Typically, an accuracy level above 70% is considered “good,” meaning the software recognizes 70 words correctly out of every 100 words said. Inaccurate recognition is of no use and is often counterintuitive to productivity, as the error correction process takes more time than manual transcription or typing.

When a machine converts uttered speech into written text, it should be able to do so with moderate to high accuracy. When evaluating speech recognition software, one must consider the following key features: Professionals can utilize these tools to boost their productivity by using their voice as a machine-readable input. This will reach $22 billion by 2026 due to major advancements in AI systems.Įnterprises can purchase speech recognition software to automate common tasks like document creation. In 2021, the global speech and voice recognition market was worth approximately $8.3 billion as per research by MarketsandMarkets (published in August 2021). Just like human beings can recognize uttered speech, remember what is said, and respond appropriately, speech recognition technology endows machines with similar capabilities. Speech recognition software is a cognitive service that aims to replicate a human action. The ability to recognize and convert speech also produces comprehensible data for analysis – for example, analyzing call records by integrating it with a cloud contact center. For example, the software’s output can be used to run a voice-based search on voice-activated systems like virtual assistants and smart home appliances. While speech recognition software is primarily used for transcription, it can address a host of other use cases. Speech recognition software is defined as a technology that can process speech uttered in a natural language and convert it into readable text with a high degree of accuracy, using artificial intelligence (AI), machine learning (ML), and natural language (NLP) techniques.

Understanding Speech Recognition Software and Its Key Features Product Comparison of the Top Speech Recognition Software.Top 10 Speech Recognition Software and Platforms in 2022.Understanding Speech Recognition Software and Its Key Features.

The best speech to text software