Speech Recognition to Unlock Huge Potential in the Future

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Technology is conquering every arena. New inventions and devices are adding luxuries to life, making it easier for everyone. Speech recognition is one such technology.

With the ability to receive, interpret, and understand voice and follow commands, the technology has eased the process of generating documents. Its wide applications have increased adoption in various sectors, including consumer electronics, healthcare, automotive, enterprises, and others. In terms of advancements, speech recognition has integrated various advancements to other technologies.

Alexa and Google Home are among the most predominant instances of how speech recognition has made controlling digital devices easier. They are now the best examples of the integration of computer and machine learning to better understand the human voice. Apart from this, speech recognition technology has aided people with visual and hearing impairments with features such as screen readers, text-to-speech dictation systems, and audio-to-text conversion technology.

The advent of hands-free technology has further expanded its adoption, especially in the automobile industry. Apple's Siri and Google Maps are among the incredibly useful speech recognition technologies. These applications have not only enhanced the traveling experience but also reduced the chances of getting lost. Moreover, speech recognition has completely changed the interaction of people with their devices, systems, homes, and cars. And manufacturers are increasingly focusing on more innovations and advancements.

Presently, a number of activities are thriving in the field as market players adopt new strategies. New product launches are among their most popular strategies. Recently, transcosmos released transpeech2.0, an upgraded speech recognition solution for contact centers. This advanced speech recognition solution offers a newly developed quality control platform and AI defender to modernize operations in contact centers and provide improved quality of customer service.

Since automation is expected to rule the future, speech recognition is expected to assist hand in hand. Development in the automotive industry is  proliferating the growth of the speech recognition industry. SoundHound, a leading audio and speech recognition manufacturer, collaborated with Hyundai to integrate itsHoundyfy Voice AI platform with Hyundai's 2021 Elantra and Elantra Hybrid models. The advanced natural language technology aims to provide extraordinary speed and precision in voice recognition and responses, allowing the voice assistant to maintain conversational continuity with its exclusive context-aware technology.

Speech recognition technology has already become a part of our regular lives. New advancements in voice dialing and voice biometrics have expanded the performance of connected devices. Researchers are further initiating to bring more advancements with innovative intelligent systems to enhance the understanding of conversational speech.

According to a report published by Allied Market Research, the global speech recognition market is is expected to see a compounded annual growth rate of 19.9 percent through 2026. Growing demand for speech recognition in the automotive industry and for voice biometric systems for user authentication are the major factors contributing to that growth. At the same time, the high growth potential in healthcare applications notably enhances the demand furthermore.

The upsurge in the adoption of speech recognitionin the consumer verticals and the advent of speech recognition in robotics will provide lucrative opportunities for market players in years to come. Strategies by market players to expand their businesses and meet customer demand are expected to enhance the prospects in the industry. New and innovative speech recognition solutions and further research and developments would assist the market to grow exponentially.

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