Unlocking Potential: Far-Field Speech and Voice Recognition Market Overview
With a predicted increase from USD 3.7 billion in 2023 to USD 6.9 billion by 2028, the Far-Field Speech and Voice Recognition Market is expected to grow significantly. This indicates a strong Compound Annual Growth Rate (CAGR) of 13.1% for the forecast period from 2023 to 2028. The increasing integration of speech recognition technology in a wide range of applications, from automotive systems and industrial automation to smart home appliances and virtual assistants, is what is propelling this growth trajectory. The market for far-field speech and voice recognition technologies is expanding as voice-based interactions grow more common and convenient.
The market for far-field speech and voice recognition is expanding significantly thanks to developments in deep-learning-based far-field microphone technology. The growing popularity of these technologies can be attributed to the growing number of smart speakers that support voice control and the ongoing advancements in accuracy made possible by cutting-edge front-end technology. With the quickest growth rate expected during the forecast period, Asia Pacific emerges as a significant growth area in this market. Asia Pacific is ideally situated to benefit from the far-field speech and voice recognition market's rapid rise, as the region's growing urbanisation and tech-savvy consumer preferences fuel a growing demand for voice-activated devices and smart home applications.
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Asia Pacific's far-field speech and voice recognition market is anticipated to grow at the fastest rate during the forecast period, with a compound annual growth rate (CAGR) of about 20%. The market is growing quickly because of the region's sizable population and broad use of smart devices. Leading nations include China, India, Japan, and South Korea; these are fueled by e-commerce boom, growing language diversity, and deeper integration of smart home technologies. To enable precise multilingual speech recognition and localization, investments in Artificial Intelligence (AI) and Natural Language Processing (NLP) technologies are now in progress. To suit the varied technical needs of the region, major industry players are actively developing voice-enabled applications, smart home appliances, and voice-based customer care solutions. Due to its fast digital transformation and dynamic technology environment, Asia Pacific becomes a significant and influential market for voice recognition and far-field speech technologies.
Digital Signal Processors segment to hold larger market share during the forecast period.
The digital signal processors sector emerged as the market leader in far-field speech and voice recognition in 2022, with a higher market share. The market for digital signal processors is expanding due in large part to the growing need for low-power and energy-efficient processors. The increasing popularity of battery-operated gadgets such as wearables, smart speakers, and smart home appliances has increased the demand for CPUs that can run low power consumption effectively without sacrificing functionality. The far-field speech and voice recognition market's digital signal processor segment has grown dramatically as a result of this demand, which has prompted the creation of digital signal processors with specific architectures meant for low-power operations.
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Circular arrays segment account for the largest share of the far-field speech and voice recognition market for during the forecast period.
By 2022, the circular arrays segment held the greatest proportion of the far-field speech and voice recognition market. Because circular array microphones can record audio in a 360-degree range, it is expected that demand for these microphones will continue to soar in the years to come. Circular arrays are therefore a great option in a variety of contexts, including huge conference rooms and event spaces with a wide distribution of participants. Circular array microphones are expected to become more affordable and accessible for a wider range of industries and applications as a result of technological developments in microphone technology and manufacturing processes. Circular array microphones are in high demand as a result of the growing use of video conferencing and remote communication technologies in enterprises. These technologies require high-quality far-field speech recognition that can capture sounds from numerous directions.
Far-Field Speech and Voice Recognition Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $3.7 billion |
| Estimated Value by 2028 | $6.9 billion |
| Growth Rate | Poised to grow at a CAGR of 13.1% |
| Market Size Available for | 2019–2028 |
| Forecast Period | 2023–2028 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, Microphone Solutions, Application and Geography |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Key Market Challenge | Power issues and lack of standardization |
| Key Market Opportunities | Expanding into multilingual and global markets |
| Key Market Drivers | Enhanced accuracy through advanced front-end hardware |
Robotics application to exhibit highest growth in terms of far-field speech and voice recognition market during the forecast period.
The far-field speech and voice recognition market is expected to grow at the fastest rate in the robotics application category. In order for home robots to advance, voice recognition and far-field speech technology must be increasingly integrated. Household robots are becoming more and more popular as consumer demand for automating repetitive jobs grows, and far-field speech and voice recognition greatly improve their functionality. The technology enhances the overall user experience by giving household robots a more intuitive and user-friendly dimension. Notably, improvements in natural language processing (NLP) and artificial intelligence (AI) have increased the precision and effectiveness of far-field speech and voice recognition, which has fueled industry expansion even more. The September 2022 release of the sophisticated robotic hoover and mop, the Roomba Combo j7+ by iRobot Corporation (US), serves as an example. Furthermore, the iRobot OS 5.0 updates improve speech and customisation control for all j7 Series robots, with a voice command set of about 600. It is anticipated that the robotics application segment would see significant growth as a result of such inventive product introductions.
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Far-Field Speech and Voice Recognition Companies
Qualcomm Incorporated:
By capturing a sizeable portion of the far-field speech and voice recognition market in 2022, Qualcomm Incorporated (US) solidified its position as a major force in the world of technology. Qualcomm is a well-known company that designs and develops cutting-edge mobile communication platforms and technologies. Its products are widely used in a variety of industries, such as retail, consumer electronics, automobiles, telecommunications, and energy and utilities. The company's technology advancements have been crucial to the widespread use of cellular-embedded gadgets and smartphones. With strategically placed R&D centres in the US, India, China, the UK, France, the Netherlands, Ukraine, Austria, and Vietnam, Qualcomm makes large investments to advance its technological capabilities. In FY2022, 18.5% of its revenue was allocated to R&D activities. With a strong portfolio of more than 140,000 granted and pending patents covering more than 100 nations and regions, Qualcomm is well-represented throughout the world's continents, including Europe, the Middle East, Africa, Asia Pacific, and North America.
HARMAN International:
With its headquarters in the US, HARMAN International is a well-known firm with a focus on linked technologies and audio solutions worldwide. The company is a major player in the market, with a diversified portfolio that caters to the automotive, consumer electronics, and professional sectors. HARMAN offers a wide variety of connected car solutions in the automotive industry, including infotainment systems, audio systems, and sophisticated driver assistance systems. The company is particularly good at voice recognition and far-field speech technologies, which allow for smooth voice control in cars. Software from HARMAN includes connectivity options and cloud-based services that improve driving in general. HARMAN International is a multinational company that operates in North America, Europe, Asia Pacific, and Latin America. This allows it to service clients and form partnerships on a global scale.
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