Microsoft has finalized its deal to purchase 'Nuance,' a speech and voice technology company. Microsoft spent $19.7 billion on Nuance, which is less than a third of what Microsoft will soon spend on Activision-Blizzard, as this deal is valued at $68.7 billion. Microsoft intends to use Nuance's speech recognition technology to improve its "work, shop, bank, engage, and care" services.
The company has stated that it will focus its use of Nuance on the healthcare industry, as the voice and speech recognition technologies open a lot of doors for customer-specific solutions. Nuance uses an advanced artificial intelligence (AI) combined with ambient intelligence to deliver world-class services. Now, with access to the breadth of resources available through Microsoft, the two companies will improve upon a variety of personal consumer services.
Voice Technology Company Acquisitions
Microsoft is Buying 'Nuance' for $19.7 Billion USD
Trend Themes
1. Speech and Voice Technology - The acquisition of speech and voice technology companies lie opportunities for AI-powered speech-to-text and text-to-speech transforming the entire voice communications industry.
2. Artificial Intelligence - As more companies invest in AI, there lies an opportunity to develop sophisticated natural language processing capabilities for various sectors.
3. Personal Consumer Services - Using voice and speech recognition technologies to improve personal consumer services is a trend that several tech companies are exploring.
Industry Implications
1. Healthcare - The use of voice and speech recognition for patients' safety will transform the healthcare industry.
2. Retail - Integrating voice assistants in retail industry technologies can lead to an improved shopping experience for customers.
3. Banking - Using voice-based banking applications can improve customer experience in the banking industry.