The medical speech recognition software market size is estimated to grow at a CAGR of more than 11% over the next five years, according to various software market trend research reports, providing an opportunity for medical technology startups, especially cloud-based ones focused on North America. The potential of advanced AI, machine learning, and NLP to decrease the manual effort required for healthcare documentation, reduce associated costs and eliminate barriers to making more profit for health organizations are key factors driving market growth. Today, it is hard to distinguish medical transcription software from healthcare speech recognition software because they have essentially become the same, especially for tasks where real-time AI-based speech recognition and transcription are employed, with direct inputs into EHRs and other systems, as well as automatic coding. However, in general, transcription is often considered a subset of speech recognition.
Dzmitry Garbar
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4
min read