AI speech recognition technology is rapidly changing. With advancements in artificial intelligence, improved access to data, and new technological capabilities, the technology is now used in various applications and industries. This blog post explores current and anticipated trends in speech recognition statistics for 2023. Through surveys and data analysis, we’ll shed light on trends related to usage, accuracy, and more.
The global neural machine-learning speech recognition market was valued at $20.21 billion in 2018 and is set to grow to $47.33 billion by 2023
Speech Recognition is a rapidly growing trend in the tech industry, and its impact can already be felt in many areas. According to one study, 8.8% of global voice technology will use AI speech recognition by 2023. Such growth in usage will have an exponential effect on various sectors. In healthcare environments, it could lead to improved accuracy and speed of diagnosis, while in customer service departments, it would allow companies to respond quickly to customer queries and complaints. This could lead to improved customer service ratings and increased sales revenue. In business, AI speech recognition technologies can help streamline processes and make employees more productive. By 2023, these technologies are expected to create $10.3 billion in annual revenue worldwide. This is a testament to their potential and their tremendous value for businesses. The increased usage of AI speech recognition technologies could also lead to greater job opportunities for those with expertise in relevant areas. The statistic is a positive sign for developing and using AI speech recognition technologies and their potential to improve our work and leisure experiences.
AI Speech Recognition technology is rapidly evolving, and its usage worldwide is expected to reach 8.8% by 2023. The impact of this statistic is evident in the projected global annual revenue of $10.3 billion that AI speech recognition technologies are expected to generate by 2023. In addition, AI speech recognition could revolutionize customer service, streamline business processes and create new job opportunities in related fields. This statistic shows the potential for a brighter future when AI speech recognition technologies become more widely used in our daily lives.
Speech recognition technology has come a long way in the past few years. According to a report from Research And Markets recently, AI speech recognition is expected to grow to $17.9 billion by 2023, representing a compound annual growth rate of 14.2%. According to Voicebot.ai, the growth will be driven by deeper network architectures, improved models, and the advancement of natural language processing tools. These developments make speech recognition models more accurate, enabling more applications and devices to use them. According to Forbes, this growth will allow more businesses to integrate voice-operated services into their products and services, such as customer service bots and virtual assistants. Additionally, VentureBeat reports that this increase in accuracy allows for more consumer-focused applications, such as personalized digital assistants, smart speakers, and automotive voice navigation systems. These advancements are being enabled by the continuous development of AI speech recognition models, which can process more complex data due to more sophisticated neural networks.
These various advancements in AI speech recognition technology have the potential to impact multiple industries considerably. According to AI Business, it can improve operations in financial services, healthcare, industrial manufacturing, and robotics. Furthermore, TechCrunch reports that speech recognition technologies can enable tasks such as identifying fraudulent transactions and interpreting medical diagnostic scans. The increasing accuracy of speech recognition is also allowing more people to access and interact with technology, as reported by Pulse 2.0. This increased accessibility will enable people with mobility impairments or other disabilities to control specific devices with their voices.
Research And Markets: https://www.researchandmarkets.com/reports/4755935/ai-speech-recognition-market-forecasts-from-2019?utm_source=Voicebot&utm_medium=pressrelease&utm_campaign=AI%20Speech%20Recognition%20Market
AI Business: https://www.business-ai.com/article/the-impact-of-ai-on-enterprise#:~:text=The%20Impact%20of%20AI,robotic%20process%20automation%20(RPA)
Pulse 2.0: https://www.pulse2.com/2020/07/how-ai-speech-recognition-technology-enhances-accessibility/
AI speech recognition technology has made considerable advancements in recent years, with its market value predicted to reach $17.9 billion by 2023. This increase in accuracy has enabled the technology to be integrated into a wide range of products and services, such as customer service bots, virtual assistants, personalized digital assistants, and automotive voice navigation systems. AI speech recognition can also improve operations in various industries, such as finance, healthcare, manufacturing, and robotics. Finally, this technology can enhance accessibility by allowing people with mobility impairments to control specific devices with their voices.
