Dublin, June 29, 2023 (GLOBE NEWSWIRE) -- The "Global Far-Field Speech and Voice Recognition Market by Component (Microphones, Digital Signal Processors, Software), Microphone Solutions (Single Microphone, Linear Arrays, Circular Arrays), Application and Geography - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The far-field speech and voice recognition market is projected to grow from USD 3.7 billion in 2023 and is projected to reach USD 6.9 billion by 2028; it is expected to grow at a CAGR of 13.1% from 2023 to 2028.
Increasing adoption of voice control-based smart speakers, enhanced accuracy through advanced front-end hardware, and technical advancement of deep-learning-based far-field microphones are the factors expected to fuel the growth of the far-field speech and voice recognition market.
Microphones segment of the far-field speech and voice recognition market to witness highest growth during the forecast period.
By component, the far-field speech and voice recognition market has been segmented into microphones, digital signal processors, and software. The microphones segment is expected to grow at the highest CAGR during the forecast period. Far-field microphones equipped with advanced noise-cancellation and beamforming technology can enhance the precision of voice recognition systems, leading to better performance even in environments with high levels of noise and over longer distances. This has resulted in a growing demand for high-quality microphones that can capture voice commands from across the room, as they have been integrated into various smart devices such as smart speakers, soundbars, and smart TVs. This trend has created a new market for high-end microphones, allowing individuals to easily control their devices and enhance their overall experience.
Automotive application segment to witness significant growth for far-field speech and voice recognition market during the forecast period.
The growth of the far-field speech and voice recognition market in the automotive industry is driven by several factors. These include the increasing demand for connected cars, the need for safer driving, and the convenience of hands-free communication. Advancements in natural language processing and machine learning are making it possible for automotive systems to accurately recognize and respond to spoken commands, further driving the growth of the market. As a result, major players in the automotive industry are investing heavily in the development of far-field speech and voice recognition technology, driving innovation, and creating new growth opportunities.
North America to hold a major market share of the far-field speech and voice recognition market during the forecast period.
North America is expected to hold a major market share for far-field speech and voice recognition market during the forecast period. The region has been highly responsive to the integration of the latest technologies, such as artificial intelligence (AI) and the Internet of Things (IoT). The North American far-field speech and voice recognition market is primarily driven by the increased adoption of AI software and large-scale deployment of neural networks across various end-use verticals, including consumer electronics and automotive. In consumer electronics, smart speakers are among the key application areas of the far-field speech and voice recognition market. The growing popularity of connected and smart devices boosts the growth of the smart speaker market in this region. According to a National Public Radio (NPR) (US) survey, 35% of Americans own a smart speaker as of 2022. In 2021, 32% of US adults owned a smart speaker. This significant increase in smart speakers across North America will fuel market opportunities in the region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 243 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $3.7 Billion |
| Forecasted Market Value (USD) by 2028 | $6.9 Billion |
| Compound Annual Growth Rate | 13.1% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Enhanced Accuracy Through Advanced Front-End Hardware
- Increasing Adoption of Voice Control-based Smart Speakers
- Technological Advancement of Deep Learning-based Far-Field Microphones
Restraints
- Privacy Threats
- Lack of Accuracy in Noisy and Harsh Environments
Opportunities
- Expansion into Multilingual and Global Markets
- Deployment in Smart Home Devices
- Increasing Application in Service Robotics
Challenges
- Power Issues and Lack of Standardization
- Technology Analysis
- Neural Network-based Speech Recognition
- Acoustic Echo Cancellation (Aec)
- Beamforming and Microphone Arrays
Case Study Analysis
Use Case 1: Arkx Laboratories Enabled Robust Far-Field Voice Control in Challenging Environments
Use Case 2: Arkx Afe Enhanced Voice Interaction in Self-Service Kiosks
Use Case 3: Alexa Helped Hawaii Pacific Health to Enhance Patient Experience Through Query Resolution
Companies Mentioned
- Adaptive Digital Technologies
- Alango Technologies Ltd.
- Analog Devices, Inc.
- Andrea Electronics
- Ceva, Inc.
- Cirrus Logic
- Fortemedia, Inc.
- Goertek
- Harman International
- Infineon Technologies AG
- Knowles Corporation
- Matrix
- Mediatek Inc.
- Meeami Technologies
- Microchip Technology Inc.
- NXP Semiconductors
- Qualcomm Incorporated
- Sensibel
- Sensory Inc.
- Stmicroelectronics
- Synaptics Incorporated
- Tdk Corporation
- Vesper Technologies, Inc.
- Vocal Technologies
- Xmos
For more information about this report visit https://www.researchandmarkets.com/r/9ew1rv
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