AI Speech Recognition Market Size Will Exceed US$45.35

Dallas, Texas, Oct. 25, 2022 (GLOBE NEWSWIRE) — Technological advancements and the growing adoption of high-tech electronic devices are expected to drive global growth AI voice recognition market. Voice activated biometrics which is used for security assistance to grant access to verified users so that they can complete a transaction is one of the key factors driving the market growth in increasing usage voice biometrics. The global AI voice recognition market is booming due to the growing demand for voice-enabled workstations and navigation systems. The estimated size of the global AI voice recognition market is $14.58 billion and is projected to grow $45.35 billion, or 16.24%, by 2032.

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Several processes are involved in the remarkable process by which artificial intelligence transforms speech into coherent algorithms, including the representation of wording, speech units and the development of recognition algorithms, as well as the demonstration of accurate inputs. The global AI speech recognition market is expected to rise owing to recent advancements in machine learning and natural language processing. The demand for speech and voice recognition solutions is expected to increase throughout the projected period owing to the growing popularity of AI-based digital assistants like Alexa and Cortana. Businesses can transcribe calls using speech recognition and natural language processing, and major manufacturers have started offering affordable AI speech recognition.

By reviewing voice command history, artificial intelligence (AI)-based voice recognition technology can identify customer buying patterns and trends. Customers who have already added items to their cart but are no longer listed are recommended and recalled by the system. This helps e-commerce businesses deliver specialized and enhanced shopping experiences.

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Speech recognition transforms human speech from an analog to a digital format using AI-enhanced technology. NLP is different from speech recognition because it involves a computer receiving the dictation. Speech recognition is the process of translating an audio signal that has been picked up by a microphone or other external device into a set of words. To improve their business applications and improve the customer experience, many companies are increasingly using text-to-speech software. Businesses are able to interpret and transcribe meetings and phone calls using voice recognition and natural language processing.

Based on the type of recognition, speaker identification and speaker verification are the two subcategories of speech recognition. Speech recognition includes two subcategories: text-to-speech and automatic speech recognition. The automatic speech recognition segment accounts for the highest market share.

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The global AI speech recognition market is dominated by North America owing to its high level of digitalization and technical advancements. Due to government initiatives encouraging digitalization in the region, Asia Pacific is expected to witness significant growth over the forecast period.

In March 2022, Microsoft fully acquired Nuance Communications, an AI-based voice recognition software developer. Microsoft is confident that Nuance will enhance its conversational AI capabilities in a number of industries, particularly financial services, telecommunications, and retail. Microsoft has hinted that the healthcare sector, where Nuance’s speech recognition technology is widely used, will be the one to see the greatest effects.

Contents:

1. Introduction

2. Research methodology

3. Market Outlook

4. AI Speech Recognition Market Overview by Type, 2019-2029 (USD Billion)

• Cloud-based

• On the site

5. AI Speech Recognition Market Overview by Application, 2019-2029 (USD Billion)

• Automatic voice recognition

• Speech recognition

• Speech Recognition

• Others

6. AI Speech Recognition Market Overview by End Users, 2019-2029 (USD Billion)

• Automotive

• Bank

• Telecommunication

• Health care

• Government

• Consumer applications

• Others

7. AI Speech Recognition Market Market by Regional Overview, 2019-2029 (USD Billion)

North America

• WE

• Canada

Europe

• Germany

• France

• UK

• Rest of Europe

Asia Pacific

• China

• India

• Japan

• Asia-Pacific as a whole

South America

• Mexico

• Brazil

• Other South American countries

Middle East and South Africa

8. Company Profiles

9. Appendix

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