In India, 75% of the population can read, write, and speak in their native language. In fact, a sizable population prefers voice-based interactions when interacting with businesses. According to a 2023 survey, about 130 million Indians used voice assistants in 2023.
Not only this, in 2022, 42% of female internet users leveraged voice assistance for online shopping. This shows that more and more Indians now prefer using voice assistants for their queries. Studies show that the Speech Recognition market size is expected to grow at an annual growth rate of 14.31% (CAGR 2024 – 2030), and will reach €516.70m by 2030.
The reason for this evolution in user behaviour can be attributed to the increased adoption of smart devices and the rising popularity of voice bots like Alexa and OK Google. Voice technologies have found their niches across domains, including e-commerce, banking, finance, and more. Major brands like Ola, Uber, Zomate, and Swiggy are also integrating voice commands. This helps them provide their customers with an enhanced user experience.
Appealing to these customers requires businesses to think out of the box. Enter speech-to-text (STT) technology that has revolutionised the way businesses communicate with their customers. It’s no surprise as to why businesses across the board are leveraging STT technology to improve their business operations and communications.
Technology solutions such as Reverie’s Speech-to-Text API have enabled various businesses to overcome communication barriers and meet the changing expectations of the new-age Indian consumer. It provides businesses with precise and real-time conversion of voice data into text in 11 different Indian languages.
In this article, we deep dive into the nuances of STT technology, its benefits, and how Reverie’s Speech-to-Text API is reshaping the business landscape in India.
Understanding Speech-to-Text
Speech-to-Text technology is an innovative speech/voice recognition software that converts spoken words into digital texts. Let’s take AI voice assistants for instance: they have made our lives easier in many ways. From voice assistants in cars to smartphones, this technology has become an integral part of our lives. Some of the most popular voice assistants that we use on a daily basis include:
- Siri (Apple)
- Alexa (Amazon)
- Bixby (Samsung)
- Cortana (Microsoft)
These voice assistants use voice recognition technology to understand the user’s command and convert it into digital text. This conversion of voice data into digital text is called speech-to-text. This technology also harnesses the power of artificial intelligence (AI) and machine learning (ML). This enables it to understand and transcribe human speech accurately.
However, STT technology has its own set of limitations. It cannot handle different accents, languages, dialects, and other speech nuances. This is a big challenge for businesses aiming to expand in a diverse country like India where businesses face certain unique challenges given the country’s linguistic diversity. Reverie’s Speech-to-Text API is designed to address these challenges.
Reverie's Speech-to-Text API: A Game Changer
In today’s crowded and highly competitive market delivering stellar customer experience is the key to business growth. With Reverie’s API, you can leverage the power of automatic speech recognition (ASR) technology. This model is fine-tuned for the nuances of Indian languages and dialects, ensuring high levels of accuracy in transcription. The ASR model continuously improves, adapting to new accents, terminologies, and speech patterns.
It allows businesses to convert voice data into digital text across 11 Indian languages in real time. It also offers comprehensive transcription features, extensive language support, and customisation and flexibility for businesses.
Transcription Features and Language Support
Reverie’s API offers comprehensive transcription features, ensuring that you can accurately capture voice data from various sources into texts. These sources may include:
- Virtual meetings
- Customer calls
- Podcasts
- Voice recordings
- Podcasts
It analyses customer interactions, derives insights, and enhances decision-making processes. You can also leverage insights from customer interactions to improve your products and services.
Customisation and Flexibility
Whether you want to transcribe hours of customer calls, capture key points from meetings, or convert live broadcasts into texts, Reverie has the solution for your specific needs. The flexible audio input options and IVR readiness allow Reverie’s API to analyse both live and recorded conversations. This helps businesses improve their response times and overall customer experience.
The practical applications of Reverie’s Speech-to-Text API are vast and varied. Businesses across sectors, including education, telecommunications, and healthcare, are leveraging this technology. Reverie leverages Neural Machine Translation (NMT) to significantly reduce turnaround time for translation and localisation. It also harnesses the power of Machine Learning algorithms to ensure scalability and consistent quality. It enables more efficient and accurate transcriptions, helping businesses streamline their operations and enhance customer service. Two case studies that highlight the practicality of Reverie’s API include:
- In the education sector, Reverie helped in bridging linguistic barriers for users of an education platform. It facilitated the localisation of 2000+ hours of digital educational video content into multiple Indian languages. It allowed the platform to convert vast volumes of spoken content into accurate and transcribed textual content and break the language barriers that hinder the learning process.
- In another scenario, Reverie helped Reliance Jio improve their customer satisfaction and increase the Jio Set-top Box’s market reach. Reverie integrated text and voice technologies in 11 Indian languages to facilitate seamless customer experiences. It employed Automated Speech Recognition (STT), Text-to-Speech (TTS), AI-powered NLU, and Swalekh (Virtual Keyboard), which enhanced their interaction.
Benefits for Indian Businesses
Here are a few key benefits that Indian businesses stand to gain from adopting Reverie’s Speech-to-Text solutions:
Enhancing Accessibility and Customer Experience
Convenience and accessibility are key to customer satisfaction. Customers expect to gain information quickly and easily. This makes voice search an indispensable feature. STT technology optimises voice search capabilities. It allows users to use natural language to perform searches, leading to streamlined search processes. In addition to this, it also makes it easier for customers, who are not comfortable with traditional typing-based interfaces, to interact with businesses.
Overcoming Linguistic Barriers
By leveraging Reverie’s Speech-to-Text API, you can communicate with your customers across various languages. This allows you to break the linguistic barriers, which often cause hindrances to the success of a business. Reverie’s API supports Indian languages and facilitates seamless interaction with a wider audience. It localises digital content and handles linguistic nitty-gritty with precision, ensuring no valuable insight is lost in translation. This way, businesses can enhance their online presence and customer engagement.
Tackling Technical Hurdles
The transition to voice-based technologies has its own set of challenges, such as:
- Maintaining transcription quality
- Managing high volumes of voice data
- Ensuring fast turnaround times
Reverie’s Automatic Speech Recognition (ASR) model tackles these hurdles head-on and offers scalable solutions. These solutions ensure that quality or speed is not compromised while processing large volumes of voice data. This allows businesses to leverage the full potential of voice data to gain insights, improve products and service offerings, and enhance customer interactions.
The Bottom Line
Speech recognition is evolving constantly, making interactions with customers more convenient and efficient. Reverie’s Speech-to-Text API stands out in the Indian context, as it offers innovation with inclusivity. It provides businesses with unparalleled accuracy, extensive language support, and seamless integration across various platforms. Reverie is empowering businesses aiming to expand in India by allowing them to harness the full potential of their voice data. It transforms raw audio data into actionable insights and meaningful interactions. To get in touch with an expert from Reverie or book your free demo, click here!
