A Market to Harness: Speech Recognition Artificial Intelligence (AI) Innovations On The Rise Posted on : Dec 24 - 2021

The voice recognition market is under continued market growth and is expected to reach USD $27.155 billion by 2026, at a CAGR of 16.8% over the forecast period 2021 - 2026, according to Mordor Intelligence.

Voice and speech recognition is technology that assists in receiving and interpreting the human voice and carrying out spoken commands. This type of technology is widely increasing in access to mobile devices and other consumer electronics due to improvements from a variety of capabilities from network improvements, data storage, open API integrations and most notably from Artificial Intelligence.

With the rising use of artificial intelligence (AI) and virtual assistants, such as Apple Siri, Amazon Alexa, Google Assistant, new voice and audio solutions like Clubhouse plus the increased use of online collaboration software like Microsoft Teams, Zoom or Cisco’s Webex, the demand for speech recognition software is accelerating. And we cannot forget about the agile innovators like TikTok, that is a video-focused social networking service owned by Chinese company ByteDance. The explosion of video and audio is ramping up the value of speech recognition AI driven software solutions.

This month, I had the opportunity to interview the CEO and Co-Founder of Assembly.ai, Dylan Fox, a brilliant software engineer committed to helping companies build more accurate speech recognition and transcription solutions to unlock richer insights and bring new customer solutions to market. AssemblyAI’s Speech-to-Text API is trusted by Fortune 500s like Dow Jones, NBC Universal, the BBC, startups, and thousands of developers around the world. The company accurately transcribes audio and video files with a simple API. Extract insights like topics, sentiment, and much more.

What Assembly.ai has done is open up the possibilities of enabling deep learning, voice, and sentiment (NLP experts) to be able to access a powerful platform to innovate more cost effectively from but also build a community of voice and speech experts passionate about unlocking the power of our voices.

There are so many benefits that these types of technologies provide to advance our world forward from: increasing productivity in many businesses, such as in healthcare to detect depression, to analyze mood(s), reduce overhead in typing up client sales notes as automatic transcription allows immediate filings from zoom calls, etc, helping those with speech or sight challenges.

I asked Dylan Fox for a couple of his client case studies and he shared that CallRail, an innovative call tracking software, is using Assembly.ai technology to help its clients derive insightful patterns from digital billboard ads and parsing speech patterns from calls into rich consumer market needs, behaviours to advance sales opportunities or help identify new product innovations. MilkVideo.com, another client, has developed a video editing tool, for marketing and sales teams looking to increase quality, quantity and frequency of video content production is using Assembly.ai’s technology to recommend video clips that would have the most value to increase a target buyer’s propensity to purchase. View more