Dallas, Texas, Oct. 25, 2022 (GLOBE NEWSWIRE) -- Technology advances and the increasing uptake of high-tech electronic devices are predicted to drive the global AI speech recognition market. Voice-activated biometrics that is used for security aid to grant access to verified users so they can complete a transaction is one of the key factors boosting the market growth in the expanding use of voice biometrics. The global AI speech recognition market is expanding due to the rising demand for voice-activated workstations and navigation systems. The estimated size of the global AI speech recognition market is USD 14.58 billion, and it is expected to grow by USD 45.35 billion, or 16.24%, by 2032.
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There are several processes involved in the remarkable process by which artificial intelligence transforms speech into coherent algorithms, including the representation of formulation, speech units, and the development of recognition algorithms, as well as the demonstration of precise inputs. The global AI speech recognition market is anticipated to rise as a result of recent advances in machine learning and natural language processing. The demand for voice and speech recognition solutions is anticipated to increase throughout the projected period due to the increasing popularity of artificial intelligence-based digital assistants like Alexa and Cortana. Businesses can transcribe calls using voice recognition and natural language processing, and major manufacturers have started to offer affordable AI speech recognition.
By examining the voice command history, the artificial intelligence (AI)-enabled voice recognition technology may identify client purchase patterns and tendencies. Customers who have previously added items to their cart but are no longer listed are recommended and reminded about those items by the system. This aids e-commerce businesses in providing specialized and enhanced purchasing experiences.
Report coverage & details:
| Report Coverage | Details |
| Historic Data | 2021-2022 |
| Study Period: | 2021-2032 |
| CAGR | CAGR of 16.24% during 2022-2032 |
| Segment Covered | Type, Application, End-Users, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | Apple, Microsoft, IBM, Alphabet, Amazon, Baidu, iFlytek, SESTEK, speak2web, Verint |
Speech recognition transforms human speech from an analog to a digital format using AI-enhanced technology. NLP is different from speech recognition since it involves a computer that receives dictation. Speech recognition is the process of translating an audio signal that has been captured by a microphone or other external device into a collection of words. To improve their business applications and improve the client experience, many companies increasingly use speech-to-text software. Companies are able to interpret and transcribe meetings and phone calls using speech 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 has two subcategories: text-to-speech and automatic speech recognition. The Automatic speech recognition segment is accounted for the highest market share.
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The global AI speech recognition market is dominated by North America because of its high level of digitization and technical advancements. Due to government initiatives encouraging digitalization in the region, Asia-Pacific is predicted to have significant growth during the prediction period.
In March 2022, Microsoft fully bought Nuance Communications, a developer of AI-based voice recognition software. Microsoft is certain that Nuance will enhance its conversational AI capabilities across a number of sectors, particularly financial services, telecoms, and retail. Microsoft hinted that the healthcare industry, where Nuance's speech recognition technology is widely used, will be the one to see the biggest effects.
Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. AI speech Recognition Market by Type Overview, 2019-2029 (USD Billion)
• Cloud-based
• On-premises
5. AI speech Recognition Market by Application Overview, 2019-2029 (USD Billion)
• Automatic Speech Recognition
• Speech Recognition
• Voice Recognition
• Others
6. AI speech Recognition Market by End-Users Overview, 2019-2029 (USD Billion)
• Automotive
• Banking
• Telecommunication
• Healthcare
• Government
• Consumer Applications
• Others
7. AI speech Recognition Market Market by Regional Overview, 2019-2029 (USD Billion)
North America
• U.S
• Canada
Europe
• Germany
• France
• UK
• The rest of Europe
Asia Pacific
• China
• India
• Japan
• Asia-Pacific as a whole
South America
• Mexico
• Brazil
• South America's remaining countries
Middle East and South Africa
8. Company Profiles
9. Appendix
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About Us:
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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