[garrybelka]

By context you mean a timeline of events while speech recognition is actually dependent on that timeline. Same applies to situational state recognition in driving. E.g., to derive speed, acceleration and direction of objects.

[PeterisP]

No, in this context (pun intended) of speech recognition, the context means external context, i.e., understanding lots of information about the topic of that speech, knowing what would the speaker might plausibly be trying to say, what real world entities might be involved, and how are they called/spelled - all kinds of information that is not included in the original audio data, things that the listener would know based on life experience.