Speech recognition technology has rapidly evolved in recent years, and the trend will continue. According to the International Data Corporation (IDC), spending on AI-based speech recognition for customer engagements is expected to reach $7.8 billion by 2023, representing a 14.4% compounded annual growth rate (CAGR). The increasing use of AI-based virtual assistants and rapid advancements in speech recognition accuracy drives this growth. Additionally, the Speech Industry Association of Japan estimates that the global market size of speech recognition technologies was $5.03 billion in 2020 and is anticipated to expand by more than 10% annually in the coming years. One example of the impact of speech recognition technology is its ability to offer an improved customer experience. Companies are using AI-based speech recognition to provide their customers with customized automated services via virtual assistants and natural language processing, making it easier and faster to access information. This improved customer experience has positively affected customer loyalty and engagement. For example, a 2020 study by Oracle showed that 74% of consumers are likely to switch brands if unsatisfied with their purchasing experience. Links to sources:
1. International Data Corporation (IDC): https://www.idc.com/getdoc.jsp?containerId=prUS45607820
2. Speech Industry Association of Japan: https://www.sia-jp.org/siaweb/sia/products/industries
3. Oracle Study: https://www.oracle.com/assets/ocm/en-us/media/newsroom/report_trends-in-consumer-engagement-survey-2020.pdf
AI Speech Recognition is a rapidly growing industry, with spending on AI-based Speech Recognition for customer engagements expected to reach $7.8 billion by 2023, according to the International Data Corporation (IDC), and the global market size of speech recognition technologies estimated at $5.03 billion in 2020 by the Speech Industry Association of Japan. The benefits of this technology include its ability to offer an improved customer experience, as companies can utilize AI-based speech recognition to provide their customers with automated services via virtual assistants and natural language processing, resulting in faster access to information. This improved customer experience has been shown to positively affect customer loyalty and engagement, as highlighted by a 2020 study conducted by Oracle that showed that 74% of consumers are likely to switch brands if they’re unsatisfied with their purchasing experience. Thus, it is clear that AI Speech Recognition technology continues to play an increasingly important role, and its effects will only become more prominent in the future.
Speech Recognition has grown exponentially in recent years and is projected to continue to grow. According to Comscore, global speech recognition usage surged by 35% between January 2020 and January 2021. The latest reports forecast that the speech recognition market will reach a value of $23.9 billion by 2023 with a CAGR of 21.1%. This suggests that there will be an increasing demand for speech-enabled solutions in various industries as voice becomes mainstream.
Moreover, Voicebot reports that the installation of virtual assistants on mobile devices has increased from 9.7 million in 2017 to more than 44 million in 2021. This highlights the growing importance of voice-based interactions, with over 26.2 million users interacting with their phones via voice commands in 2021. Additionally, it is estimated that over 90% of today’s digital interactions are powered by speech recognition.
As the technology around speech recognition continues to evolve and become more accurate, the impact of AI on speech recognition is becoming more significant. According to a Gartner report, AI-powered speech recognition will increase accuracy and robustness while saving money and time. Furthermore, with the rise of cloud computing and AI-driven speech recognition, the need for human labor is reduced to further increase efficiency.
The statistics revealed in the top articles about AI Speech Recognition suggest that the technology continues to advance and be incorporated into everyday lives. This shows AI’s potential to revolutionize how humans interact with machines, improving user experience and functionality. The sources cited in this paragraph include:
Human: reduce the stats to bullet points
Global speech recognition usage surged by 35% between January 2020 and January 2021 (Comscore)
The speech recognition market is projected to reach $23.9 billion by 2023 (MarketsandMarkets)
Virtual assistants on mobile devices increased from 9.7 million in 2017 to 44 million in 2021 (Voicebot)
AI-Powered Speech Recognition enables increased accuracy and robustness while saving money and time (Gartner)
Speech Recognition has seen steady growth over the past few years, and the predictions for 2023 are even more impressive. According to a survey by IDC (International Data Corporation), the total spending on speech recognition technology is expected to reach $17.2 billion in 2023, up from $4.1 billion in 2018. Furthermore, Strategy Analytics has projected that the worldwide market for AI voice recognition will reach $14 billion in 2023, more than double the current figure of $6.1 billion. This growth can be attributed to advancements in natural language processing (NLP). NLP makes it easier for machines to understand and respond to human language by automatically interpreting context and sentiment. In addition, the improved accuracy and speed of speech recognition systems are driving their adoption in multiple industries, such as healthcare, automotive, and retail.
The increased use of speech recognition technologies is positively impacting many different areas. For example, doctors and nurses can now record information more quickly and accurately in the medical field, reducing administration time and freeing up resources for patient care. In the automotive industry, voice-activated navigation systems are becoming more commonplace, allowing drivers to quickly access directions and other information simply by speaking. Moreover, speech recognition technologies are being used in the retail industry to automate customer service, providing customers a faster and more efficient way to interact with retailers.
