Global Speech Recognition Market is Anticipated to Hit USD 16 Billion by 2023
According to Market Research Future (MRFR), the global Speech Recognition Market size is expected to reach USD 16 billion at a CAGR of 16% from 2017 to 2023 (forecast period). The report explores the strengths, opportunities, threats, and future business risks and offers a rigorous analysis of the global market situation with the results of COVID-19. Speech recognition is a technology used in various devices like smartphones, cars, and computers, enabling the system to recognize and convert the sound of spoken words into machine-readable forms. It uses linguistic units for both speech and audio signals. Such signals are measured by the word error rate (WER), which helps define the inaccuracies that occurred while processing. In addition, there is a range of speech recognition technologies such as Amazon Alexa, Google's Google Assistant, Apple Siri, and Microsoft Cortana that make it easy for people to communicate with their devices. The goal of speech technology is t...