Building with Automatic Speech Recognition (ASR) models: Why accuracy matters

The speech and voice recognition market is projected to reach $60 billion by 2030, driven by advances in Artificial Intelligence (AI) research that have significantly improved the accuracy of speech recognition models. These developments have spurred demand for enterprise-facing Generative AI tools like DALLE-2, Stable Diffusion, and ChatGPT. Companies dealing with large amounts of customer data are exploring ways to use this new technology to build useful speech transcription tools and incorporate Generative AI features into their platforms. Automatic Speech Recognition (ASR) models employ AI to convert human speech into readable text asynchronously or synchronously, often with real-time transcription capabilities. ASR accuracy is measured by Word Error Rate (WER), which takes into account substitutions, deletions, and insertions in a transcription text compared to a human transcription. WER calculations may vary based on factors like capitalization, punctuation, spelling, and dataset relevance. Ensuring ASR accuracy matters, especially for product teams building Generative AI tools and features on top of transcription data. Accurate transcription is crucial in ensuring the effectiveness and reliability of these intelligent tools and features. Real-world use cases demonstrate how ASR can significantly augment productivity, reduce manual tasks, and provide valuable insights across various industries. Integrating highly accurate ASR models with AI-powered tools and working with an AI partner can help companies build precise, high-performing applications faster.