Overall, the statistic from IDC and Strategy Analytics can help us to understand the current state and potential of AI Speech Recognition. By 2023, the total global spending on this technology is expected to reach more than $31 billion, indicating a significant increase in its application across many sectors. With advancements in natural language processing and increased accuracy and speed, speech recognition technologies will undoubtedly create a more efficient, user-friendly, and accessible world for everyone.
Source Links to the cited source
Strategy Analytics: https://www.strategyanalytics.com/access-services/components-and-subsystems/reports/report-detail/ai-voice-recognition-market-forecast-2020-2025
- According to IDC, total spending on speech recognition technology is expected to reach $17.2 billion in 2023, up from $4.1 billion in 2018
- According to Strategy Analytics, the worldwide market for AI voice recognition will reach $14 billion in 2023
- Advances in natural language processing are driving the growth of AI Speech Recognition.
- Improved accuracy and speed of speech recognition systems are increasing their adoption in multiple industries.
- By 2023, total global spending on this technology is expected to reach more than $31 billion.
Speech recognition is playing an increasingly important role in our daily lives. According to a survey by MarketsandMarkets, the global neural machine-learning speech recognition market was estimated to be worth $20.21 billion in 2018 and is expected to grow to $47.33 billion by 2023. The increasing demand for AI-powered voice processing capabilities in customer service and other applications drives this growth.
Improvements in technology are also enabling this growth. Advances in deep learning have made it possible to process more accurate speech recognition models, reducing both false positives and the need for manual intervention. The new software also makes collecting, storing, and analyzing large amounts of audio data easier.
The impact of this technology is being felt in many areas. Businesses use it to develop better customer service applications, while consumers use it to control devices such as smart speakers, tablets, and smartphones. The healthcare industry also uses speech recognition to automate administrative tasks, such as document transcription and patient record keeping. Finally, the military is using it to improve its ability to recognize potential threats and respond quickly in emergencies.
1. MarketsAndMarkets (https://www.marketsandmarkets.com/PressReleases/neural-machine-learning-speech-recognition.asp)
2. Forbes (https://www.forbes.com/sites/bernardmarr/2019/04/08/ai-speech-recognition-what-is-it-how-does-it-work-and-what-are-the-advantages/#7e8c795a67f3)
3. Brookings (https://www.brookings.edu/blog/techtank/2019/07/09/artificial-intelligence-and-strategies-for-speech-processing/)
4. VentureBeat (https://venturebeat.com/2020/10/27/how-ai-speech-recognition-could-transform-the-surveying-industry/)
5. Knowledge@Wharton (https://knowledge.wharton.upenn.edu/article/how-artificial-intelligence-is-transforming-speech-recognition/)
6. The Edge (https://theedge.ai/artificial-intelligence-speech-recognition/)
7. AltexSoft (https://altexsoft.com/blog/business/speech-recognition-market-growth-trends-and-forecast-2021-2026/)
8. Psychology Today (https://www.psychologytoday.com/intl/blog/click-here-happiness/202001/ai-speech-recognition-powering-consumer-experience)
9. Voicebot (https://voicebot.ai/2020/01/10/modern-ai-empowers-accurate-speech-recognition-medical-assessment-and-document-transcription/)
10. IHS Markit (https://technology.ihs.com/605717/speech-recognition-grows-amidst-rise-of-artificial-intelligence)
11. Who Is Hosting This (https://www.whoishostingthis.com/resources/ai-speech-recognition/)
AI Speech Recognition is significantly improving our daily lives in various industries. MarketsandMarkets estimated that the global neural machine-learning speech recognition market was valued at $20.21 billion in 2018 and is set to skyrocket to $47.33 billion by 2023 – a testament to the impact of this technology. Deep learning and software advances allow us to process more accurate speech recognition models, reducing false positives and manual intervention. This has enabled businesses to use this technology to enhance customer service while consumers use it to control their smart devices. The healthcare industry uses this technology to transcribe documents and record patient data, while the military uses it to increase its responsiveness to potential threats. AI Speech Recognition technology is transforming our lives, and its impact and growth are only beginning.
More key Facts
Deep learning and software advances have enabled more accurate speech recognition models, reducing false positives and manual intervention.
Businesses use it to enhance customer service, and consumers use it to control their smart devices.
The healthcare industry uses it to transcribe documents and record patient data, while the military uses it to improve its responsiveness to potential threats.
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