Speech and Voice Recognition Market Analysis [2022-2027] | Industry Size, Share, Trends, Demand and Forecast 2027

Recent Developments in the Global Speech and Voice Recognition Market

1. April #2021 : Verint launched Verint Virtual Assistant (IVA), a low-code conversational AI offering, which can rapidly turn the existing conversation data into automated self-service experiences. It allows business professionals to quickly deploy a production-ready chatbot to deflect calls and support customers. Verint IVA enables businesses to expand capabilities across the enterprise with boundless intelligence for both voice and digital.

2. September #2020 : Microsoft and Nuance Communications introduced Nuance Dragon Ambient eXperience (DAX), an ambient clinical intelligence (ACI) solution, to integrate it into Microsoft Teams to broadly scale virtual consults aimed at increasing physician wellness and providing better patient health outcomes.

Projected Surge in Revenue Generation:

[285 Pages Report] The Speech and voice recognition market size is valued at USD 9.4 billion in 2022 and is anticipated to be USD 28.1 billion by 2027; growing at a CAGR of 24.4% from 2022 to 2027. Factors such as increasing demand in healthcare for improving efficiency and the growing use of smart appliances are driving the growth of the market during the forecast period.

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Escalated use of speech and voice recognition software by healthcare professionals

Many healthcare professionals spend a significant amount of time typing notes and reports and maintaining each patient's medical records as documenting every minute detail is of utmost importance in healthcare. However, these tasks take time from more productive chores such as treating and interacting personally with patients.

Limitation of software to understand contextual relation of words in different languages

Words with similar sounds but different meanings are called homophones, for example, "right/write" or "bye/by/buy." AI may struggle to identify homophones in a sentence without a comprehensive language model and training on these terms with reference to appropriate contexts. To solve this challenge, the translator must be well-versed with the spoken language and the language in which the text will be translated. 

Increasing popularity of online shopping

Customer buying behavior is shifting in both developed and developing countries. There is a trend of buying things online. Customers may shop products, enquire about prices and features from the comfort of their own homes, and even receive personalized recommendations based on their previous purchases. This experience can be made even more frictionless and participatory with the use of voice assistants.

The speech and voice recognition market is dominated by a few globally established players such as Apple (US), Microsoft (US), IBM (US), Alphabet (US), Amazon (US), Baidu (China), iFlytek (China) and SESTEK (Turkey), speak2web (US), and Verint (US).

By Technology:

1. Speech Recognition
2. Automatic Speech Recognition
3. Text-To-Speech
4. Voice Recognition
5. Speaker Identification
6. Speaker Verification

Major Growth Boosting Factors:

The key factors contributing to the growth of the speech and voice recognition market include increasing demand in healthcare for improving efficiency and the growing use of smart appliances are among the factors driving the growth of the speech and voice recognition market.

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