The size of the worldwide speech recognition in healthcare market is anticipated to increase at a compound annual growth rate (CAGR) of 20.6% from USD 3.8 billion in 2022 to USD 9.7 billion by 2032. The voice recognition market in the healthcare industry is expanding at a rapid pace because of a number of opportunities and trends. An outline of some of these developments and prospects is provided below.
Voice recognition technology has been embraced by the healthcare industry for a number of purposes, including remote monitoring, diagnosis, and patient identification. developments in natural language processing and AI speech recognition systems have been used increasingly often in the healthcare sector as a result of improvements in AI and natural language processing (NLP) technologies, which have improved speech recognition systems’ accuracy and dependability. With the use of NLP algorithms, human speech may be analyzed and understood, allowing voice recognition software to distinguish between various dialects, accents, and languages.
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Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Company
- Nuance Communications
- Amazon Web Services
- IBM Watson Health
- Meditech
- Microsoft Corporation
- M*Modal
- Dolbey Systems
- Vocera Communications
- 3M Health Information Systems
- Verint Systems
- Saykara
- Suki.AI
- Cedar AI
- Notable Health
Market Driver
The rising need for contactless technologies is one of the main reasons propelling voice recognition in the healthcare market. The necessity for contactless technologies has grown as a result of the pandemic since they lower the danger of infection and support social distancing customs. Consequently, speech recognition technology—which is contactless and can enhance patient and healthcare provider safety—is being included by healthcare institutions at an increasing rate. Healthcare personnel may communicate with patients via voice recognition technology without having to make physical touch. It may be applied, for instance, to remote monitoring, diagnostics, and patient identification.
Speech-to-text transcription is another use for this technology that can assist cut down on the time and effort needed for data entry and documentation while lowering the possibility of contamination from common surfaces. Additionally, to improve its capabilities, speech recognition technology may be coupled with other technologies like artificial intelligence (AI) and natural language processing (NLP). For example, NLP algorithms may assist in analyzing and comprehending human speech, allowing voice recognition systems to detect various accents, dialects, and languages, while AI algorithms can learn from patient data and help enhance the accuracy and efficiency of voice recognition systems. In the next years, voice recognition in the healthcare market is anticipated to develop as a result of the growing demand for contactless technologies in the industry as well as the rising use of speech recognition technology.
Recent Development
A new Dragon Ambient eXperience (DAX) service was unveiled by Nuance Communications in June 2020. During virtual consultations, this solution combines cutting-edge voice recognition technology to record and capture patient talks in real time. Healthcare practitioners may now safely and accurately record and analyze medical conversations with Amazon Web Services (AWS) new healthcare-focused speech recognition tool, Amazon Transcribe, which was introduced in August 2020.
IBM Watson Health and clinical documentation expert 3M Health Information Systems teamed up in October 2020 to incorporate 3M’s computer-assisted coding software—which aids healthcare practitioners in properly and effectively recording patient data—with its voice recognition technology. The Dragon Medical One platform from Nuance Communications will be integrated by Meditech into their electronic health record (EHR) system, allowing medical professionals to better correctly and effectively record patient care with speech recognition technology. This integration was announced in December 2020. With the intention of enhancing its healthcare solutions and incorporating speech recognition technology into its current products, such as Microsoft Teams, Microsoft announced in December 2020 that it would acquire voice recognition and artificial intelligence (AI) company Nuance Communications for USD 19.7 billion.
Scope of the Report
The research and projections included in this report cover global voice recognition in the healthcare market from the past to the present. An extensive research approach was used to establish the market estimations that are included in the study. Multiple research channels are used in the accepted research approach, including primary, secondary, and subject-related expert input. The Seasonal Affective Disorder Market is estimated by taking into account the impact of many economic, social, and political aspects in addition to the present market dynamics. The market data is also defined by different laws, government expenditures, and the expansion of research and development. The market projections take into account both favorable and unfavorable changes in the market.
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