Global Voice Recognition and Artificial Intelligence Market to Exceed Valuation of US$ 14,070.7 Million by 2030 – Astute Analytica

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The global Voice Recognition and Artificial Intelligence market was estimated to be around USD 4,067.5 Million in 2021 and is expected to pass the valuation of USD 14,070.7 Million by 2030 at a CAGR of 15.83% during the forecast period 2022-2030.

NEW DELHI, Nov. 22, 2022 (GLOBE NEWSWIRE) — Voice recognition is a rapidly growing field within artificial intelligence, as the technology becomes more accurate at understanding and transcribing human speech. This demand is being driven by the increasing use of voice-activated assistants such as Siri, Google Assistant, and Alexa, as well as the growing popularity of podcasts and other audio content.

As the accuracy improves, so do the potential applications of the AI ​​voice recognition market. Companies have already started using the technology for things like transcribe customer service calls and automated meeting minutes. In the future, it could be used for things like real-time translation or assisting with tasks that require a human ear, like quality control for manufacturing. The benefits of voice recognition are clear, and the demand will only continue to grow in the coming years.

The speech recognition segment generates over 72% of revenue but it is not without challenges

Today, the speech recognition sector generates more than 72% of the revenue in the world Global AI voice recognition market. This is mainly due to the increasing demand for these services by various organisations. However, there are many challenges that need to be addressed in order for this technology to become more widespread.

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One of the main problems with speech recognition is that it is often imprecise and requires a lot of training data. Additionally, there is also a lack of standardization within the industry which makes it difficult to develop and deploy applications. However, these challenges will be overcome over time as developers improve their skills and create more accurate software.

Another challenge that needs to be addressed in the global AI recognition market is the scalability of speech recognition solutions. Currently, these solutions are mostly designed for small businesses or individuals who need simple functionality. And as adoption increases, it will become increasingly difficult to scale these solutions without compromising accuracy or functionality. This problem will eventually be resolved as developers create more scalable algorithms that can handle larger amounts of data.

Apart from this, the current facets of speech recognition technology is the significant difference across the dialects and dialects of individual speakers. This difference makes it difficult for machines to accurately understand what a speaker is saying. To overcome this challenge in the AI ​​voice recognition market, startups such as Wavefront Technologies Inc. is developing machine learning algorithms that can “recognize” how different dialects are pronounced and demystify differences in dialects for computers.

As more organizations adopt voice-enabled technology (VET) and move toward customers with self-service experiences, speech recognition technology will become more common.

Trends in the AI ​​voice recognition market

Astute Analytica has identified three key areas in which voice recognition technology plays a major role: automated dialogue systems (ADS), voice search, and voice authentication. ADSs are used to recognize human voices and understand what they are saying. Voice search helps you find information by speaking into a microphone. Voice authentication is used to ensure that the user is who they say they are.

One of the most significant developments in the AI ​​voice recognition market is the emergence of deep learning algorithms. These algorithms can quickly and accurately learn complex patterns in large amounts of data. This has led to the development of more accurate advertising and voice authentication technologies.

Another trend that we expect to emerge in the AI ​​voice recognition market over the next few years is the move towards conversational AI interfaces. These interfaces allow users to interact with AI applications using natural language rather than traditional commands or menus. This makes it easier for users to access and use AI services without having any prior experience with them.

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Voice recognition could unlock business opportunities in retail and consumer services, banking, healthcare, manufacturing, and logistics

According to Astute Analytica, voice recognition could open up new business opportunities across a broad range of industries, including retail and consumer services, banking, healthcare, manufacturing, and logistics. This technology has also been adopted by self-driving vehicles and voice assistants.

In our recent study of the AI ​​voice recognition market, it was found that nearly a third of organizations plan to deploy AI voice recognition capabilities within the next three years. This rapid adoption is driven in part by the growing number of voice assistants and other forms of AI-powered personal assistants (PA) available on smartphones and other devices.

One area where voice AI can be particularly useful is in the area of ​​customer service. For example, companies can use it to answer basic questions (such as the name of a product) or provide more detailed information about a product or service (for example, describing how it works). In addition, voice AI can be used to identify potential scams or fraud, such as when an automated call asks for your bank account number or social security number.

The use of voice-activated assistants (VAA) to control devices is ubiquitous and rapidly growing in the AI ​​voice recognition market, with 70% of respondents stating that their organization uses VAA for some type of customer service or engagement activity. In particular, auto manufacturers lead the way with 87% of respondents reporting that they have published or are publishing a VAA for customer service or engagement. Retailers, followed by transportation service providers, healthcare organizations and restaurants, reported high levels of deployment for voice-activated AI.

The top 5 players generate about 60% of the global voice AI recognition market revenue

As the market continues to grow, Google, Amazon, iFLYTEK, and Nuance are leading the pack. In fact, according to a study by analysts at Astute Analytica, Google and Amazon generate more than half of the market revenue. Why is this important? First of all, these two companies have a huge user base. Second, they are investing heavily in AI voice recognition capabilities. Finally, they can charge high prices for their services because their customers trust them implicitly.

But there are other players in this market as well. iFLYTEK is another company that is doing well thanks to its strong partnerships with car companies and its ability to quickly develop new features. Nuance is also a major player in the voice recognition and artificial intelligence market and generates over $1 billion in revenue annually from its products. One of the reasons for Nuance’s dominance is that it has a strong presence in many industries. They have clients in both the technology and retail sectors. Their product offerings also cover a wide range of technologies, including voice search, speaker recognition, and digital assistants.

The key to Nuance’s success lies in its patented technology platform. This platform allows them to quickly develop new features and applications for their products. This allows them to stay ahead of the competition and maintain their market leadership.

The leading players in the global AI Voice Recognition Market

  • Amazon.com, Inc.

  • The Google

  • Uniphore

  • talk

  • SoapBox Labs

  • Otter. ai

  • an act

  • Mobvoi

  • a small difference

  • iFLYTEK

  • sensory

  • Other notable players

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