As we begin to rely more and more on voice recognition technology, the voice recognition market will continue to grow at a significant rate; It is expected to reach $27.155 billion by 2026! Voice and speech recognition is technology that helps interpret the human voice and carry out spoken commands. With the rising use of artificial intelligence (AI) in virtual assistants, such as Alexa, Siri, and Xina, the demand for speech recognition software is accelerating. The explosion of video and audio as an integral part of various social media platforms is also ramping up the value of speech recognition AI driven software solutions.
There are so many benefits that voice recognition technology can provide beyond our social media experience. It can be used to increase productivity in a variety of fields; from business to healthcare. Client sales notes and Zoom call transcripts could be automatically transcribed and saved. Employees with sight or speech challenges could have immediate access to information that would otherwise take additional labor to produce. In healthcare, voice recognition technology could be used to detect mood changes or mood disorders, such as depression.
As humans, we use our voice as our primary and most powerful tool to communicate with others. With an increased reliance on speech/audio file recordings in podcasts, videos, new online tools and increasingly intelligent chat bots, the world will require advancements in voice recognition to accelerate new products and services that want to tap into our best resource: our voices.
Is it a good market to invest in? Let us know what do you think!
