(MENAFN- GlobeNewsWire - Nasdaq) New Delhi, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Audio recognition is a rapidly growing field within AI, as technology becomes more and more accurate at understanding and transcribing human speech. This demand is being driven by the increasing use of voice-activated assistants such as Siri, Google Assistant, and Alexa, as well as the growing popularity of podcasts and other audio content.
As accuracy improves, so too does the potential applications for audio AI recognition market. Businesses are already beginning to use the technology for things like customer service call transcription and automated meeting minutes. In the future, it could be used for things like real-time translation or help with tasks that require a human ear, such as quality control for manufacturing. The benefits of audio recognition are clear, and the demand is only going to continue to grow in the coming years.
Speech Recognition Segment Generates More than 72% Revenue but Not Without Challenges
Today, the speech recognition segment generates over 72% revenue in the global audio ai recognition market . This is mainly because of the increasing demand for these services by various organizations. However, there are several challenges that need to be addressed for this technology to become more widespread.
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One of the main issues with speech recognition is that it is often inaccurate and requires a lot of training data. Additionally, there is also a lack of standardization within the industry which makes it difficult to develop and deploy applications. However, these challenges will be overcome with time as developers improve their skills and create more accurate software.
Another challenge that needs to be addressed in the global audio AI recognition market is the scalability of speech recognition solutions. Right now, these solutions are mostly designed for small businesses or individuals who need simple functionality. As adoption increases, however, it will become increasingly difficult to scale up these solutions without compromising accuracy or functionality. This issue will eventually be resolved as developers create more scalable algorithms that can handle larger volumes of data.
Apart from this, current speech recognition technology faces is the large variation across individual speakers' accents and dialects. This variation makes it difficult for machines to accurately understand what a speaker is saying. To overcome this challenge in the audio AI recognition market, startups such as Wavefront Technologies Inc. are developing machine learning algorithms that can 'learn' how different dialects are pronounced and demystify accent differences for computers.
As more enterprises adopt Voice- Enable Technology (VET) and move towards customers having self-service experiences, speech recognition technology will become more popular.
Trends in Audio AI Recognition Market
Astute Analytica has identified three key areas where audio recognition technology will play a major role: automated dialogue systems (ADS), voice search, and voice authentication. ADSs are used to recognize human voices and understand what they are saying. Voice search helps you find information by speaking into a microphone. Voice authentication is used to ensure that a user is who they say they are.
One of the most important developments in the audio AI recognition market is the rise of deep learning algorithms. These algorithms can learn complex patterns in large amounts of data quickly and accurately. This has led to the development of more accurate ADSs and voice authentication technologies.
Another trend that we expect to emerge in the audio AI recognition market over the next few years is the move towards conversational AI interfaces. These interfaces allow users to interact with AI applications using natural language instead of traditional commands or menus. This makes it easier for users to access and use AI services without having any prior experience with them.
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Audio Recognition Can Unlock Business Opportunities in Retail and Consumer Services, Banking, Healthcare, Manufacturing and Logistics
According to Astute Analytica, audio recognition can unlock new business opportunities across a broad range of industries, including retail and consumer services, banking, healthcare, manufacturing and logistics. The technology has also been adopted by autonomous vehicles and voice-driven assistants.
In a recent our study of the audio AI recognition market, it was found that almost one-thirds of organizations plan to deploy AI-enabled audio recognition capabilities within the next three years. This rapid adoption is driven in part by the growing number of voice assistants and other forms of AI- enabled personal assistants (PA) available on smartphones and other devices.
One area where audio AI can be particularly helpful is in the customer service realm. For example, businesses could use it to answer basic questions (such as the name of a product) or provide more detailed information about a product or service (for example, describing how it works). Additionally, audio AI can be used to identify potential fraud or scams, such as when an automated call asks for bank account number or your Social Security number.
The use of voice-activated assistants (VAA) for controlling devices is ubiquitous and growing rapidly in the audio AI recognition market, with 70% of respondents stating that their organization uses VAA for some type of customer service or engagement activity. In particular, automotive manufacturers are leading the way with 87% of respondents reporting that they have deployed or are deploying VAA for customer service or engagement. Retailers, followed by transportation providers, healthcare organizations and restaurants all reported high levels of deployment for voice-activated AI.
Top 5 Players Generates around 60% Revenue of Global Audio AI Recognition Market
As the market continues to grow, Google, Amazon, iFLYTEK, and Nuance are leading the pack. In fact, according to a study by analysts at Astute Analytica, Google and Amazon generate more than half of the market revenue. Why is this important? First of all, these two companies have a massive user base. Second, they are investing heavily in AI Audio Recognition capabilities. Finally, they are able to charge high prices for their services because their customers trust them implicitly.
But there are other players in this market as well. iFLYTEK is another company that is doing well thanks to its strong partnerships with automotive firms and its ability to quickly develop new features. Nuance is also a major player in the Audio AI Recognition market and generates more than $1 billion annually in revenue from its products. One reason for Nuance's dominance is that they have a strong presence across multiple industries. They have customers in both the tech and retail sectors. Their product offerings also cover a wide range of technologies, including voice search, speaker recognition, and digital assistants.
The key to Nuance's success lies in their patented technology platform. This platform allows them to rapidly develop new features and applications for their products. This allows them to stay ahead of the competition and maintain market leadership.
Top Players in the Global Audio AI Recognition Market
Amazon.com, Inc. Google Uniphore Speechmatics SoapBox Labs Otter.ai Verbit Mobvoi Nuance iFLYTEK Sensory Other prominent players
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Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
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