Market Research Future (MRFR) confirms that the far-field speech and voice recognition market 2020, after touching a valuation of USD 878.37 million in 2018, can now reach USD 3,005.14 Million by 2024-end. MRFR’s new detailed study also asserts that the market expansion rate can be a striking 24.56% between 2018 and 2024 (evaluation period).
Growth Factors and Main Deterrents
Far-field speech recognition as well as far-field voice control has emerged as prominent technologies that are connected to various situations including meeting transcription, onboard navigation and smart home appliances. A number of companies are planning on launching models that will comprise integrated microphones to be used for smart speaker voice control. AudioSmart DSPs are also being introduced in the market by multiple companies; a technology that segregates the speech signals from the background noise, while processing the speech signal to facilitate speech recognition. Similarly, the SoCs technology has been gaining prevalence in the global market as well, with various players churning out the latest products that draw in more customers. For instance, in 2019, Qualcomm developed Bluetooth audio SoCs that helps bring down the battery drain usually experienced by audio products.
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The far-field speech and voice recognition market is advancing relentlessly backed by the increasing demand for accurate and reliable speech and voice recognition, technological advancements in deep-learning far-field microphones and the soaring demand for voice control-based smart speakers. Also, the increasing applications of far-field speech and voice recognition within smart home devices can be an attractive opportunity for the renowned market participants in the ensuing period.
The rapid adoption rate of voice control-based smart speakers like Echo and Alexa has been fruitful for the global market in recent years. Sensing the opportunity, a number of vendors are embracing product launch as their key strategy to propel their position in the market for far-field voice technology.
Market Segmentation
Component, microphone solution and application are the top segments covered in the market study.
The primary components available in the market are digital signal processors, software as well as microphones. Microphone can gather the maximum impetus in the market, while the highest growth rate can be achieved by the software segment during the evaluation timeline. Microphones note more demand as they accurately and reliably facilitate digital communication within the far-field speech and voice recognition solution.
The various microphone solutions studied are linear arrays, circular arrays and single microphone. The highest share belonged to the linear array segment in 2018, since these solutions find widespread use in smart devices like smart TVs, speakers, home security devices, home routers, set-top boxes, and similar devices. That said, the fastest progression rate will be noted by the circular arrays segment in the years ahead in the global market.
The chief application segments outlined in the report are smart TV, in-vehicle infotainment system, robotics, smart speakers, smart lighting, smart thermostats, and others. Smart speaker can observe supreme growth in the market on account of the rising deployment of virtual assistants in devices such as tablets and smartphones, especially in Europe and North America.
Regional Insight
The top markets for far-field speech and voice recognition technology are Europe, North America, APAC or Asia Pacific, and RoW or rest of the world.
North America is projected to be the prime market for far-field speech and voice recognition technology, on account of the high usage of smart devices integrated with the latest technologies like IoT and AI. The high consumer enthusiasm in the US to use the latest innovations encourages makers to come up with more advanced products. Celebrated players like Google, Amazon, Bose and Apple offer smart speakers that boost their customer base and helps them expand their regional network. This helps them create niche space in the far-field speech and voice recognition market, not only regionally but also on a global scale.
The mounting demand for voice control-based smart speakers is viewed as a lucrative opportunity for the far-field speech and voice recognition market in Europe. The regional is the second most lucrative market, all because of the frequent technological advancements in deep-learning-based far-field microphones as well as the subsequent expansion of the far field microphone market. The digital signal processors industry is also gaining considerable momentum in the region, given the rising deployment in consumer electronic devices. This can mean vigorous business growth for far-field speech and voice recognition technology over the approaching years.
Prominent Competitors
Prominent competitors outlined in the report include VOCAL Technologies, Ltd (US), Fortemedia, Inc. (US), Harman International Industries, Inc. (US), Qualcomm Inc. (US), Sensory Inc. (US), Synaptics Inc. (US), Microsemi Corporation (US), STMicroelectronics NV (Switzerland), Inc. (US), Knowles Corporation (US), Texas Instruments Inc. (US), Cirrus Logic Inc. (US), Meeami Technologies, Inc. (US), DSP Group, Andrea Electronics Corporation (US), Alango Technologies Ltd (Israel), and more.
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Far-Field Speech and Voice Recognition Market Research Report: By Component (Microphones, Digital Signal Processors, Software), Microphone Solution (Single Microphone, Linear Arrays, Circular Arrays), Application (In-Vehicle Infotainment System, Smart TV, Smart Speakers, Robotics, Smart Thermostats, Smart Lighting and others) - Global Forecast till 2027Market OverviewToday there are many new technologies that classify as progressive and upcoming.
One such technology that classifies as a promising industry is the sector of Far-Field Speech and Voice Recognition.
The Far-Field Speech and Voice Recognition technology is one that increases the understanding between machines and humans by interpreting voice commands and human speech.
Since humans look at machines as AI-powered companions today, the use of Far-Field Speech and Voice Recognition justifies itself.
Needless to say, the Far-Field Speech and Voice Recognition Market Size will expand in the next few years.
The Far-Field Speech and Voice Recognition technology is one that is prevalent in the industrial as well as domestic sector.
According to the new market research report "Far-Field Speech and Voice Recognition Market by Component (Microphones, DSP and Software), Application (Smart TV/STB, Smart Speakers, Automotive, and Robotics), Microphone Solutions (Single, Linear, Circular), and Geography - Global Forecast to 2024", the market is expected to grow from USD 969 million in 2018 to USD 3,505 million by 2024, at a CAGR of 23.89%.
The growth of the far-field speech and voice recognition market can be attributed to the technical advancement of deep-learning-based far-field microphones, growing impact of front-end hardware components on the accuracy of speech and voice recognition, and growth in voice control–based smart speakers.
Moreover, the deployment of far-field speech and voice recognition in smart home devices and application of speech and voice recognition in service robotics is expected to create huge growth opportunities for the far-field speech and voice recognition market.
Get Free 10% Customization on this Report-https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=39497510 Far-filed Speech and voice recognition market for others application to grow at the highest rate during the forecast periodOthers include Smart Light, Smart Thermostats, Smart Vacuum Cleaners, Smart Fridge, and Smart Washing Machines.
There is an increase in demand for AI-enabled smart speakers in smart home and smart office applications.
Linear arrays are mainly used in smart speakers, Smart TVs and STB (set-top box), automotive and home router, home security device, thermostat, or home appliance and hence hold the major share in far-field speech and voice recognition market.
