New York, March 01, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Sound Recognition Market Size, Share, Growth, Trends, Revenue and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Device (Smartphones and Tablets, Smart Home Devices, Connected Cars, Hearables, and Others), Application (Automotive, Healthcare and Fitness, Smart Home, Safety and Security, and Others), and Geography”, the global sound recognition market share was projected at USD 3.84 billion in 2021 and is reaching USD 9.70 billion by 2028, it is expected to grow at a CAGR of 14.5% from 2022 to 2028.
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Global Sound Recognition Market – Report Scope:
| Market Size Value in | USD 3.84 Billion in 2021 |
| Market Size Value by | USD 9.70 Billion by 2028 |
| Growth rate | CAGR of 14.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Device, Application, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Sound Recognition Market: Competitive Landscape and Key Developments
The study profiles key players in the sound recognition market, including Wavio, Reality AI, Audio Analytic Ltd., Abilisense, OtoSense Inc., Nuance Communications, Inc., Google, Microsoft Corporation, Amazon Web Services, Inc., and IBM Corporation. The report also includes an analysis of several other major companies to provide a comprehensive view of the sound recognition market and its ecosystem.
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Global Sound Recognition Market - Growth Dynamics:
The sound recognition market is being propelled by the increasing use of modern technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, and data analytics, as well as a desire to safeguard healthcare and financial data. Additionally, in the sound recognition market ecosystem, the BFSI, government and public, and IT and telecom sectors have benefited from increased urbanization and digitalization, which promote the adoption of technology-driven systems. However, the sensitive information and resources used in these sectors also make them vulnerable targets for hackers.
The sound recognition market is expected to benefit from the use of biometrics as access credentials, which necessitate strong, immutable, and comprehensive algorithms to authenticate individuals. The integration of biometric authentication with AI-based voice recognition technology is expected to reduce the risk of duplication or forgery, providing enhanced biometric security compared to speech recognition alone, thereby driving the growth of the sound recognition market. In recent times, there has been a significant increase in demand for software solutions in the technology sector, as they simplify component time and significantly reduce the cost of deployment for powering existing processes and applications. Sound recognition is not just a single solution; rather, it is a complete data ecosystem that connects various data sources and infrastructure types across different locations, such as on-premises, cloud, or hybrid environments, allowing for analysis without the need for time-consuming data integration. Nevertheless, the need for simple, quick, and convenient user authentication is expected to have an impact on the growth of the sound recognition market.
The sound recognition market has experienced growth due to the high adoption of voice recognition software products across various applications. These solutions are designed to assist businesses in becoming more data-driven and offer benefits in areas such as fraud detection and security management, customer authentication, and forensic voice analysis for criminal investigations.
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Global Sound Recognition Market – Global Overview:
Banks are constantly searching for the most effective authentication methods to combat online fraud. They have traditionally used knowledge-based authentication mechanisms, such as PINs, passwords, and one-time passwords, for secure processes. However, with the rise of digitization in financial institutions, fraudulent activities are increasing rapidly, leading to an increased demand for sound recognition in the authentication process. High-profile data thefts, including customers' banking credentials, have led to unauthorized access to bank accounts by fraudsters, making it necessary to have additional layers of protection in the entire financial authentication system.
The use of sound recognition technologies in the sound recognition market benefits banks and financial institutions, as it allows for intelligent user identification based on unique voiceprints, unlike traditional text passwords and pins. Additionally, sound recognition improves Know Your Customer (KYC) procedures. This is particularly useful in multilingual countries like those in South Asia where education systems are based on different languages. Sound recognition solutions are language-independent, allowing for the inclusion of people speaking different languages in financial safety nets, thus contributing to the growth of the sound recognition market.
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