Chicago, July 13, 2023 (GLOBE NEWSWIRE) -- The 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 - Global Forecast to 2028".
[250 Pages Report] The far-field speech and voice recognition market was valued at USD 3.7 billion in 2023 and is estimated to reach USD 6.9 billion by 2028, registering a CAGR of 13.1% during the forecast period. The growth of the far-field speech and voice recognition market is governed by the enhanced accuracy through advanced front-end hardware, increasing adoption of voice control-based smart speakers, and technological advancement of deep-learning-based far-field microphones.
Far-field speech and voice recognition market in Asia Pacific estimated to grow at the fastest rate during the forecast period.
The far-field speech and voice recognition market,in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The market is driven by its large population and high adoption of smart devices, leading to rapid market expansion. Countries such as China, India, Japan, and South Korea are leading the way, subject to language diversity, increased penetration of smart home technology products, and booming e-commerce. The market is witnessing several investments in AI and natural language processing (NLP) technologies to enable accurate multilingual voice recognition and localization. Key players are focusing on developing voice-enabled applications, smart home devices, and voice-based customer service solutions to cater to the diverse needs of the region. With its thriving technology ecosystem and fast-paced digital transformation, Asia Pacific is poised to be a major market for far-field speech and voice recognition technologies.
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Digital Signal Processors segment to hold larger market share during the forecast period.
In 2022, the digital signal processors segment accounted for the larger share of the far-field speech and voice recognition market. The market growth for digital signal processors in the far-field speech and voice recognition market is attributed to the increasing demand for low-power and energy-efficient processors. With the rising adoption of battery-powered devices such as wearable devices, smart speakers, and smart home devices, there is a growing need for processors that can operate on low power while still providing high performance. This has led to the development of digital signal processors with specialized architectures optimized for low-power operation, which in turn has driven the growth of the digital signal processors segment.
Circular arrays segment account for the largest share of the far-field speech and voice recognition market for during the forecast period.
In 2022, the Circular arrays segment held the largest share of the far-field speech and voice recognition market. The demand for circular array microphones is expected to rise in the coming years, owing to their ability to capture audio from a full 360-degree range. This makes them an ideal solution for large conference rooms, event spaces, and other settings where participants may be situated across a wide area. Advancements in microphone technology and manufacturing processes are expected to reduce the cost of circular array microphones, making them more affordable and accessible to a wider range of industries and applications. With the growing adoption of video conferencing and other remote communication technologies in businesses and organizations, the need for high-quality far-field speech recognition technology that can capture audio from multiple directions is expected to increase, thereby boosting the demand for circular array microphones.
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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 robotics application segment is expected to account for the highest growth of the far-field speech and voice recognition market. Far-field speech and voice recognition technology have become essential in the development of household robotics. Household robots are becoming more popular as consumers seek ways to automate routine tasks and improve their quality of life. Far-field speech and voice recognition technology can significantly enhance the capabilities of household robots, making them more intuitive and user-friendly. With advancements in AI and natural language processing (NLP), the accuracy and efficiency of far-field speech and voice recognition technology have improved significantly, thus fueling market growth. In September 2022, iRobot Corporation (US) launched the Roomba Combo j7+, an advanced robotic vacuum and mop. iRobot has also released the iRobot OS 5.0 updates, which enhance the voice and personalization control of the j7 Series robots throughout the entire product range. With the new iRobot OS 5.0, the Roomba Combo j7+ can recognize and respond to around 600 voice commands. Such proactive product launches will fuel the segment growth of the robotics application.
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163 – Tables
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250 – Pages
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Far-Field Speech and Voice Recognition Companies
Qualcomm Incorporated:
Qualcomm Incorporated (US) held a major share of the far-field speech and voice recognition market in 2022. It is a global technology company that designs and develops advanced mobile communication technologies and platforms. Its products and technologies are widely used in mobile devices and wireless products across a variety of industries, including automotive, telecommunications, consumer electronics, retail, and energy and utilities. The company’s innovations have contributed to the proliferation of smartphones and cellular-embedded devices. Qualcomm Incorporated has research and development facilities across the US, India, China, the UK, France, the Netherlands, Ukraine, Austria, and Vietnam. The company invests a significant portion of its revenue in research and development activities, i.e., 18.5% in FY2022. It has a strong portfolio of inventions, including over 140,000 granted and pending patents across more than 100 countries and jurisdictions. The company has a presence in North America, South America, Asia Pacific, Europe, the Middle East, and Africa.
HARMAN International:
HARMAN International (US), is a renowned global company specializing in connected technologies and audio solutions. The company serves various sectors, including automotive, consumer electronics, and professional. In the automotive field, the company offers a wide range of connected car solutions, such as audio systems, infotainment platforms, and advanced driver assistance systems. The company also provides far-field speech and voice recognition technologies for seamless voice control within vehicles. Its software offerings include cloud-based services and connectivity solutions that enhance the driving experience. The company has a global presence, operating in regions including North America, Europe, Asia Pacific, and Latin America. A wide geographical reach enables the company to serve customers and collaborate with partners worldwide.
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