Speech recognition is the process which records spoken words either using a telephone or a microphone which is then converted into set of words and stored digitally in a speech recognition devices. Speech recognition systems works great when speaker controlling the application interprets each word as a discrete utterance rather than a continuous speech. So in case of multiple users using a single speech recognition system, then it is necessary to use a device or system that does not require a training by the user. Speech recognition technology has a long list of applications such as transcribing, medical transcription, general dictation, using a computer hands-free, automated customer service and many others.
With the increasing adoption of speech recognition in various industries, warehousing companies have started implementing speech recognition technologies significantly. At present, the speech recognition systems are used for order picking in a warehouses. However, this technology can serve more capabilities in future as it can also be used for inspection and maintenance activity of warehouse in order to improvise the operational efficiency of a warehouse. For instance, Voiteq, a provider of voice-directed work solutions has deployed this technology in these applications and have great opportunities in future.
Impact of COVID-19 Pandemic Outbreak on Speech Recognition Market
In this pandemic outbreak of COVID-19 most of the countries are put to lockdown, due to which most of the employees are working from remote places. But in companies such as call center and business process outsourcing, there is shortage of employees as there is need of physical availability of workers. To combat this situation many companies are now offering artificial intelligence based auto response system which can reduce the communication jam without having physical staff available. These systems are able to sense context via their speech recognition technology and provide answers accordingly. Thus in the pandemic outbreak the demand of speech recognition technology is anticipated to increase, which is further expected to spur the growth of the market by 8-10% by Q4, 2020.
Speech Recognition Market: Drivers and Restraints
Wide Usage of Speech Recognition Technology in Electronics Gadgets and Applications to Spurge the Growth of Market
As per a study conducted, 30% respondents voted smart home devices as a primary reason for investing in voice assistant devices such as Alexa Echo or Google Home. Also these devices are used widely in many smart homes as they offers user as way out of having to use the clunky remote control interface. The speech recognition technology allow users to interact or speak with electronic devices and it decreases the barrier for entry of tech products. For instance, Amazon added new voice activated commands such as “Alexa print my spreadsheet” for workplace, hoping that verbal commands will expand to common office tasks. Thus increasing usage of speech recognition in applications and electronic devices is expected to propel the growth of the market.
As per different studies it is revealed that are under stress due to increased responsibility and burden of managing EHR (electronic health record) of their patients. Thus many clinicians have started adopting speech recognition technology to find a relief. The speech recognition technology allows them to focus more on their patients as the technology assists them in streamlining the processes related to care documentation. By using speech recognition technology the clinicians can issue notes to an EHR where a mobile app serves as the microphone on their device. As soon as the notes are processed the application updates the medical records of their patients immediately. This technology handles the transcription task automatically and internally, which saves considerable resources of the healthcare institution. Thus growing adoption of this technology in healthcare industry is anticipated to drive the growth of speech recognition market.
However many factors such as speaker variations, environmental condition, prosodic variations, recording devices and others can affect the accuracy of speech recognition devices or systems, Thus it is necessary to record speech with a good recording device in good environmental conditions. Thus lack of accuracy in harsh environments is one of the major factors restraining the growth of the speech recognition market.
Speech Recognition Market: Segmentation
The speech recognition market can be segmented on the basis of technology, deployment, end-user and region.
The Speech Recognition market segmentation by technology:
The Speech Recognition market segmentation by deployment:
The Speech Recognition market segmentation by end-user:
Speech Recognition Market: Competition Landscape
Examples of some of the market participants in the global speech recognition market identified across the value chain include Microsoft Inc., Nuance Communications, VoiceBox Technologies Corp., M2SyS LLC, Advanced Voice Recognition Systems, Sensory Inc., MMODAL Inc., LumenVox LLC., Agnitio S.L, Biotrust, and ValidSoft UK Limited and others.
Following are some key strategies and developments in the global speech recognition market:
For instance, In February 2018, TopVox Corporation launched Lydia Voice 8, an upgrade to its voice workflow-driven supply chain solution. The update product uses deep neural network technology and improved voice recognition paradigm.
Speech Recognition Market: Regional Outlook
North America is anticipated to hold a dominant position in speech recognition market owing to increasing adoption of advanced technology in this region and also majority of key players have strong presence in the US region. Moreover, South Asia and Pacific is expected to grow significantly during the forecast period. The speech recognition market is anticipated to grow owing to the increasing usage of speech recognition technology in automotive industry in this region.
The speech recognition market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on:
Regional analysis includes: