Far-Field Speech and Voice Recognition Market to Witness Remarkable Growth, Reaching $6.9 Billion by 2028

The Far-Field Speech and Voice Recognition Market is expected to develop from its estimated value of USD 3.7 billion in 2023 to USD 6.9 billion by 2028, at a compound yearly growth rate (CAGR) of 13.1%.

Pune, 25/04/2024 (informazione.it - comunicati stampa - scienza e tecnologia)

At a compound annual growth rate (CAGR) of 13.1%, the "Far-Field Speech and Voice Recognition Market Size" research projects a significant increase in market size from USD 3.7 billion in 2023 to USD 6.9 billion by 2028.

The increasing popularity of voice-activated smart speakers, the development of deep-learning-based far-field microphones, and the increased precision made possible by cutting-edge front-end technology are some of the major drivers of this growth trajectory. The need for parts like digital signal processors, software, and microphones is being fueled by these developments, which is helping to propel the far-field speech and voice recognition market's overall growth.

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Key Market Players

Major vendors in the far-field speech and voice recognition companies include Qualcomm Incorporated (US), HARMAN International (US), Synaptics Incorporated (US), NXP Semiconductors (Netherlands), STMicroelectronics (Switzerland), Andrea Electronics (US), Cirrus Logic (US), Microchip Technology Inc. (US), Infineon Technologies AG (Germany) and Knowles Corporation (US). Apart from this, Analog Devices, Inc. (US), Sensory, Inc. (US), Meeami Technologies (India), TDK Corporation (Japan), Vocal Technologies (US), Vesper Technologies (US), Alango Technologies Ltd. (Israel), MediaTek Inc. (Taiwan), CEVA, Inc. (US), Fortemedia, Inc. (US), XMOS (UK) are among a few emerging companies in the far-field speech and voice recognition market.

Far-Field Speech and Voice Recognition Market Dynamics:

Drivers: Enhanced accuracy through advanced front-end hardware

The front-end hardware components' ongoing development and integration are important drivers of the far-field speech and voice recognition market's expansion. The accuracy of far-field speech recognition systems is largely dependent on the functionality and quality of front-end hardware, including digital signal processors (DSP) and microphone arrays. These elements are essential for reducing background noise and reverberations and guaranteeing maximum precision and effectiveness. In order to increase the resiliency and accuracy of far-field speech and voice recognition systems, manufacturers are actively developing new algorithms for wind reduction and noise cancellation and utilising beamforming technology. At the vanguard are businesses like Apple and Amazon, whose smart speaker devices, like the Home Pod and Echo, have numerous microphones and beamforming technology built in to enable accurate voice recognition even at long distances.

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Opportunities: Expanding into multilingual and global markets

The need for speech recognition software that can comprehend and converse in a variety of languages and dialects is growing as multinational corporations broaden their customer base across geographical boundaries. This requirement is present in a number of industries, including as call centres, hospitality, e-commerce, and customer service, where multilingual voice recognition enables tailored user interactions that raise customer satisfaction and engagement levels. Multilingual voice-enabled technology play a crucial role in meeting the demands of global travellers in the travel and tourism sector. These technologies make traveller experiences more convenient and accessible by helping with activities like language translation, navigating, and obtaining local suggestions. Multilingual speech recognition is used by hotels, tourist sites, and airports to provide services like ticketing, guest support, and informational assistance. This improves operational efficiency and service quality.

Qualcomm Incorporated:

In 2022, the US-based Qualcomm Incorporated became a major force in the far-field speech and voice recognition industry. Qualcomm is a well-known global leader in technology that specialises in creating innovative mobile communication platforms and technologies. Its cutting-edge technologies and products are widely used in mobile devices and wireless products in a variety of industries, including retail, consumer electronics, automotive, telecommunications, energy, and utilities. Qualcomm's innovative developments have played a major role in the global adoption of smartphones and cellular-embedded products. The corporation exhibits a strong dedication to innovation with research and development centres spread throughout several nations, including the US, India, China, the UK, France, the Netherlands, Ukraine, Austria, and Vietnam. Remarkably, Qualcomm devotes a sizeable amount of its earnings—roughly 18.5% in FY2022—to research and development activities. The company is proud of its extensive intellectual property portfolio, which includes more than 140,000 granted and pending patents in more than 100 nations and jurisdictions. Qualcomm is a global leader in driving technological improvements in the far-field speech and voice recognition sector, with a presence in North America, South America, Asia Pacific, Europe, the Middle East, and Africa.

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HARMAN International:

With its headquarters located in the US, HARMAN International is well-known throughout the world for its proficiency in connected technologies and audio solutions. Serving a wide range of industries, including consumer electronics, professional, and automotive, the company provides a wide range of cutting-edge goods and services. HARMAN is a leading provider of connected car technologies for the automotive industry, including infotainment systems, sophisticated driving assistance systems, and audio systems. The company is notable for its expertise in voice recognition and far-field speech technology, which enable smooth voice control features in automobiles. In addition to its hardware products, HARMAN offers a range of software solutions, such as connectivity and cloud-based services, to improve drivers' entire driving experiences. HARMAN is a leading player in the connected technologies space, and it is well-positioned to serve its customers and work with partners globally because to its extensive global footprint in regions including North America, Europe, Asia Pacific, and Latin America.

North America is expected to hold the largest share in the market by 2028.

Over the course of the forecast period, the North American region is expected to continue to have a dominant position in the far-field speech and voice recognition market. North America is a key market for the business, with the US and Canada leading the way in innovations. The region's strong technological infrastructure, broad use of speech-activated virtual assistants and smart home appliances, and incorporation of voice recognition technology into car systems all contribute to its dominance. Furthermore, North America enjoys the benefits of strong consumer demand for cutting-edge voice-controlled applications as well as strong government initiatives that support its superior research and development skills. Together, these elements support North America's sizeable market share and standing as a pioneer in influencing the direction of the far-field speech and voice recognition industry.

News Covered:

https://www.globenewswire.com/en/news-release/2023/07/13/2704259/0/en/Far-Field-Speech-and-Voice-Recognition-Industry-to-grow-at-a-CAGR-of-13-1-2023-2028.html 

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