Press release
Voice and Speech Recognition Market Will Advance at a 15% CAGR
The progression of this industry is primarily because of the improvements in AI tech, the surging necessity for voice-integrated navigation & workplace systems, as well as the surging utilization of cutting-edge electronic products.
The speech recognition category, based on function, is leading the industry. Smartphones and automobiles are ideal platforms for speech recognition applications. The surging consumer fondness for mobility is resulting in the requirement for the obtainability of services and information anywhere at any time.
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Moreover, speech recognition services based on the cloud can provide expense savings for organizations and highly improve the experience of consumers. In addition, this technology enables radiologists or healthcare providers to keep extensive patient records, therefore, lessening the time of turnaround, as well as assisting the workers in the maintenance of patient records.
The AI-based category, based on technology, will advance at a faster rate in the years to come. This is because such technology can accurately detect many speech patterns. Moreover, the surging implementation of natural language processing and machine learning will further boost the progression of AI-based technologies.
The voice and speech recognition market is dominated by the healthcare category. This is because of the mounting utilization of speech recognition for storing info in electronic health records. This approach enables healthcare professionals to access electronic health records via voice command.
Moreover, the automotive category accounted for a substantial share of the industry. Voice-assisted infotainment systems inform the users about the conditions of the road or traffic and recommend another possible route.
North America is leading the voice and speech recognition industry, and it will remain leading in the years to come. This can be primarily attributed to the surging utilization of voice-powered apps in customer electronics, IoT devices, and mobile banking.
Moreover, the progression of the regional industry is also enhanced by the expanding rate of digitalization, increasing usage of enhanced technologies, for instance, big data and the Internet of Things, as well as the surging necessity for speech analytics or various other contact center software variants.
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APAC is likely to propel at the highest rate in the years to come. This can be attributed to the mounting need for speech & voice recognition in Japan, Singapore, and China. This can be because of the surging usage of voice-assisted products in the sectors of healthcare and automobile.
Additionally, the growing developments in healthcare and various other sectors in APAC will further boost the progression of the regional industry.
With the surging utilization of cutting-edge electronic products all over the world, the voice and speech recognition industry will continue to progress in the years to come.
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