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Overview |
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Catalyst |
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Summary |
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Key Messages |
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The accuracy of speech recognition has improved dramatically over the last few years |
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Speech recognition adoption is being driven by the increased use of digital dictation |
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The healthcare industry presents the greatest opportunity for vendors |
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Nuance and Philips are approaching the market with different strategies |
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Speech recognition products are being sold directly, by resellers and technology partners |
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Table of Contents |
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Table of figures |
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Table of tables |
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Market Opportunity |
5 |
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PC- and server-based speech recognition defined |
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Speech recognition rates have improved in the last five years |
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'Front-end' and 'back-end' speech recognition |
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Speech recognition has found its niche in the healthcare and legal markets |
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Market drivers |
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The increased use of digital dictation systems is helping drive greater adoption of speech recognition |
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Automation of processes and cost pressure in the healthcare industry |
9 |
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Market challenges |
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Poor accuracy and disappointing deployments in the past make users hesitant to adopt |
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Moving technology out of niche environments will be difficult for vendors |
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The slow roll-out of electronic health records and digitization of systems |
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Market size and trends |
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There is a greater acceptance of speech recognition |
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A larger proportion of the market revenue is from services because support and training are essential |
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Customer Impact: Key industry focus |
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Healthcare is the largest market for speech recognition |
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Restricted budgets and the need to create accurate patient records make healthcare an ideal market |
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Speech recognition provides clear benefits to processes in radiology and pathology |
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When implemented with an EHR system, speech recognition can speed up the process |
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Critical test results and patient safety are also driving adoption |
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There is a growing demand for customers with disabilities |
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Adoption of speech recognition is gaining traction in the professional services industry |
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Adoption in other industries will be limited |
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End-user pain points with implementing and using speech recognition systems |
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Speech recognition systems can help alleviate pressure on staff but cost remains a primary issue |
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Specialized vocabularies and training needs mean that speech recognition is limited to certain roles |
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Background noise and confidentiality make speech recognition unsuitable for a number of employees |
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When to invest: ROI model |
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Competitive Landscape |
17 |
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Nuance |
18 |
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Strengths and Opportunities |
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Weaknesses and Threats |
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Philips |
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Strengths and Opportunities |
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Weaknesses and threats |
20 |
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Niche vendors (in alphabetical order) |
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eScription & Spheris |
21 |
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IBM |
21 |
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MacSpeech |
22 |
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Microsoft |
22 |
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RedStart Systems |
22 |
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Speech recognition for language learning (vendors in alphabetical order) |
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Carnegie speech |
22 |
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Lingvosoft |
23 |
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RosettaStone |
23 |
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Soliloquy Learning |
23 |
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Go to Market |
24 |
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Healthcare: Direct sales or through medical integration partners |
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Consumer: Retailers and e-tailers |
25 |
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Professional Services: Digital Dictation |
25 |
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Future Trends |
26 |
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Speech recognition will become more embedded within document workflow and automation solutions |
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Recommendations |
27 |
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Vendors need to provide a clear marketing message |
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Vendors should work more closely with EHR vendors as this market represents a good opportunity |
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There is room for product improvements in the consumer market |
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APPENDIX |
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Definitions |
29 |
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Methodology |
29 |
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Further reading |
29 |
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Ask the analyst |
29 |
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Datamonitor consulting |
30 |
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Disclaimer |
30 |
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List of Tables |
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Table 1: The market size for PC and server-based speech recognition |
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List of Figures |
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Figure 1: An example of the use of front-end speech recognition for a physician to dictate an EHR |
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Figure 2: The process for server side speech recognition is longer but reduces pressure on the dictator |
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Figure 3: Growth in PC- and server-based speech recognition will be steady over the next six years |
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Figure 4: Leading speech recognition vendors and their areas of coverage |
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Figure 5: Speech recognition applications and their uses |
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Figure 6: SWOT Analysis: Nuance |
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Figure 7: SWOT Analysis: Philips |
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Figure 8: Speech recognition channels in the healthcare industry |
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Figure 9: Speech recognition channels in the legal industry |
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