Artificial Intelligence for speech recognition market in India is anticipated to expand at a compound annual growth rate (CAGR) of ~65.17% during the forecast period (2019-2024), and is expected to reach a value of INR 14.61 Bn by 2024, from INR 0.67 Bn in 2018, according to Research and Markets (www.researchandmarkets.com).

This market growth can be attributed to the growing use of speech recognition technology for voice commands in call intelligence, voice-powered devices, voice software systems, and third-party voice apps, adds the research group. What’s more, industries such as ICT, healthcare, BFSI, and automobile are increasingly using AI-based speech recognition technology to enhance efficiency, gain insights, and identify pertinent information from large databases.

Dependency on AI and machine learning has increased with the launch of new voice-interactive devices like smartphones, smartwatches, and smart home appliances. These voice-enabled devices, compatible with Alexa and Google Assistant, are gaining immense popularity among Indian consumers. Currently, more than 50% of the population use at least one wearable device that is embedded with AI-based speech recognition technology.

Research and Markets says India is among the top five countries which has a large base of AI-driven start-ups. These start-ups provide solutions related to natural language processing (NLP), machine learning, and other technologies, and attract huge funding from investors who are keen on huge returns in the short run. Key investors in the AI-based speech recognition market include March Capital Partners, Sistema Asia, Accel Partners, and Ideaspring Capital.

Research and Markets says the market is currently dominated by voice-based assistants like Appleā€™s Siri, Cortana, Alexa, and Google Assistant. With a total of 22 scheduled languages and several hundred recognized dialects, companies are updating their databases with languages and dialects to remain competitive.