Speech and Voice Recognition Market size worth $ 59.6 Billion, Globally, by 2030 at 22.57% CAGR: Verified Market Research®

Factors such as increased demand for health care to improve efficiency and increased use of smart devices are driving the market growth. Applying in-depth learning algorithms to voice and speech solutions for better search results is expected to be a key growth factor of the AI-based technology segment.

Jersey City, New Jersey, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Speech and Voice Recognition Market” By Deployment (Cloud, On-premise), By End-User (Automotive, Banking, Telecommunication), and By Geography. According to Verified Market Research, the Speech and Voice Recognition Market size was valued at USD 7.5 Billion in 2021 and is projected to reach USD 59.6 Billion by 2030, growing at a CAGR of 22.57% from 2022 to 2030.

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Browse in-depth TOC onSpeech and Voice Recognition Market

202 - Pages

126 – Tables

37 – Figures

Global Speech and Voice Recognition Market Overview

Many healthcare professionals spend a lot of time taking notes and reports and keeping a record of each patient. However, these activities take time away from more productive activities such as treatment and personal contact with patients. Therefore, physicians and clinicians prefer to use voice recognition software. Such software is also widely used to document medical examinations, patient data, diagnostic records, etc., where a doctor or staff member is not available. Such software solutions allow healthcare professionals to insert notes into the electronic health record (EHR) system or their computers without taking extra time out of patient care and remain productive throughout the day. This eliminates the need for health care providers to be late for work to fill out paperwork, which allows them to visit more patients during the day. The easy-to-use and hands-on features of the automated speech recognition software in medical systems enable physicians to perform their duties more effectively, furthering the growth of the speech market and voice recognition. Thus, an increase in productivity leads to an increase in cash flow.

There are many words with the same sounds but different meanings, called homophones. For example, right and write, bye or by or buy, etc. AI can find it difficult to identify synonyms in a sentence without a comprehensive language model and training in these terms concerning appropriate contexts. Many English and Roman words have several meanings. For example, a “cell” may be a component of a living thing, a prison cell, or a radio transmitter. Also, heteronyms with various meanings are common in many languages. For example, in English, “close” means “near” or “close,” and “talk” means “to speak” or “opposite.” Therefore, it may not be easy to know when to use the correct homonyms when translating content. To handle this challenge, the translator must be well versed in the vernacular and the language in which the text is to be translated. This may require a deeper understanding of both languages by the translator. The opportunity in this market is the rapid acquisition and use of the customer’s voice aids, as well as the expansion of online commerce, which provides access to solutions for voice assistant applications and service providers.

Key Developments

  • In May 2021, Nuance Communications partnered with Athena health, to integrate Nuance discourse and visual assistant technology into Athena health’s electronic health records and mobile applications. With this integration, clients can use voice-driven power that will help reduce documentation) time and improve the patient experience.
  • In April 2021 Baidu, collaborated with Logitech, to improve efficiency, change performance and streamline communication with language barriers through artificial intelligence (Al) and Voice. The partnership aims to empower Baidu Al to improve the speed and accuracy of speed recognition for Logitech customers.

Key Players

The major players in the market are Apple, Microsoft, IBM, Alphabet, Amazon, Baidu, iFlytek, SESTEK, speak2web, Verint, and Others.

Verified Market Research has segmented the Global Speech and Voice Recognition Market On the basis of Deployment, End-user, and Geography.

  • Speech and Voice Recognition Market, By Deployment
    • Cloud
    • On-Premise
  • Speech and Voice Recognition Market, By End-user
    • Automotive
    • Banking
    • Telecommunication
    • Healthcare
    • Government
    • Consumer Applications
    • Other End Users
  • Speech and Voice Recognition Market, by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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Top 7 Speech And Voice Recognition Companies powering users’ lives

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