Attractive Opportunities in Far-Field Speech and Voice Recognition Market

According to the new market research report "Far-Field Speech and Voice Recognition Market by Component (Microphones, DSP and Software), Application (Smart TV/STB, Smart Speakers, Automotive, and Robotics), Microphone Solutions (Single, Linear, Circular), and Geography - Global Forecast to 2024", the market is expected to grow from USD 969 million in 2018 to USD 3,505 million by 2024, at a CAGR of 23.89%. The growth of the far-field speech and voice recognition market can be attributed to the technical advancement of deep-learning-based far-field microphones, growing impact of front-end hardware components on the accuracy of speech and voice recognition, and growth in voice control–based smart speakers. Moreover, the deployment of far-field speech and voice recognition in smart home devices and application of speech and voice recognition in service robotics is expected to create huge growth opportunities for the far-field speech and voice recognition market.

• Download PDF Brochure:-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=39497510

Market for microphones to hold a larger share of the far-field speech and voice recognition market throughout the forecast period.

Far-field speech and voice recognition systems use multiple microphones in form of a linear or circular array to reduce the impact of noise and reverberation from the surrounding environment.  In recent years, the development of deep-learning-based trainable algorithm for far-field microphones has greatly reduced the limitation of signal distortion and loss of information. Microphones with machine learning, neural networks, and beamforming have improved the front-end voice processing. Smart speaker from Google has been at the forefront in deploying deep learning-based microphones in their device.  By the use of deep learning-based microphone, Google had reduced the number of microphone in their smart speaker to two microphones per device, whereas their arch-rival Amazon is using 7 microphones in a single smart speaker.

Smart Speaker is expected to be the largest contributor in applications of the far-field speech and voice recognition market during the forecast period

The smart speaker application segment accounted for a majority of the far-field speech and voice recognition market in 2018. The proliferation of virtual assistance–integrated smart speaker in North America and Europe has contributed to a higher share of the smart speaker vertical over the past years. Moreover, the evolving market for smart speakers among middle-class consumers in developing countries is expected to offer significant growth opportunity for the market in the smart speaker application segment. For instance, in 2018, Amazon sold more than 100 million devices with its Alexa smart assistant.

Americas is likely to continue to hold the largest market share during the forecast period

The penetration of smart home applications, such as smart speakers, in North America, especially in the US, is high owing to the presence of early adopters and key smart speaker providers. The willingness of customers to accept and use new technologies has also encouraged manufacturers in to develop new and advanced products. Key players, such as Amazon, Google, Apple, and Bose, offering smart speakers are based in the US, leveraging their huge customer base and neural networks to leverage the far-field speech and voice recognition capabilities with their smart speaker products in this region. Additionally, the penetration of smart devices in the region is also fueling the demand for the far-field speech and voice recognition market.

Key Market Players

Synaptics (US), Texas Instruments (US), Qualcomm (US), Sensory (US), STMicroelectronics (Switzerland), Harman (US), Andrea Electronics (US), Cirrus Logic (US), Microsemi (US), DSP Group (US),and Knowles (US) are a few major players in the speech and voice recognition market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441