NEWARK, Del, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The global far field speech and voice recognition market is anticipated to reach a valuation of US$ 3.7 billion in 2024, driven by global connectivity and IoT integration. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 13.1% between 2024 and 2034, and reaching a total valuation of approximately US$ 12.8 billion by 2034.
The edge computing for speech processing is primarily accelerating market expansion. Inclination towards edge computing, where processing is done locally on devices rather than relying solely on cloud servers, is influencing speech and voice recognition. Edge computing can improve response times and privacy in voice activated applications.
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Voice recognition is increasingly used for secure authentication in various applications, including access control systems, financial transactions, and identity verification. The biometric nature of voice adds an additional layer of security. Businesses are incorporating voice recognition into customer service applications, such as interactive voice response systems, which enhances the efficiency of customer interactions and improves the overall user experience.
Voice recognition is being integrated into educational technology to facilitate language learning, pronunciation correction, and accessibility features for students with different learning needs. The integration of voice recognition in wearable devices, such as smartwatches and fitness trackers, enhances user interaction by allowing hands free control and communication on the go.
Ongoing research and development in the field of far field speech and voice recognition are likely to lead to innovations in hardware, algorithms, and applications, driving future growth and market expansion.
Advancements in voice recognition technology are enabling systems to detect and interpret emotional cues in voices of the users. The capability has applications in customer service, virtual assistants, and healthcare for better understanding and responding to emotional states of the users.
The gaming industry is exploring voice recognition for immersive and interactive gaming experiences. Far field voice recognition can be integrated into gaming consoles and virtual reality systems to enhance user engagement.
“Businesses are focusing on optimizing their online content for voice search, with the rise of voice activated search on mobile devices and smart speakers. The trend creates opportunities for voice recognition technology providers to offer solutions tailored for voice search optimization,” says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
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Key Takeaways from the Market Study
- Global far field speech and voice recognition market was valued at US$ 3.3 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 14.5%.
- The market in Korea is expected to expand at a CAGR of 15.4% through 2034.
- By component, the microphones segment to account for a CAGR of 12.8% through 2034.
Competitive Landscape
Prominent players in the far field speech and voice recognition market are
- Aaware Inc.
- Adaptive Digital Technologies
- Alango
- Ami Technologies
- Analog Devices Inc.
- Andrea Electronics Corp.
- Cadence Design Systems Inc.
- Ceva Inc.
- Cirrus Logic Inc.
- DSP Concepts
- DSP Group Inc.
- Harman International
- Knowles Corp.
- Meeami Technologies
- Microsemi Corp.
- NXP Semiconductors N.V.
- Qualcomm
- Retune Dsp
- Sensory
- Stmicroelectronics N.V.
Recent Development
- In 2023, Infineon Technologies unveiled a low power PDM microphone, specifically designed for applications requiring minimal energy consumption. The innovative microphone finds application in wireless earbuds, over ear headsets, and hearing enhancement devices, where its ultra-low power characteristics contribute to enhanced performance and prolonged battery life.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global far field speech and voice recognition market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the far field speech and voice recognition market, the market is segmented on the basis of component (microphones, digital signal processors, software), microphone solution (single microphone, linear arrays, circular arrays), and application (smart TV/STB, smart speakers, automotive, robotics, others), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
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Segmentation Analysis of the Far Field Speech and Voice Recognition Market
By Component:
- Microphones
- Digital Signal Processors
- Software
By Microphone Solution:
- Single Microphone
- Linear Arrays
- Circular Arrays
By Application:
- Smart TV/STB
- Smart Speakers
- Automotive
- Robotics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
About the Technology Team at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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