Voice recognition tech has existed for decades, but it’s finally getting its moment in the sun. As we increasingly move towards mobile optimization, users want tools that help on the go without having to stare down at a screen. Conversely, enterprises and unique users need complex, AI-enabled voice recognition to streamline internal and external workflows and processes.
While consumer-facing tools like Apple’s (NASDAQ:AAPL) Siri will remain mainstays for the latter group, those seeking advanced or corporate solutions have been left out in the cold. Until now.
Today, a slate of companies offer voice recognition software as part of B2B sales packages. They’re bringing consumer-facing tech to the corporate world after magnifying its ability tenfold. These three stand among the best voice recognition stocks today.
SoundHound AI (SOUN)
SoundHound AI (NASDAQ:SOUN) is one of the few voice recognition stocks dedicated to the tech, rather than developing VR as part of a peripheral project. That means the SoundHound AI team can wholly dedicate its effort to developing useful, realistic, and advanced AI voice assistance. Compare that ability to all-encompassing firms like OpenAI that happen to incorporate voice recognition, ultimately dividing attention between multiple lines of effort.
Voice recognition and voice assistance are leverageable across tons of industries, sectors, and segments. That means SoundHound’s total addressable market is effectively as large as it can realistically manage. Proving that point, SoundHound recently unveiled a voice assistant tool for restaurant workers. The company already has strategic partnerships with food giants like Jersey Mike’s to develop voice ordering tech. This move is another that cements SoundHound’s position as a unique player among the best voice recognition stocks.
Though analyst coverage is limited, experts all concur that SOUN stands as a Strong Buy. The median price target, $4.40 per share, represents nearly 100% upside from its current trading price.
We can’t discuss voice recognition and the suite of opportunities it brings to office workers without mentioning Microsoft (NASDAQ:MSFT). Windows already has fully integrated voice recognition software that lets users write text and navigate between windows. While the former tech has existed for a while in varying degrees of usability, the latter is exciting. Microsoft’s voice recognition accessibility features let you audibly do anything you can with a mouse and keyboard. Of course, that tech has some limitations as it’s new. At the same time, users complaining of difficulty could just as likely be going through typical growing pains as they adopt new tech.
One review at PCWorld said, “Navigating within an application, using just my voice, sometimes felt nearly impossible.” The review went on to detail some of the specifics he encountered but, from my position, much of the trouble is attributable to the author simply not being used to the tech. That isn’t a problem, but he also highlighted how much effort and intention Microsoft put into the tools, while future AI integrations will accelerate the useability.
Ultimately, Microsoft’s position as one of the best voice recognition stocks underscores an important point. Yes, many customers with unique needs will demand customized voice recognition solutions. But for the many who need common accessibility features or want to transcribe a work document on the go, tools already baked into the software of record will take center stage.
RingCentral (NYSE:RNG) leverages voice recognition as part of a B2B strategy to help companies improve their customer service phone lines. Frankly, I’ll be elated if RingCentral fixes the current automated selection process we all deal with.
Forbes Advisor ranked RingCentral on its list of 2023’s top interactive voice recognition software, highlighting its integration. As a B2B-focused enterprise, RingCentral’s innumerable integrations with Microsoft, Salesforce (NYSE:CRM), and more help cement its position within a firm’s tech ecosystem and create immediate loyalty as switching costs are high once adopted.
The company is on a new path forward after bringing on former HP Inc (NYSE:HP) CFO Tarek Robbiati to serve as CEO. The company’s most recent quarter is Robbiati’s first completed earnings period, and he seems to be coming in strong.
Across its top and bottom lines, the company’s financial position improved. Revenue climbed by 10%, net loss narrowed, and adjusted earnings hit $0.78 per share compared to analysts’ $0.75 expectation. The company board also unveiled a $100 million buyback program at Robbiati’s behest.
On the date of publication, Jeremy Flint held no positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.