Verbit is proud to announce that it has been honored with the 2022 ‘Best Speech to Text Solution’ award by the AI Breakthrough Awards program. This year’s program attracted more than 2,950 nominations from over 18 different countries throughout the world.
This award marks the second time that Verbit has been the recipient of a Breakthrough award and the third time it has been formally recognized for its speech to text technology. In 2021, Verbit won the LegalTech Breakthrough Award in the category for the ‘Best Use of AI in LegalTech’ and also earned a place on TechRadar’s Best Speech-to-Text Services list.
AI Breakthrough is a leading market intelligence organization that recognizes the top companies, technologies and products in the global Artificial Intelligence (AI) market today. The mission of the AI Breakthrough Awards is to honor excellence and acknowledge the innovation, hard work and success in a range of AI and machine learning related categories, including AI Platforms, Robotics, Business Intelligence & Analytics and more.
The Best Speech to Text Solution
James Johnson, the Managing Director of AI Breakthrough, acknowledged Verbit’s achievements leading to its receipt of this year’s award in the NLP category.
“While AI has greatly improved speech-to-text capabilities, the reality is that technology-only transcription and captioning platforms are only 75-80% accurate, which is nowhere near enough for most professional transcription use cases,” he said.
“Verbit’s unique hybrid use of artificial and human intelligence represents a breakthrough platform that addresses these rates, allowing users to achieve increased accuracy and ultimately create inclusive environments, enable effective communication, and increase engagement, Johnson said. “We are thrilled to award Verbit with our ‘Best Text to Speech Solution’ for 2022.”
The ‘Best Speech to Text Solution’ is part of the Natural Language Processing (NLP) category of the awards program. Other awards within this category include ‘Best Machine Translation Solution’ and ‘Best NLP Platform’. Tech companies like IMB and AppTek are previous recipients.
The Future of Speech to Text
Speech to text technology is continuing to evolve and improve. With technology like Siri and Alexa becoming household names, speech to text has become ubiquitous with convenience and advancement when it comes to communication.
Speech-to-text tech assists individuals, especially those living with disabilities or low vision, to understand and complete their work and every day tasks without assistance. Speech-to-text applications can help students with low vision quickly take down notes, assist multitaskers with dictation on the go and cut down on paperwork as a result of hands-free transcription.
15.8 billion people will be using speech to text in the form of digital assistants by 2023. This trend of automatic speech recognition (ASR) for speech to text is gaining traction and has, in turn, propelled the growth of the transcription market
Verbit founder and CEO, Tom Livne, recognizes the need to consolidate the fragmented $30B transcription market, which includes speech to text. Over the past year Verbit has acquired five speech-to-text providers including Automatic Sync Technologies (AST), TakeNote, U.S. Captioning Company, VITAC and VITAC Canada (previously known as SOVO).
“Over the past year, merging each company’s unique specialties and areas of industry expertise with its AI-powered solution,” he said. “We use AI to make media sharing in virtually any setting inclusive and it’s this mission that has both sparked interest and earned trust from our investors and customers alike.”
Honoring Today’s Innovative Tech Companies
Verbit’s leadership are honored to stand among the incredible companies that the AI Breakthrough Awards are recognizing for driving innovation forward.
With 84% of business executives considering their future success to be very or extremely dependent on innovation, awards like these can help them formulate decisions on who to work with in their innovation efforts and why.
Automation is one of the key areas where innovation is being applied to ease processes for employees, audiences and users. Breakthrough AI recognized many companies which are driving developments in both automation and cybersecurity that can greatly benefit today’s businesses.
We are honored to be named among others who are addressing a true need, solving a complex or critical problem or revolutionizing a market or industry in an innovative way.
As Verbit sets out on its daily mission of making the world a more accessible place for everyone, its leaders are also transforming a fragmented $30B market in the process.
Verbit’s voice AI solutions and speech to text technology provide its partners with the tools they need to offer engaging and equitable experiences. Verbit is proud to be partnering with businesses, finance companies, museums, libraries and higher education institutions alike to provide them with unique speech to text solutions, such as captioning, translation, audio description and transcription.
The AI Breakthrough Awards are one more incredible milestone for us as we help companies deliver greater access to audiences and make their verbal information searchable and actionable. We are humbled to be honored for the advancements we are making to foster inclusion and make for more efficient work through smart technology.
Contact Verbit to learn more about our award-winning speech to text solutions and how we can partner to integrate them into your work.