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Speech & Voice Recognition Solutions Market Report by Type, Application and Regional Outlook

Speech & voice recognition solutions are software programs that work by analyzing sounds and converting them to text. These solutions apply the probability and knowledge of how English is usually spoken to decide what the speaker said. The recognition rate of speech & voice recognition solutions is nearly 95% if an individual speaks with clarity.

Speech & voice recognition solutions are generally a substitute for typing on a keyboard. The solution was developed to provide a fast method of writing on a computer and can help people with disabilities.

Demand for speech & voice recognition solutions is also spiked by the demand of smartphones and smart devices has increased rapidly across the globe in the past few years. Demand for smartphones is increasing rapidly within developing countries such as India, China, Indonesia, and Malaysia. Within North America, adoption of smartphones is already very high whereas usage of smart devices such as smart watches and smart wearable are increasing annually at a healthy CAGR. Demand for these devices is eventually driving the demand for speech & voice recognition solutions.

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Rising Demand for Speech-Based Biometric Systems for Multifactor Authentication

Demand for multiple authentication systems across the globe is increasing. Industries such as banking and healthcare have adopted speech-based biometric systems to access information. The identification system industry is highly volatile in nature where new and updated technology is preferred by end-users for authentication. Demand for speech & voice recognition solutions is thus increasing with the increasing demand for speech-based biometric systems..

Established in 1975, Microsoft Corporation is headquartered in Washington, the U.S. Microsoft is a technology firm offering customers with solutions and services, broadly categorized under the following business segments – Productivity and Business Processes, Intelligent Cloud, and Personal Computing. The Speech to Text API of Microsoft Corporation is part of Azure Cognitive Speech Services.

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