Speechrecognition is a technology used in various devices such as cars, smartphones,and computers. It enables systems to identify the sound of spoken words andconvert them into machine readable form. This useful technology was introducedto the world by leading speech and voice recognition companies.

They have developed a technology that uses linguistic units for speech and audiosignals. These signals are measured by word error rate which helps to identifythe inaccuracies occurred while processing. Moreover, there are numerous companies that have developed popular technologies like Amazon Alexa, Google’sGoogle assistant, Apple Siri, and Microsoft Cortana.

Thisnew technology enables easy accessibility of interaction by people to theirdevices. The purpose of a speech technology is to increase speed, accuracy, andhelp improve the efficiency of the system. This has led to the mainstreamadoption of technology being made by the top companies.

Growth of speech and voicerecognition market globally
Speechand voice recognition companies’ market cap was USD 8.83 billion in 2019, as per Global Speech and Voice RecognitionCompanies’ Market Report. Verified Market Research analysts projected its value toreach USD 33.62 billion by 2027. This indicates towards a CAGR of 19.63% from 2020to 2027.

Thenotable factors positively affecting the speech and voice recognitioncompanies’ market include increase in demand for speech recognition inautomotive, increase in demand for voice biometric systems for userauthentication, and high growth potential in healthcare application.

Increasingdemand for speech recognition in automotive will pave the way for this market’sglobal expansion. Technological advancements in speech and voice solutions suchas voice dialing or voice biometric enhanced performances of connected devicesin the car are the latest inventions trending in the market.

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Speechrecognition is used in the car for remote control and navigation systems. Theuser is required to command through a microphone installed in the remotecontrol of the car. In addition, rise in demand for voice-driven navigationsystems is expected to drive this market ahead in the hardware and softwaresegments.

Dueto growing use of automation service, the speech and voice recognitiontechnology is gaining momentum across the globe. Millennials are majorly usingthis form of technology.

Top 7 speech and voicerecognition companies internationally
Google
Google has fascinated the world with all of its products andservices. From the best search engine to smartphones, Google has always managedto bring out the best for its customers across the globe. Even now, the companycontinues to explore new ways to deliver new technologies. Also, Google is oneof the founding members of this segment.

IBM
IBM is one of the world’s first tech brands to introduce digitaltransformation. It has been at the forefront of innovative technologies. IBM isalso one of the oldest companies in the world that continues to offer the mostadvanced solutions that align with its eco-friendly goals.

Nuance
Nuance is amplifying the capabilities of the tech industry sothat it can realize its true potential. It delivers intelligent solutions usingits world-class R&D division. It aims to transform the voice-basedinteraction industry by serving individuals with AI-powered solutions.

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Microsoft
Microsoft is a well-known tech company. This‘billion dollar’ brand has helped many industries to scale up their operations.For the speech and voice recognition industry, Microsoft keeps on innovatingnew methods to serve consumers in a better way. This tech giant is also knownfor its biggest network of sales.

Apple
Apple is the company that introduced the concept of interactivetech to the world. The company is regarded as one of the most reliable brandsin the international market. The company offers premium quality products acrossall continents.

Amazon Web Services
Amazon Web Services is one of thefastest growing multinational organizations. The company operates under itsparent organization- Amazon. It is known for delivering the most uniqueconsumer-centric solutions. Due to this, AWS is highly regarded as the bestoption, when it comes to interaction, among the leading speech and voicerecognition companies.

Baidu
Baidu has been regularly making life simpler by clearing thecomplexities of businesses using technological advancements. The companyfocuses on building the best technology the world has ever seen, just like themeaning of its name.

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