The voice recognition industry is experiencing growth like never before. According to the Global Automotive Voice Recognition Market 2014-2018 report, the technology will grow at the compound annual growth rate of 10.59 per cent till 2018.
In a an article published on April 23 2014, online magazine Speech Technology quotes research from UK-based analyst firm CompaniesandMarkets.com, which suggests that the sector will be worth a whopping $113 billion by the end of 2017.
With these impressive facts and figures, it is little wonder that Australians are following suit and embracing voice recognition technology. Whether it is the healthcare industry or on the legal front, professionals are beginning to realise the time and cost saving that comes with adopting the cutting-edge solution.
A brief history of voice recognition
The story of voice recognition is as intriguing as the technology itself. Perhaps the foundation of the technology was laid in the early 20th century with the use of "transcribing pools", where by hundreds of workers transcribed dictation recorded earlier. Hollywood popularised the idea in the 1960s and 70s.
In modern times, software such as Dragon Naturally Speaking have made the notion a reality
Why does the technology work?
The speech-to-text technology is intelligent. Not only does a good voice recognition system, such as Dragon, recognise industry terms, but it's also gaining popularity because of the time and cost savings involved.
For example, Dragon Legal has an extensive vocabulary of legal terms. This means that lawyers no longer have to dictate terminology and jargon.
In addition to this the software is estimated to work at rate that is around three times faster than typing, with a 99 per cent accuracy.
The post Voice Recognition set to experience unprecedented growth appeared first on Speech Recognition Blog.