Iflytek, Hancom Pen Deal to Create New AI Products

Iflytek, Hancom Pen Deal to Create New AI Products

Liao Shumin

Date: Fri, 06/08/2018 - 14:57 / source:Yicai
Iflytek, Hancom Pen Deal to Create New AI Products
Iflytek, Hancom Pen Deal to Create New AI Products

(Yicai Global) June 8 -- Iflytek, China’s leading voice recognition firm, has struck a deal with South Korean software developer Hancom to develop new artificial intelligence products.

The pair signed an agreement on June 5 to utilize their respective strengths to work on machine translation, speech recognition, smart education and healthcare, robotics and networked vehicles, the Securities Times reported.

AI is a rising phenomenon across the world thanks to its ability to increase quality and productivity. PricewaterhouseCoopers believes it could boost global gross domestic product by as much as 14 percent by 2030, charging the world economy by USD15.7 trillion. China is set to be the biggest gainer, the research shows, with AI adding 26 percent to GDP and fastest growth coming from retail, financial services and healthcare.

Anhui-based Iflytek announced last month that it planned to raise CNY3.6 billion (USD567 million) via a private placement to make more investments in AI. Later in May, it teamed up with the world’s third-biggest smartphone maker, Huawei Technologies, to develop public cloud services, information technology and other sectors, Technode reported.

Iflytek is a dominant player in Asia’s voice recognition sector, commanding a 70-percent share of the Chinese speech technology market. Some of its products include speech-to-text services and machine translation. Hancom is best known for Hangul Office, a rival to the Microsoft Office suite, but also forays into automated translation, education and robotics, as well as smart city solutions.

Editor: James Boynton

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Keywords: Iflytek, Hancom Group, AI