The worldwide automatic speech recognition market is projected to expand at a spectacular rate from 2017 to 2022 (forecast period), according to a report on Radiant Insights, Inc. It can attain significant earnings till 2022. Automatic speech recognition (ASR) is a technology that allows humans to converse with machines. It is also known as automatic voice recognition (AVR) or voice-to-text.
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Global market growth can be primarily attributed to rising adoption of consumer electronic devices. Increasing use of voice assistants such as Siri and Cortana for assisting consumers in their daily tasks is projected to be a major stimulus for the market. Demand for biometric passwords to secure individual accounts is also expected to boost market volumes. This method can eliminate the use of a keyboard and improve efficiency of the system. Use of speech analytics such as phonemes to decipher human words is projected to further develop natural language processing (NLP), machine learning, and deep learning.
Advances in ASR can result in these systems moving beyond answering yes/no questions. An end-to-end ASR system has been proposed by researchers at Cornell University to create a wide convolution neural network (CNN) with residual connections. It needs a separate database consisting of frequently used language and speech syntaxes in order to evolve quickly. Inaccuracy in recognizing human syntax seems to be the biggest hurdle faced by the market. Furthermore, lack of information technology (IT) infrastructure and dearth of experts can deter market growth.
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Regions studied in the automatic speech recognition market report include India, Japan, China, United States, European Union (EU), and Southeast Asia. The China market may dominate during the forecast period due to successful advances in its speech recognition systems. Baidu, the Chinese search giant, has developed Deep Speech, the Chinese counterpart to Google’s DeepMind. It can reportedly reply to queries in Mandarin and English. In addition, the system can learn faster due to high number of mobile users.
The global automatic speech recognition market is segmented by type, application, and region. By type, the market is bifurcated into speaker-independent and speaker-dependent speech recognition system. Major applications include home appliances, interactive voice response, video games, and robotics.
The Japan market has registered success with the implementation of ASR systems in the Japanese parliament to recognize debates. These systems have a good track record of recognizing various Japanese accents and transcribing accounts with only 10% error rate. Advances in deep neural learning as well as development of robotics are expected to augment the region’s market growth. The United States automatic speech recognition market is earnings since it is one of the earliest adopters of latest technologies. In addition, the growing healthcare sector in this region is expected to benefit from ARS by using it to transcribe patient data.
Key players in the automatic speech recognition market include Raytheon BBN Technologies; Microsoft Tellme Services; Dolbey Systems Inc.; Nuance Communications; and LumenVox. These players are filing patents in order to tackle intense competition. These patents can play a key role in lowering licensing costs and making adoption mainstream. Smart vehicles could be a lucrative talking point in the forthcoming years.
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Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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