Top 7 speech and voice recognition
companies powering users’ lives
Speech recognition is a technology used in various devices such as cars, smartphones,
and computers. It enables systems to identify the sound of spoken words and convert
them into machine readable form. This useful technology was introduced to the world by
leading speech and voice recognition companies.
They have developed a technology that uses linguistic units for speech and audio
signals. These signals are measured by word error rate which helps to identify the
inaccuracies occurred while processing. Moreover, there are numerous companies that
have developed popular technologies like Amazon Alexa, Google’s Google assistant,
Apple Siri, and Microsoft Cortana.
This new technology enables easy accessibility of interaction by people to their devices.
The purpose of a speech technology is to increase speed, accuracy, and help improve
the efficiency of the system. This has led to the mainstream adoption of technology
being made by the top companies.
Growth of speech and voice recognition
Speech and voice recognition companies’ market cap was USD 8.83 billion in 2019, as
per Global Speech and Voice Recognition Companies’ Market Report. Verified
Market Research analysts projected its value to reach USD 33.62 billion by 2027. This
indicates towards a CAGR of 19.63% from 2020 to 2027.
The notable factors positively affecting the speech and voice recognition companies’
market include increase in demand for speech recognition in automotive, increase in
demand for voice biometric systems for user authentication, and high growth potential in
Increasing demand for speech recognition in automotive will pave the way for this
market’s global expansion. Technological advancements in speech and voice solutions
such as voice dialing or voice biometric enhanced performances of connected devices
in the car are the latest inventions trending in the market.
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