AI Speech Recognition Market to Rise at 16.24% CAGR through 2032 | Apple, Microsoft, IBM, Alphabet, Amazon, Baidu, iFlytek, SESTEK, speak2web, Verint

The creation of formulations, speech units, and recognition algorithms, as well as the display of exact input, are notable methods by which artificial intelligence converts speech into coherent algorithms. The global AI speech recognition industry is anticipated to grow internationally due to recent advancements in machine learning and natural language processing. The rising popularity of digital assistants powered by artificial intelligence, like Alexa and Cortana, is expected to raise demand for AI speech recognition market throughout the course of the projected period.
Natural language processing and voice recognition may be used by businesses to transcribe phone calls, and major manufacturers are now providing AI speech recognition at a reasonable price. The global AI voice recognition market is now valued at USD 14.58 billion, and by 2032, it is anticipated to increase by USD 45.35 with a CAGR of 16.24% over the forecast period.

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Doctors and other medical professionals can use voice recognition software in smartphones to convert their speech into a detailed clinical description that is stored in the EHR (Electronic Health Record) system. The rising usage of voice-enabled IoT devices in smart home automation is anticipated to drive the AI speech recognition market in the near future. Owing to the IoT-enabled devices provide cutting-edge user experiences in addition to more traditional ones like touch screens and buttons, many traditionally offline gadgets may benefit from them.

Due to increased internet usage, changing lifestyles, and consumers spending more on media, entertainment, and mobile communication, laptops, and smartphones that have voice and speech recognition software have surged. Furthermore, a number of firms are updating speech and voice recognition software and releasing novel products in an effort to maintain their place in the global AI speech recognition market. For instance, Google recently announced the debut of Google Duplex, which enables users to have a conversation naturally and assists them in making bookings.

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The development of smartphones and cloud computing, according to chief analyst Mark Beccue, was the major game-changer for this sector. "Speech recognition technology has been available for quite a while," he adds. "In only a few short years, artificial intelligence algorithms have greatly increased the accuracy rates for voice and speech recognition, and these new capabilities are enabling a larger range of applications for spoken interfaces across many industrial sectors."

Microsoft entirely acquired Nuance Communications, a maker of voice recognition software powered by AI, in March 2022. In particular, Microsoft is certain that Nuance will improve its conversational AI capabilities in the financial services, telecoms, and retail industries. Microsoft said that the largest effects will be felt in the healthcare sector, where Nuance's voice recognition technology is extensively employed.

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