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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