The Emerging Speech Recognition Technology Market is Digitally Transforming the World - Explore How

Speech Recognition (SR) or automatic speech recognition (ASR) is a common technology used in almost all smartphones, computers and cars, with a purpose of translating spoken words into text. It holds a prominent place in communication between humans and machines. Few ASR systems utilize speaker independent speech recognition technology, whereas others use speaker dependent technology in which an individual speaker read the text and convert it into the SR system.

According to a recent report published by Allied Market Research, titled, "Speech Recognition Market by Deployment Mode (On Cloud and On Premise) and End Use (Consumer Electronics, Healthcare, Enterprise, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026," the global speech recognition market size was valued at $6.39 billion in 2018, and is projected to reach $29.28 billion by 2026, registering a CAGR of 19.9% from 2019 to 2026.

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The performance of a SR system is measured on the basis of its speed and accuracy. Speed is estimated with the real time factor, while accuracy is calculated with word error rate (WER). Accuracy of speech can vary with vocabulary size, confusability, language constrains, spontaneous speech and others.

Advantages of speech recognition:-

Speech recognition system can offer an array of advantages to its user, such as -

• It helps in generating the documents faster, thereby, makes work functions more efficient.
• In the past couple of years, speech recognition has widely been used on customer service phone lines. It helps provide basic information to customer through selecting menus and answering questions.
• Because of the speech recognition system, people with visual or hearing disabilities can now type and have text read to them out loud.
• Numerous SR technologies including Apple Siri, Amazon Alexa, Microsoft Cortana, Goggle Assistant and others have given way to use voice for making calls, browsing, sending emails and so on.

The key companies operating in speech recognition market size ecosystem include Google Inc., Naunce Communication, IBM, Baidu, Amazon, Microsoft, Raytheon BBN Technologies, Sensory, Iflytek, and Speak2web. These key players adopted several strategies such as new product launch and development, acquisition, partnership & collaboration, and business expansion to increase their speech recognition market share.

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Algorithms of speech recognition:-

 Hidden Markov Model (HMM): HMM is a statistical model in which the system being modelled is assumed to be a Markov process. Other than speech recognition, HMM has a variety of other applications. In speech recognition, HMM helps indicate what sounds need to be heard during corresponding segments of speech and how the states should follow each other in sequence. It uses three different layers. In the first layer, the model checks acoustic level. In the second layer, it checks phonemes that are next to each other. In the final level, the model checks the word level.

 Dynamic Time Warping (DTW): DTW is a popular technique and an efficient method to detect optical nonlinear alignment between two sequences. In automatic speech recognition, it is majorly used to compare various speech patterns.

 Artificial Neutral Networks (ANN): ANN is similar to how the human brain works. It involves multiple simple processors, which are called neurons. These neurons are connected to each other through weighted links passing signals. The perceptron is the simplest model of ANN as it includes only one neuron with adjustable synaptic weights and a hard limiter. Neutral networks are flexible and can change over time. It can determine distinctiveness in accents, emotions, age and gender.

Current market scenario and key driving factors of speech recognition market:-

According to a report published by Allied Market Research, the global speech recognition market size is projected to reach $29.28 billion with a considerable CAGR from 2019 to 2026. Certain factors like surge in demand for SR systems in automotive & electronics sector, rise in demand for voice biometric technologies for user authentication, growth potential in healthcare applications, emergence of SR technology in robotics and others are hugely boosting the growth of the market.

Currently, the speech recognition market in North America is witnessing tremendous growth, owing to technological advancements, increase in sale of luxury cars & smart wearables, and several research & development activities. Text to speech (TTS) and speaker verification (SV) are two major applications that are driving growth to the market.
Moreover, the continuous advancements in speech recognition has come to a point where it can recognize and process speech of children. In addition, it can account for accent differences with high accuracy and performance. Soap Box Labs, a Dublin based company has lately launched a speech recognition technology that is presented on the diversity of children's voice, especially the kind of voice found in busy classrooms or playgrounds. With this technology, educators can estimate student's regular progress and can provide personalized approaches to their instruction.

At the same time, the outbreak of the COVID-19 pandemic gave rise to employee stress and burnout in the healthcare sector. Overloaded clinical documentation became a major challenge for healthcare providers. In such a scenario, cloud based AI powered speech recognition helped lower workload and stress levels. Instead of typing, clinicians now use their voice and observe the text appearing on the screen in real time.

Furthermore, automatic speech recognition along with machine learning are revolutionizing subtitling. Traditionally, subtitling only included two steps, i.e. transcription and translation. But recent advancements in speech recognition and machine learning have ensured better quality outputs and have rebuilt steps of transcription and translation with more efficiency. With this drift on board, the global speech recognition market is anticipated to gather huge prospects and exponential growth in the near future.

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Key Market Segments

• By Deployment Model
o On Cloud
o On Premise
• By End Use
o Automotive
o Consumer Electronics
o Healthcare
o Enterprise
o Others
• By Region
o North America
 U.S.
 Canada
 Mexico
o Europe
 UK
 Germany
 France
 Russia
 Rest of Europe
o Asia-Pacific
 China
 India
 Japan
 Australia
 Rest of Asia-Pacific
o LAMEA
 Latin America
 Middle East
 Africa

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