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The speech recognition software market will reach $10.5 billion by 2030

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The global market for speech recognition software, valued at US$3.5 billion in 2021, is estimated to grow to more than US$10.5 billion by 2030.

According to the forecasts managed by the Regional Research Reports firm, the market for voice recognition software will experience a compound annual growth (CAGR) of 20.12% over the next seven years. This will mean that, by 2030, its valuation will reach 10.5 billion dollars.

This confirms that, although voice recognition Technologys are still at an early stage, they are experiencing notable progress and, especially in recent times, have developed by leaps and bounds.

These Technologys include digital assistants, virtual assistants, virtual agents, and interactive agents. These have made it possible to go from a simple chat interface in which the user entered text and received a canned response, to a robust tool with which users can chat.

This advance is largely due to the rise of artificial intelligence (AI) and natural language processing (NLP) software, as well as improvements in computing.

Using machine learning and deep learning, speech recognition technology can intelligently grow to understand a larger vocabulary and colloquial language, as well as provide more accurate and correct responses to requests.

By providing information and performing specific tasks, whether external requests directed to the customer or internal requests directed to employees, speech recognition technology can augment the capabilities of humans.

Voice recognition software market prices

The price of voice recognition technology software is estimated to be between $100 and $350. This price depends on the features and specifications built into the software. The main features of the software include emotional intelligenceconversational skills, broad knowledge base, and personality.

Any software can come with its own set of challenges. Speech recognition technology, which is changing many industries and use cases (such as customer service and e-commerce), has some key issues that organizations need to be aware of.

  • Preference for human agents. Although speech recognition technology is great for many tasks, in some contexts, such as those that require a significant amount of empathy, they may be better served by a human agent.
  • transfers to humans. There may come a time when speech recognition technology does not have an answer to a user’s question. It is essential that the system is designed in a way that successfully solves this problem. Usually the best way to resolve this is to transition the user to a human agent.

In addition, Artificial Intelligence techniques such as PLN software help make speech recognition technology solutions easier to use and more powerful, providing more accurate results.

However, it must be borne in mind that speech recognition software is evolving rapidly and this will lead to a series of advances.

In general, users look for conversational interfaces to get answers to their questions. For example, they seek to query their data in a more natural way. Since the understanding of natural language has improved, people can talk to their data, find and explore information using a natural and intuitive language.

Voice will prove to be an important natural interface mediating human communication and device relationships.

With this technology, users can focus on discovering patterns and finding hidden meaning in data instead of memorizing SQL queries.

Likewise, voice will prove to be an important natural interface mediating human communication and relationships with devices and, ultimately, within an AI-driven world.

Artificial Intelligence is becoming a promising feature of many types of software. With machine learning, users can identify patterns in data, allowing them to make sense of content and help them understand what they see.

This pattern recognition is driving the rise of more powerful and context-aware speech recognition technology.

initial image | Andrea Piacquadio

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The main OEM manufacturers reduce their investment in chips by 7.6%

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The top ten global OEM manufacturers have reduced their investment in chips by 7.6% in the last year. The weakening of demand for PCs and smartphones, together with the economic situation, are the main causes of this decision.

According to Gartner data, the top 10 OEM manufacturers have reduced their investment in chips by 7.6% through 2022. Global inflation and economic pressures have weakened PC demand and smartphones, which has had a notable impact on global OEM production.

Apple, Samsung Electronics, Lenovo, Dell Technologys, BBK Electronics, Xiaomi, Huawei and HP, Sony and Hon Hai Precision with the OEMs that have made this cut in terms of chip investment it means.

In addition to the reasons mentioned, Masatsune Yamaji, Senior Analyst Director at Gartner, also points out that China’s zero-COVID policy has also led to severe material shortages and short-term disruptions in the electronics supply chain.

“This has led to an increase in the average selling price of chips, something that has also boosted semiconductor revenues in markets such as automotive. Consequently, the major OEMs reduced their share of total semiconductor spending in 2022 compared to 2021.”

Apple and Samsung, the OEMs that lead investment in chips

Apple and Samsung have retained the top spots in the chip investment market, according to Gartner data.

The first position has been par Manzana, which has remained at the top for the fourth consecutive year despite declining chip spending and holding a market share of 11.7%. Nonetheless, the company increased spending on non-memory chips by 2.8%.

For his part, Samsung Electronics increased spending on chips by 2.2% and remained in the second position. The company gained more market share in the smartphone market segment thanks to its leadership in foldable smartphones. In addition, it also benefited from the zero COVID policy in China that affected its competitors, leading to a slight increase in semiconductor spending in 2022.

oem chips
Source: Gartner

One more year, the third position has been for Lenovo which, despite the enormous drop in investment in chips, has maintained its position in the market, holding a share of 3.5%. In fourth position, and climbing one in this ranking of manufacturers, Dell Technologys has been located, with a share of 3%, the same as that of BBK Electronics, which has fallen one position in the ranking compared to 2021.

