Speech recognition is a technology used in various devices such as smartphones, cars, and computers which enables system to identify the sound of spoken words and convert them into machine readable form. It uses linguistic units for speech and audio signals. These signals are measured by word error rate (WER) that helps to identify the inaccuracies occurred while processing.
Moreover, there are numerous
speech recognition technologies like Amazon Alexa, Google’s google assistant, Apple Siri, and Microsoft Cortana that enable easy accessibility of interaction by people to their devices. The purpose of a speech technology is to increase speed, accuracy, and help to improve the efficiency of the system.
Google LLC, a California based company makes use of AI i.e. artificial intelligence to form speech recognition technology for people suffering from disabilities. It is collaborated with nonprofit organization ALS Therapy development Institute to collect voice record samples from people suffering from neurodegenerative disease. With the help of that samples & AI technology Google launched a product called Julie Cattiau. In addition, Microsoft partnered with Toyota Motor Corporation to encourage speech recognition system in cars.
The capability of such devices is very responsive to the spoken commands, easy to access by giving hands free control, provides automatic translation of inputs, and creates print ready dictation. It is majorly used in smart phones such as apple’s Siri, vehicles, querying based databases, and giving commands to such computer-based system which are highly profiled on specialized vocabularies. This technology completely changes the way of people to interact with their own system, devices, phones, home, and cars, to respond question or command given by person to devices.
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A positive outlook can be seen for speech recognition market. Increase in adoption of electronic devices equipped with technological advance features augment the market growth. Speech recognition is used in multiple industries such as health care, BFSI, and marketing. Increase in mobile penetration and convenience becomes an important consideration for millennials speech recognition to garner wide attention in terms of research, development, and deployment in the upcoming years.
Speech recognition market has been segmented by deployment, end user, and region. Based on deployment, the market is classified into on cloud, on premises, and on embedded. Based on end user, the market is categorized into automotive, consumer, government, healthcare, and BFSI. Based on region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Key players of speech recognition industry are Baidu, Raytheon BBN Technologies, Cantab Research, sensory, Amazon, Microsoft, Alphabet, IBM and Microsoft, Google and Nuance.
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KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global speech recognition market from 2018 to 2026 to identify the prevailing market opportunities.
- The key countries in all the major regions are mapped based on their speech recognition market share.
- Porter’s five forces analysis highlights the potency of the buyers and the suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the market segmentation assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry. Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The global speech recognition market report includes the analysis of the regional as well as global market, key players, market segments, application areas, and growth strategies.
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