During the past several years, the global speech analytics market has experienced rapid growth. The advancement of Big Data and deep learning algorithms, coupled with an increase in computing capacity, has significantly enhanced speech analysis denmark telegram data capabilities. This resulted in the emergence of new application areas and a higher demand for speech recognition technology.
It is not surprising that the technology needs of sales, marketing, and service departments became one of the key drivers in the market. After all, the benefits of speech recognition technology lay in how it drives revenue growth and efficiency while reducing costs across various business processes.
AI-Based Contact Center Right in Your CRM
Full-featured Inbound & Outbound call center with AI-based agent scoring and call analytics.
Recognizing the ultimate benefits ofthe speech analytics technology for their business, many organizations began to actively adopt it in their business applications. Speech analytics enables these organizations to effectively collect, structure, and analyze large volumes of customer and prospect data passing through their front offices.
Get a sneak peak at how Velvetech tamed Speech Recognition for an Insurance Company
How Does Speech Recognition Software Work?
So what is speech recognition software? top features of effective insurance crm software Basically, this type of software captures human speech, breaks it into words, and finally focuses on transcribing verbal form into text.
Using the algorithms, this software processes an audio track and divides it into separate sounds, scrutinizing each to find the match in a chosen language. Specifically, the speech is split into bits that can be easily interpreted and converted into a digital format to be further analyzed.
The solution is widely applied across various industries. However, based on the experience of our software developers, call center operations are the major processes that require the implementation of automatic speech recognition.
What Technologies Are Used in Speech Recognition Solutions?
Now that you know how speech recognition software works and how it is used, let’s briefly cover the technologies that ensure such capabilities.
Basically, the solution relies on artificial intelligence ew leads and machine learning. Going into more detail, it highly depends on natural language processing and deep learning neural networks.
Of course, there are many more algorithms involved in building speech recognition software. For example, Hidden Markov Models, N-grams, and Speaker Diarization all serve to empower the development of this tech tool.