But healthcare is an area in which the speech recognition company has specialised, due to the scope and accuracy needed to understand medical vocabulary.
In the consumer and professional markets, Nuance is known for its Dragon speech to text dictation system. While its Cortana voice assistant is built into Windows, Microsoft sees an opportunity to embed voice in its collaboration tools and enterprise products. Through the deal, Microsoft said it plans to bolster Microsoft Cloud for Healthcare with voice recognition technologies from Nuance and expand the use of voice in the electronic healthcare records (EHR) market.Īs Nuance voice recognition software is integrated with Microsoft’s enterprise software, the company also sees an opportunity to increase the market for Azure AI and its other cloud offerings.Īccording to a recent forecast from Statistica, the global voice recognition market is forecast to grow from $10.7bn in 2019 to $27.16bn by 2025, a compound annual growth rate of 16.8%.
Microsoft’s acquisition of Nuance builds on the partnership formed by the companies in 2019.
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