Artificial Intelligence driven Marketing Communications
Global AI for Speech Recognition Market Likely to Profound in Coming Years
According to a new report, the global AI for speech recognition market is expected to witness steep growth over the next few years. Speech recognition is technology that is helpful in recognizing spoken words which then can be converted to text.
Some of the key factors that are driving the speech and voice recognition market include high growth potential in healthcare application, growing demand for voice authentication in mobile banking sector, rapid advancement in multifunctional devices or smart speakers and last but not the least, growing impact of AI on the accuracy of speech and voice recognition is driving the market size greatly.
The development of speech and voice recognition software for micro-linguistics and local languages is used in providing education to temporarily and permanently disabled students and the role of voice and AI for speech recognition technology in autonomous cars will create huge growth opportunities for the leading players operating in the speech and voice recognition market. However, some of the challenges faced by the key players are also studied in the report.
The major manufacturers covered in this report
The global AI for speech recognition market has been segregated into type and application. Based on the type, the market has been divided into Software and Hardware. Based on application, the market is divided into Smart Home, Vehicle System, Medical and Healthcare, Education and others. Surge in the demand for speech-enabled consumer electronics devices including smart home applications, mobile devices and wearable technology will further boost the growth of the speech recognition market in the coming years.
Detailed Regional Analysis
The global market of the AI for speech recognition market has been segmented across North America, Europe, India, Japan, China, Southeast Asia, Central & South America and Middle East & Africa (MEA). The global AI for speech recognition market is dominated by the US market which is mainly due to large number of voice biometric systems deployed in the region with an aim to ensure high level of security along with the proliferation of speech technologies in consumer electronics and enterprises. Moreover, the US market is also forefront in terms of implementing biometric systems for empowering the safety measures and security. Moreover, strong economy and rising initiatives of the US government is also one of the key major driving factors for the growth of the speech and voice recognition market in the America.
Growing competition among the key market players is expected to expand the global AI for speech recognition market in the coming years. Meanwhile, various key players operating in this market are likely to enter into new acquisitions & mergers, joint ventures with the regional companies to cater to growing demand of global speech recognition market.
Nuance Communications, launched the universal cloud-based speech recognition platform, Dragon Medical One that brings the power of speech directly to electronic health records (EHRs) allowing he physicians to quickly capture a patient’s complete story at the point of care.
Major Key Points in Table of Content: