Far-Field Speech and Voice Recognition Market Research Report: By Component (Microphones, Digital Signal Processors, Software), Microphone Solution (Single Microphone, Linear Arrays, Circular Arrays), Application (In-Vehicle Infotainment System, Smart TV, Smart Speakers, Robotics, Smart Thermostats, Smart Lighting and others) – Global Forecast till 2024
The global far-field speech and voice recognition market is showing signs of growth by 24.56% during the forecast period of 2018 to 2024 to reach a valuation of USD 3,005.14 million. Market Research Future (MRFR) identifies the growing use of the internet of things in residential areas, hike in the integration of AI, various research funding to support changes, rising participation from countries to bolster such projects, growing competition in the market, and others as factors that can impact the market outcome.
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Segmentation:
The global review on the far-field speech and voice recognition market includes a proper analysis of the various segments like component, microphone solution, and application to get close to dynamics that can change the market outcome.
By component, the understanding of the far-field speech and voice recognition market includes a study of digital signal processors, microphones, and software. The microphone segment has the lead at present. But the software segment is slated to register the highest CAGR during the forecast period.
By microphone solution, the study of the market includes linear arrays, single microphone, and circular arrays. The linear array segment is slated to dominate the global market.
By application, the study of the far-field speech and voice recognition market includes a smart TV, smart speakers, in-vehicle infotainment system, smart thermostats, smart lighting, robotics, and others. The smart speaker segment has the chance to outgrow the other segments.
Regional Analysis:
North America and Europe are creating a substantial opportunity for the market to spread out as the number of speakers of languages integrated into the system is quite high, which is boosting the market growth.
Competitive Landscape:
Texas Instruments Inc. (US), Synaptics Inc. (US), Sensory Inc. (US), Qualcomm Inc. (US), Harman International Industries, Inc. (US), STMicroelectronics NV (Switzerland), Cirrus Logic Inc. (US), Andrea Electronics Corporation (US), Knowles Corporation (US), Microsemi Corporation (US), DSP Group, Inc. (US), Fortemedia, Inc. (US), Alango Technologies Ltd (Israel), Meeami Technologies, Inc. (US), and VOCAL Technologies, Ltd (US) are companies taking part in the global market for far-field speech and voice recognition.
Industry Trends:
In September 2020, Helsinki University, broadcaster Yle, and state development company VAKE announced the launching of a new project called “Donate Your Speech” (Lahjoita puhetta -Finnish), a publicly funded venture to help establish a foundation that would work for various voice-activated services in Finnish. The project is planning to create a huge pool with diverse types of Finnish speakers and collect their samples to understand various accents.
The government is taking this initiative to let the Finnish speakers stay at par with the global developments. The country lacks a proper structure for voice-based services. It is limiting the growth of the smart gadget market as it only has the option to work using English as the medium.
In August 2020, Microsoft announced the launching of its new AI-supported voice recognition system to back the Microsft Word web services. This audio transcription feature can help in generating a transcript of any previously recorded conversations or transcribe conversation taking place in real-time. This new system is now called Transcribe in Word and it uses Azure Cognitive Services to transcribe speeches directly for the online version of Microsoft Word. The system can recognize diverse accents and understand different speakers, and the transcription it provides can actually have time-stamped audio. This new feature is trying to get bring in reporters, students, researchers conducting group sessions, and entrepreneurs recording discussions into their fold.
During the COVID-19 crisis, such technologies received traction as it can help in curbing the spread of diseases.
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