries such as banking and healthcare have adopted speech-based biometric systems to access information. The identification system industry is highly volatile in nature where new and updated technology is preferred by end-users for authentication. Demand for speech & voice recognition solutions is thus increasing with the increasing demand for speech-based biometric systems..
Pricing Issue of Devices which Deploy Speech & Voice Recognition Solution Restricting the Growth of the Market
Lack of 100% Accuracy
Although speech & voice recognition solutions provide voice to text service, the level of accuracy depends upon the clarity of the speech. Pronunciation of a word or sentence may not be very clear in areas with low literacy rate making it difficult to be processed by the solution. On an average, the accuracy rate of a speech & voice recognition system is 90%-95% with clarity. Lack of 100% accuracy is expected to restrain the growth of the speech & voice recognition solutions market.
North America Expected to Dominate the Global Speech & Voice Recognition Solutions Market
In terms of region, the global speech & voice recognition solutions market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global speech & voice recognition solutions market during the forecast period, as the adoption of smart devices and level of literacy is high within this region as compared to other regions.
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Global Speech & Voice Recognition Solutions Market – Competition Landscape
- In July 2018, an improved speech-to-text service was launched by Google for developers. A major reduction in word errors of around 54% across all of Google’s tests was observed before launching of this speech-to-text service.
- In January 2018, RECAIUS voice trigger speech recognition middleware for embedded devices was launched byToshiba Digital Solutions Corporation. It can be integrated in multiple applications such as smart speakers, robots, home appliances, and in-car devices.
Established in 1975, Microsoft Corporation is headquartered in Washington, the U.S. Microsoft is a technology firm offering customers with solutions and services, broadly categorized under the following business segments – Productivity and Business Processes, Intelligent Cloud, and Personal Computing. The Speech to Text API of Microsoft Corporation is part of Azure Cognitive Speech Services.
Nuance Communications, Inc.
Founded in 1992, Nuance Communications, Inc. is headquartered in Burlington, Massachusetts. The U.S. The company provides embedded speech recognition, telephone call steering, medical transcription systems, and automated telephone directory services. The company is highly focused on providing its speech & voice recognition solution to the healthcare industry where it can be used by turning clinician dictations into formatted documents automatically.
Global Speech & Voice Recognition Solutions Market: Segmentation
The global speech & voice recognition solutions market can be segmented based on:
- Delivery Mode
Global Speech & Voice Recognition Solutions Market, by Delivery Mode
Based on delivery mode, the global speech & voice recognition solutions market can be divided into:
- Artificial Intelligence Based
- Non-artificial Intelligence Based
Global Speech & Voice Recognition Solutions Market, by Deployment
Based on deployment, the global speech & voice recognition solutions market can be segregated into:
Global Speech & Voice Recognition Solutions Market, by End-user
In terms of end-user, the global speech & voice recognition solutions market can be segregated into:
Regional analysis of the global speech & voice recognition solutions market includes:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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