The memory category was the worst performer, experiencing a 10% decline in revenue

Sony has experienced the fastest growth in chip spending in 2022 due to sustained global consumer interest in video game consoles, especially the PlayStation 5. However, production volume was unable to increase to meet the level of demand as a consequence of the continuous shortage of chips and the interruption of logistics networks throughout the year.

Representing approximately 25% of semiconductor sales in 2022, the category of memories was the worst performer, experiencing a 10% revenue decline due to falling prices in the second half of 2022.

In this scenario, the top ten OEMs accounted for 49.2% of memory spend and consequently saw a significant decrease in spend in this segment.

initial image | Alexandre Debieve

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28% of sales in Spain are made through new digital channels

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According to the data handled by Adyen, the new digital channels are experiencing a notable growth. Currently, sales through applications and social networks already represent 28%.

Along with the upward trend that continues to experience electronic commerce, it is also observed that the new digital channels are gaining more and more strength. Although 40% of sales in Spain continue to be made in physical stores, 32% are made through web pages and 28% through apps and social networks.

Specifically, 16% of sales in our country are made through applications, while 12% are carried out through social networks.

However, not all sectors are making their sales through these channels equally. Adyen’s study points out that the retailers in the hospitality sector are the ones that make the most use of social networks to market their products and services.

As Juan José Llorente, Adyen’s Country Manager for Spain and Portugal, points out, currently, 8 out of 10 Spanish companies are incorporating new digital channels to increase the participation of their customers.

“Almost 9 out of 10 companies already consider the journey of their customers through multiple channels as one of the main initiatives to apply”.

New digital channels with new forms of payment

Adyen’s study, for which 411 retailers in Spain and more than 1,096 consumers have been surveyed, also emphasizes the importance they increasingly attach to improving customer payment options.

To do this, expand payment options it is essential since customers want to pay where and how they want, in addition to doing it safely.

electronic wallets, or ‘ewallets’ are the payment option that most companies in the electronics sector choose, according to 83%. For their part, those that operate in the fashion sector prefer, in 85% of cases, to pay through an app.

Along with this, another key aspect is how companies are addressing the security of these payments. 64% maintain that they are adopting them to deal with possible fraud, while 63% have customer behavior identification systems and 56% indicate that they have identified new types of fraud.

However, given the complexity of managing online payments and avoiding possible fraud, experts point out the importance of having an intelligent financial platform to control risks and avoid security risks.

Retailers hope to take advantage of sales opportunities through new social channels this 2023

In this line, and before digitization that retail is experiencing, 74% of the companies that have participated in this study value, above all, risk control systems and applications. For their part, 50% consider other Technologys such as virtual reality or augmented reality (VR/RA) relevant for their businesses.

However, retailers will continue to innovate for the coming years. An innovation that will focus mainly on optimizing its Logisticsstock management, marketing and customer service, as well as in the business areas in which technology can make a difference.

Looking ahead to 2023, retailers hope to improve their delivery options to customers, as well as take advantage of sales opportunities through new social channels. In this sense, they hope to put new digital channels to boost customer participation, in addition to offering more payment options beyond cash and improving operations to reduce waiting times to pay.

initial image | Campaign Creators

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Customer identity and access management market will reach 4.55 billion by 2025

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According to recent research by KuppingerCole, the customer identity and access management market will continue to grow at the rate of recent years, reaching $4.55 billion by 2025.

For the KuppingerCole analysts, their forecast is that the Customer Identity and Access Management (CIAM) market experience a compound annual growth (CAGR) of 13.1% through 2025, when it reaches $4.55 billion.

North America is the largest market, holding 43.1% of the market share. It is closely followed by EMEA with a share of 37.8%.

These figures confirm the unstoppable growth that this market segment has experienced since, in 2020, CIAM’s revenues amounted to 2,960 million dollars.

By the end of 2023, CIAM market revenue will reach $3.86 billion

In 2021, this number increased to 3.25 billion, and the current figure is 3.58 billion as we move into the first quarter of 2023.

With all this, the forecasts that the firm manages for the end of this year is that revenues reach 3,860 million dollars, and exceed the mark of 4,000 million next 2024, when revenues are expected to amount to 4,170 million. .

In this scenario, KuppingerCole expects the Asia Pacific and Latin America regions to take the longest to adopt this technology, but expects to see significant growth in these regions in the near future.

Benefits of customer access and identity management

Customer identity and access management is the part of the IAM market (Identity and Access Management) broader, and products in this area are intended to address specific technical requirements faced by consumer-facing organizations.

Additionally, these solutions aim to address issues that differ from traditional business-to-employee (B2E) use cases.

CIAM systems offer users the means to register, associate devices and other digital identities, authenticate, authorize, collect and store information about consumers from a wide variety of domains.

Information collected by CIAM systems can be used for multiple purposes

These systems also differ from IAM systems in that consumer information often comes from multiple sources. unauthorized sources.

The information that customer identity and access management systems collect about consumers can also be used for multiple purposes, including resource authorization or marketing analytics.

Furthermore, it has an important role to play in regulatory compliance.

These are systems that have to manage millions of identities and process tens of millions of logins and other transactions every day, making CIAM service delivery based on SaaS be a common process.

initial image | Onur Binay

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