The far field voice and speech recognition global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Far Field Voice And Speech Recognition Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The far-field speech and voice recognition market size has grown rapidly in recent years. It will grow from $4.08 billion in 2023 to $4.81 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to advancements in natural language processing (NLP), increasing demand for smart home devices, integration into automotive infotainment systems, rise of virtual assistants and AI-powered devices, and accessibility improvements for individuals with disabilities.
The far-field speech and voice recognition market size is expected to see rapid growth in the next few years. It will grow to $9.49 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to the expansion of voice-activated IoT devices, growing adoption in healthcare and telemedicine, integration with smart cities and public infrastructure, enhanced multimodal, interfaces and contextual understanding, and continued improvement in speech recognition accuracy. Major trends in the forecast period include voice commerce and payment integration, personalized voice assistants and user profiles, emotion recognition and sentiment analysis, enhanced multilingual support and localization, and voice biometrics for enhanced security and authentication.
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Scope Of Far Field Voice And Speech 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 Voice And Speech Recognition Market Overview
Market Drivers –
The rise in demand for voice-control-based smart speakers is expected to propel the growth of the far-field speech and voice recognition market going forward. Voice control-based smart speakers refer to intelligent devices that utilize natural language processing to interpret and respond to verbal commands, enabling hands-free control of various functions such as music playback, smart home devices, and information retrieval. The rise in demand for voice-control-based smart speakers is driven by their convenience, hands-free operation, seamless integration with smart home devices, and advancements in natural language processing technology. Far-field speech and voice recognition technology allow users to interact with smart speakers from a distance, typically across a room, without the need to be near the device. This technology enables seamless, hands-free interaction and enhances the functionality and versatility of these devices in various settings and use cases. For instance, in November 2023, according to Gov.uk, a UK-based public sector information website, 40% of UK households now own a smart speaker device, with sales of around 2 million units per year – more than twice the annual sales of DAB (Digital Audio Broadcasting) radios. Therefore, the rise in demand for voice control-based smart speakers is driving the growth of the far-field speech and voice recognition market.
Market Trends –
Major companies operating in the field service management solution market are focused on developing innovative solution platforms, such as GenAI solutions, to increase their profitability in the market. GenAI refers to artificial intelligence solutions generated through various methods, including genetic algorithms, deep learning, and other evolutionary computation techniques. For instance, in November 2023, ServiceNow, Inc., a US-based software company, launched Now assist generative AI portfolio with new capabilities to transform user experiences and increase productivity. The GenAI technologies integrated into the ServiceNow Platform include Now assist in virtual agent, flow generation, and Now assist for field service management (FSM). These solutions enhance ServiceNow’s portfolio of practical generative AI applications, enabling customers to streamline workflows, improve efficiency, and enhance user interactions.
The far field voice and speech recognition market covered in this report is segmented –
1) By Component: Microphones, Digital Signal Processors, Software
2) By Microphone Solution: Single Microphone, Linear Arrays, Circular Arrays
3) By Application: Smart TV Or STB, Smart Speakers , Automotive, 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 voice and speech recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the far field voice and speech recognition market are Qualcomm Inc., Texas Instruments Inc., Mediatek Inc., STMicroelectronics, Infineon Technologies, NXP Semiconductors, Tdk Corporation, Goertek Inc., Analog Devices Inc., Microchip Technology, Harman International, Cirrus Logic, Synaptics Incorporated, Matrix, Knowles Corporation, DSP Group Inc., Andrea Electronics, Microsemi Corporation , Sensory Inc., Meeami Technologies Private Limited, Alango Technologies Ltd. , Fortemedia Inc., VOCAL Technologies, Vesper Technologies, Adaptive Digital Technologies, MightyWorks Inc.
Table of Contents
1. Executive Summary
2. Far Field Voice And Speech Recognition Market Report Structure
3. Far Field Voice And Speech Recognition Market Trends And Strategies
4. Far Field Voice And Speech Recognition Market – Macro Economic Scenario
5. Far Field Voice And Speech Recognition Market Size And Growth
…..
27. Far Field Voice And Speech Recognition Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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