Automatic speech recognition (ASR) is a technology used to convert words to text. This technology has far-reaching applications such as e-learning, interactive voice response (IVR), video games, robotics, and home appliances. The successful adoption of smartphones for everyday use has resulted in increased use of ASR. Intelligent voice assistants such as Siri and Google Voice Assistant that assist consumers in tasks such as finding movie timing, booking reservations, and low-traffic routes are the prime instances of this technology.
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The text-to-speech technology to record notes has been integral to the education of dyslexic and other differently abled students. According to various surveys in the Journal of Special Education Technology, the technology has been imperative in improving literacy rate among specially abled children.
IVR to Garner Tremendous Growth by 2022
One of the major market applications include IVR systems used in call centers to assist or troubleshoot customer queries. The IVR application segment is anticipated to grow tremendously over the forecast period. Contact centers or call centers have been employing speech analytics to improve the customer service. The agents at these centers rely on frequently used query terms to resolve customer queries rapidly. In addition, business owners can also provide suggestions to agents to improve their performance. The combination of IVR systems and speech recognition has resulted in tremendous dividends for call center owners.
Market Outlook
According to a report on Radiant Insights, Inc.; the global automatic speech recognition market is anticipated to attain impressive growth in terms of revenue by 2022. It is expected to enjoy a healthy CAGR over the forecast period (from 2017 to 2022) due to the proliferation of consumer electronic devices. The increasing reliance on intelligent voice assistants is predicted to contribute to market growth. Demand for advanced biometric passwords can also augment market volumes in near future.
Key market players include Nuance Communications; Raytheon BBN Technologies; LumenVox; and Microsoft Tellme Services. Recent developments focused on these manufacturers include reducing the ambient noise and reducing word error rate of voice-to-text transcriptions.
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