Voice Recognition Market to Reach USD 15.98 billion by 2031, Growing at 16.4% CAGR | SkyQuest Technology

Skyquest Technology

Voice Recognition Market size was valued at USD 4.07 billion in 2022 and is poised to grow from USD 4.74 billion in 2023 to USD 15.98 billion by 2031, growing at a CAGR of 16.4% during the forecast period (2024-2031). 

The voice recognition market has grown immensely, far beyond after-sales service and helplines. It is widely seen on computers and smartphones. Also, demands from industries like healthcare, banking, marketing, and more are considerably driving the voice recognition market.

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The banking and financial industry utilizes voice recognition to decrease friction for its clients. Voice-enabled banking could majorly eliminate human customer service and lessen employee costs. A personalized banking assistant can return better loyalty and customer satisfaction. In the workplace, speech recognition technology has transformed into integrating simpler jobs to boost efficiency. In places where seconds are essential and sterile operating environments are important, quick and hands-free access to information can remarkably impact medical efficiency and patient safety. Voice search promises to add a fresh dimension to how marketers can reach a larger audience. With changes in the way people communicate with their gadgets, marketers must essentially adopt trends in user behavior and data.

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Natural Language Processing to Play Crucial Role in Shaping Voice Technology in Future

Since voice-enabled software boundaries continue to attract many, the developers must also implement the trend and integrate voice technology in their processes. This will help them to develop more user-friendly and innovative applications to improve user experience. In the past years, Natural Language Processing has transformed voice technology. One innovation is the growth of deep learning algorithms, mainly in the neural network domain. These algorithms can capably process and study huge quantities of natural language data, allowing gadgets to comprehend context, intent, and sentiment with high precision. Looking ahead, the NLP future in voice technology is highly favorable. With the present R&D in domains, such as machine learning, voice biometrics, deep learning the world can expect more improved and smart voice-based applications in the near future. These improvements will not just enhance user experience, but also open potential for companies to leverage NLP in their services and products.

• In June 2024, Deepgram, a foundational AI company declared its acquiring of Poised. This strategic acquirement comprises Poised’s proprietary integrations and technology, and also the main associates of its engineering group.
• In April 2024, Assembly AI, an AI-as-a-service provider launched a novel speech recognition model, known as Universal-1. The model is competent and used on over 12.5 million multilingual audio data hours. The firm says it excels with speech-to-text precision in Spanish, English, German and French.
• In June 2024, SoundHound AI announced acquiring of Allset’s key assets, an e-food ordering platform, with an aim to strengthen the voice artificial intelligence businesses’ presence in the restaurant sector.
• In March 2022, Baidu AI Cloud, an AI cloud provider, launched an AI sign language solution. This platform can capably generate digital avatars for live interpretation and sign language translation in just a few minutes. The platform aims to help slowdown or remove barriers of communication for the deaf & hard-of-hearing class people by increasing the convenience of automated sign language translation.

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With constant improvements in technology, NLP will play a major role in voice recognition. Companies can stay ahead of the competition and offer highly innovative solutions to customers by staying updated regarding recent improvements. The future is exciting, and it is even thrilling to imagine the potential lying ahead for Natural Language Processing and voice-technology applications.

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