Artificial intelligence (AI) innovations in speech recognition are on the rise
The speech recognition market is growing continuously 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.
Speech and speech recognition is a technology that helps to receive and interpret the human voice and to perform voice commands. This type of technology dramatically increases access to mobile devices and other consumer electronics due to improvements in a variety of capabilities such as network enhancement, data storage, open API integrations and more specifically artificial intelligence.
With the increasing use of artificial intelligence (AI) and virtual assistants, such as Apple Siri, Amazon Alexa, Google Assistant, new voice and audio solutions like Clubhouse as well as the increased use of online collaboration software like Microsoft Teams, Zoom or Cisco Webex, the demand for speech recognition software is accelerating. And we can’t forget agile innovators like TikTok, which is a video-focused social networking service owned by Chinese company ByteDance. The explosion of video and audio is increasing the value of AI-based speech recognition 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 businesses create 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 500 companies 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 information such as topics, feelings, and more.
What Assembly.ai has done is open up possibilities to enable deep learning, voice and feelings (NLP experts) to be able to access a powerful platform to innovate more profitably, but also to create a community of voice and speech experts passionate about unleashing the power of our voices.
These types of technologies provide many benefits to move our world forward: increased productivity in many businesses, like in healthcare to detect depression, analyze mood (s), reduce overhead when typing Customer sales notes as an automatic transcription allows immediate rankings from zoom calls etc., helping those with speech or sight problems.
I asked Dylan Fox for a few case studies of his clients and he told me that CallRail, an innovative call tracking software, uses Assembly.ai technology to help his clients derive insightful patterns from advertisements on digital billboards and to analyze the speech patterns of calls to the rich consumer. market needs, behaviors 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 the quality, quantity and frequency of video content production, uses technology from Assembly.ai to recommend video clips that would be most valuable in increasing the target buyer’s propensity to buy.
Other pioneering companies in the fields of voice recognition include the world’s number one voice coach, Roger Love, CEO of Emotional cloud. Roger brings his depth of voice to advance emotional speech detection in more precise speech recognition analyzes, not based on natural language methods, but instead tapping into affective computational domains.
Our everyday world as humans relies on our greatest instrument, our VOICE to communicate, with an increase in voice / audio file recordings from our podcasts, videos, new online tools and chat bots increasingly intelligent, the world will need solutions like Dylan and his team of engineers have developed on Assembly.ai to accelerate new products and services that wish to exploit these rich repositories of speech.
What’s important is that directors and CEOs should look at their business operations and ask themselves some of the following questions:
- what is our technological strategy to advance our voice recognition capabilities?
- how many data sources do we have that are speech compatible that could help us gain a competitive advantage?
- what percentage of our products and services take advantage of speech recognition features to create new communication channels?
- What are our competitors doing to advance voice recognition solutions in their ecosystems?
- how many AI-based solutions do we have leveraging voice, and
- do we have voice recognition skills and talents in our organization etc.
You want more information, read the key facts about the growth of the United States audio and video consumption habits market below.
According to EMarketer estimates:
- The time American adults have spent with digital audio has recorded a 8.3% growth for a total of 1 hour 29 minutes per day.
- Digital audio represented 11% of total media time per day for American adults in 2020 and will represent 11.7% in 2021 Where 1 hour and 34 minutes per day.
- In 2022, the average listening time is expected to drop to 1 hour and 37 minutes per day.
- Active digital audio listeners spent 2 hours and 5 minutes per day on audio in 2020 and will likely add an additional 5 minutes this year.
- Over 70% of American adults listened to digital audio content at least once a month in 2020, and 91.7% of this happened via mobile.
Podcasting is a term familiar to 222 million Where 78% of the population in the United States, continuing to grow significantly and steadily as its global audience is more diverse than ever.
- On 162 million Where 57% of US citizens over the age of 12 have listened to a podcast at least once.
- About 116 million Where 41% of the American population listens every month.
- Weekly podcast audiences include approximately 80 million people Where 28% of the total population of the United States over 12 years of age.
- On average, weekly podcast audiences listen to eight podcasts or 5.1 podcast shows.