How safe is the money? ToneTag users can now pay by voice [With market analysis of AI speech recognition industry]

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On October 8, the Indian moneycontrol website reported that with the support of the voice payment technology of the National Payment Company of India, the financial technology company ToneTag developed a car voice system. According to reports, users can choose a nearby gas station to refuel and pay by just using voice commands in the car. In addition, the system is also connected to restaurants, coffee shops and supermarkets, supports voice payment, and there is no need to get out of the car to pay.

In addition to voice payment, technology companies including Paytm, known as "India's Alipay", have also launched

contactless payment functions, which can still be used even when the mobile phone is not connected to the Internet or the signal is weak. Payment is available. The Hindu said that with the support of artificial intelligence, users can "pay verbally". However, this feature still requires the user to enter a password. Currently, the program is available in Hindi and English, with other language versions to follow.

Singapore's "Straits Times" stated that as the Indian government vigorously promotes digital transactions, about 350 million people in the country currently use digital payment systems. However, due to

insufficient Internet infrastructure and high illiteracy rate and other reasons, Digital transactions have been hampered in penetrating India's poorer regions.

Since the development time of AI voice is not long from the perspective of the entire technology, from hearing clearly to gradually realizing understanding, and finally to satisfying users as they please, it requires continuous training, experiments, and technical iterations.

Market demand is growing rapidly, and data services and other technologies provide strong support

Over the past five years, China’s demand for AI voice has gradually surged. This market covers smart speakers, smart vehicle equipment, smart hardware, and consumer and Internet value-added services. According to market scale, by 2020, the market size of China's AI voice industry will exceed 10 billion yuan, reaching approximately 11.4 billion yuan. From 2015 to 2020, the average annual compound growth rate was approximately 49%

AI Speech Recognition Development History

Speech recognition technology has entered its infancy since the 1950s. Since its development, mainstream algorithm models have gone through four stages: including the template matching stage, the pattern and feature analysis stage, the probability and statistical modeling stage and the current mainstream Deep neural network stage. At present, mainstream speech recognition manufacturers mainly use end-to-end algorithms, and the speech recognition accuracy can be as high as over 99% in an ideal experimental environment.

Policy promotion has accelerated the development of the AI ​​speech recognition industry

The scientific and technological level of each country can be reflected from the development level of artificial intelligence. Considering the importance of artificial intelligence to the country's economic development, the Chinese government has promulgated a number of national-level development policies to promote the development of the artificial intelligence industry. Since 2017, the artificial intelligence industry has been included in the "National Government Work Report" for three consecutive years

Specific support policies include project development funds, talent introduction policies and other national support policies. At present, speech recognition technology is one of the most mature technologies in China's AI field. With the strong support of national policies, it is expected to accelerate its penetration and layout in vertical industries in the future.

AI speech recognition market space is steadily improving

In the past five years, the demand for AI voice in China has gradually exploded. Products and services mainly include smart speakers, smart vehicles and smart hardware, as well as consumer and Internet value-added services. However, including current consumer-oriented products and services, speech recognition-related applications and usage scenarios still have limitations.

In the future, in the process of product suppliers and developers jointly building an industrial ecosystem, speech recognition technology will be better integrated with other voice interaction technologies and software functions to provide consumers with a better experience. In the future, AI voice The recognition market will usher in broad development space.

In 2020, China’s smart voice market reached 11.396 billion yuan, a year-on-year increase of 19.2%. It is expected that by 2026, China's smart voice market will further grow and is expected to reach 32.688 billion yuan

Andrew Ng, an expert in the field of AI, believes that the development of speech recognition technology will promote changes in human-computer interaction, allowing people to communicate with smart devices more naturally and conveniently through voice.

Foresight Economist APP Information Group

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