Market Size –
The far field speech and voice recognition market size has grown exponentially in recent years. It will grow from $4.44 billion in 2023 to $5.38 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to increased computing power, development of neural networks, access to vast amounts of data has improved training models, growing consumer preference, use of voice recognition for business applications, and focus on improving the overall user interface and experience.
The far field speech and voice recognition market size is expected to see exponential growth in the next few years. It will grow to $11.71 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%. The growth in the forecast period can be attributed to decreasing costs of sensors and processors, addressing privacy issues and ensuring secure voice data processing, contribution from open-source communities, ongoing research and development efforts, and increasing use of voice search and the need for optimization in search engines. Major trends in the forecast period include mobile device integration, telecommunication advances, systems that can adapt to different acoustic environments for better performance, focus on ensuring that voice recognition systems are ethical and free from bias, and voice cloning and synthesis.
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Scope Of Far Field Speech And Voice Recognition Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Far Field Speech And Voice Recognition Market Overview
Market Drivers –
The growing demand for robotics is expected to propel the growth of the far-field speech and voice recognition market going forward. Robotics refers to the interdisciplinary field that involves the design, construction, operation, and use of robots. The growing demand for robotics is due to the benefits of automation in improving efficiency, reducing costs, enhancing safety, and driving innovation. The far-field speech and voice recognition technology enhances robotics by facilitating more natural and efficient human-robot interaction, improving productivity, safety, and accessibility across various industries and applications. For instance, in April 2024, according to the International Federation of Robotics, a Germany-based automation machinery manufacturing company, in 2023, manufacturing firms in the United States significantly increased their investment in automation, as evidenced by a 12% rise in total installations of industrial robots, reaching a total of 44,303 units. Within the automotive sector, sales saw a modest 1% increase, setting a new record with 14,678 robots installed during the year. Therefore, the growing demand for robotics is driving the growth of the far-field speech and voice recognition market.
Market Trends –
Major companies operating in the far-field speech and voice recognition market are developing advanced products, such as speech recognition technology, to enhance speech recognition accuracy, improve user experience, and expand the range of applications. Speech recognition technology enhances far-field speech and voice recognition by employing advanced noise reduction, beamforming, and machine learning algorithms to accurately capture and process spoken commands from a distance, even in noisy environments. For instance, in March 2023, Google AI, a US-based artificial intelligence company, introduced the Universal Speech Model (USM), a machine learning model based on speech recognition technology designed to recognize and understand spoken language across various languages and accents. This model is part of Google’s efforts to support the 1,000 Languages Initiative. It aims to provide automatic speech recognition (ASR) capabilities for both widely spoken languages, such as English and Mandarin, and under-resourced languages, such as Amharic, Cebuano, Assamese, and Azerbaijani.
The far field speech and voice recognition market covered in this report is segmented –
1) By Component: Microphones, Digital Signal Processors (DSP), Software
2) By Microphone Solution: Single Microphone, Linear Arrays, Circular Arrays
3) By Application: In-Vehicle Infotainment Systems, Smart Television (TV), Smart Speakers, Robotics, Smart Thermostats, Smart Lighting, Other Applications
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Regional Insights –
North America was the largest region in the far field speech and voice recognition market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the far field speech and voice recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the far field speech and voice recognition market are <b>Amazon.com Inc. , Apple Inc., Google LLC, Microsoft Corporation, Samsung Electronics, Alibaba Group, Huawei Technologies Co. Ltd. , Tencent Cloud, Sony India, Qualcomm Technologies Inc., Xiaomi , Texas Instruments Incorporated, STMicroelectronics N.V., Harman International, Cirrus Logic Inc., Sonos Inc., Synaptics Incorporated, Microsemi, Nuance Communications Inc. , Knowles Electronics LLC, DSP GROUP, Fortemedia, Sensory Inc., Andrea Electronics, Alango Technologies Ltd.</b>
Table of Contents
1. Executive Summary
2. Far Field Speech And Voice Recognition Market Report Structure
3. Far Field Speech And Voice Recognition Market Trends And Strategies
4. Far Field Speech And Voice Recognition Market – Macro Economic Scenario
5. Far Field Speech And Voice Recognition Market Size And Growth
…..
27. Far Field Speech And Voice Recognition Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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