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Voice recognition is the future of everything. We are living in the world of IoT, where every modern device around us is connected with each other via the internet. Is there an escape? No, or you'd be a caveman. Much like the movie Back To The Future, if you managed to somehow go back in time with your iPhone and asked, "Hey Siri, what is today's date?", there would be two outcomes. Firstly, Siri wouldn't respond because the technology didn't exist..say in 1987, and secondly, if Siri does respond, you would freak everyone around you with a talking rectangle. Now picture the same scenario but in the future. You'd be so out-of-date if you didn't have a talking rectangle. That is how the future of voice and speech recognition looks like.
Voice and speech recognition is a part of the biometrics systems that authorized contactless control of various devices ranging from computers, smartphones, and smart devices. Besides the convenience, voice and speech recognition technology has other benefits like increased speed and accuracy, better security features, and overall improved efficiency of the device. The growing acceptance of voice-enabled technologies, customer demands for smart devices are the key factors that are leveraging voice recognition technology. According to a market report research by Meticulous Research, the speech and voice recognition market globally is expected to reach $26.79 billion by 2025.
With the increase in the use of AI in automobiles, healthcare, and electronics, the demand for voice-enabled technology also saw a rise. In 2018, approximately 9.5 million people in the U.K started using smart speakers which were 98.6% more than the numbers in 2017. According to a survey in 2019 by Smart Home Week digital magazine, about 57% of all homes in the U.K are using smart devices and nearly 45% of consumers are likely to upgrade to advanced smart home devices. Due to this demand, we are now witnessing a flood of voice and speech-enabled devices in the hospitality industry, as wearable gadgets, connected cars, and consumer electronics.
The voice recognition market is categorized by:
On the basis of type, speech recognition had the largest share in the overall speech and voice recognition market in 2020. This is because of the increased usage of voice assistants and devices.
On the basis of technology, the AI segment accounted for the largest share in the voice recognition market in 2020. This is attributed to the increased employment of AI-powered voice applications in industries like education and e-commerce.
Based on who the end-user is, the automobile sector held the largest share due to the increased integration of voice-enabled car infotainment systems. At the same time, the healthcare industry is quickly catching up with increased investment in R&D for exploring more applications of this voice recognition technology.
Geographically speaking, North America dominated the global voice recognition market in 2020, followed by Asia-Pacific and Europe. North America's growing adoption of disruptive technologies and easy availability of voice-enabled devices resulted in the largest share.
5 Voice Recognition Companies With Hefty Funding
Based out of China, Mobvoi is an AI company that developed voice recognition in Chinese, natural language processing, and vertical search technology. All this with a funding of $252.7 million.
Founded in the USA, this company develops voice-enabled AI and conversational intelligence technologies. SoundHound creates technologies that support speech-to-meaning engines and deep meaning understanding that can be incorporated into other devices. With a funding of $115 million, it also develops applications for music recognition and voice assistant for search.
Another company based out of China, Liulishuo helps people learn English efficiently in a way they can communicate with the world with the help of cutting-edge AI technology and innovative product designs. Liulishuo has a funding of $100 million.
Otter.ai from the USA with a funding of $63 million. The company offers an AI transcription service to capture, search, and share meetings, lectures, and live events.
With a funding of $60.8 million, US-based company Invoca offers complete call intelligence for businesses. Its machine learning algorithms analyze live phone conversations to understand caller intent and outcomes. Marketing professionals can use this information to make better decisions on PPC bidding strategy, digital retargeting audiences, etc.
To know about more companies who are innovating in the speech and voice recognition tech industry, click here.
