Speech recognition market to reach $15.98 billion by 2031,

Speech Recognition Market Size, Share and Growth Analysis by Deployment Model (Cloud, On-Premise), by Technology (Artificial Intelligence Based and Non-Artificial Intelligence Based), by Industry Vertical (Automotive, Healthcare, BFSI, Aerospace), by Region – Industry Forecast 2024-2031
Speech recognition market (https://www.skyquestt.com/report/voice-recognition-market) was valued at USD 4.07 billion in 2022 and is expected to grow from USD 4.74 billion in 2023 to USD 15.98 billion by 2031, growing at a CAGR of 16.4% during the forecast period (2024-2031).

The speech recognition market has grown tremendously and extends far beyond customer service and helplines. It is widely used on computers and smartphones. Demand from industries such as healthcare, banking, marketing and others is also driving the speech recognition market significantly.

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The banking and finance industry is using voice recognition to reduce friction for its customers. Voice-assisted banking could largely eliminate the need for human customer service and reduce staffing costs. A personalized banking assistant can lead to increased customer loyalty and satisfaction. In the workplace, voice recognition technology has transformed into the integration of simpler tasks to increase efficiency. In places where seconds are critical and sterile surgical environments are important, quick and hands-free access to information can significantly improve medical efficiency and patient safety. Voice search promises to bring a new dimension to the way marketers can reach larger audiences. With changes in the way people communicate with their devices, marketers must essentially consider trends in user behavior and data.

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Natural language processing will play a crucial role in shaping future language technologies

As voice-driven software continues to attract many, developers must also embrace the trend and incorporate voice technology into their processes. This will help them develop more user-friendly and innovative applications to improve the user experience. In the past few years, natural language processing has transformed voice technology. One innovation is the growth of deep learning algorithms, mainly in the field of neural networks. These algorithms can efficiently process and examine large amounts of natural language data, enabling devices to capture context, intent, and sentiment with high precision. Looking ahead, the future of NLP in voice technology looks very promising. With current research and development in areas such as machine learning, voice biometrics, and deep learning, the world can expect improved and more intelligent voice-based applications in the near future. These improvements will not only improve the user experience but also open up the potential for companies to use NLP in their services and products.

* In June 2024, Deepgram, a leading AI company, announced the acquisition of Poised. This strategic acquisition includes Poised’s proprietary integrations and technologies, as well as key partners of its engineering group.
* In April 2024, Assembly AI, an AI as a service provider, launched a novel speech recognition model called Universal-1. The model is powerful and has been used on over 12.5 million hours of multilingual audio data. The company says it excels in speech recognition accuracy in Spanish, English, German and French.
* In June 2024, SoundHound AI announced the acquisition of the key assets of Allset, an e-food ordering platform, with the aim of strengthening the presence of artificial language intelligence-based companies in the restaurant sector.
* In March 2022, Baidu AI Cloud, an AI cloud provider, launched an AI sign language solution. This platform can generate digital avatars for live interpretation and sign language translation in just a few minutes. The platform aims to help reduce or eliminate communication barriers for the deaf and hard of hearing by increasing the convenience of automatic sign language translation.

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With constant improvements in technology, NLP will play a major role in speech recognition. By keeping up to date with the latest improvements, companies can stay ahead of the competition and offer highly innovative solutions to their customers. The future is exciting and it is even more exciting to imagine the potential that lies in the future for natural language processing and speech technology applications.

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