Far-Field Speech and Voice Recognition Market to Touch USD 3,005.14 Million by 2024 at a CAGR of 24.56% – Report by Market Research Future (MRFR)

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New York, USA, Jan. 26, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Far-Field Speech and Voice Recognition Market information by Microphone Solution, by Components, by Application and Region – forecast to 2027” market size to reach USD 3,005.14 million, growing at a compound annual growth rate of 24.56% by 2024.

Market Scope:
The advent of IoT and AI has led in many technological challenges and innovations in smart home technologies. This may offer robust opportunities for the market in the forecast period. AI voice recognition technologies in smart home devices support key technologies like voiceprint recognition, multi-turn dialogue interaction, instant-on, and far field sound pick up.

Dominant Key Players on Far-Field Speech and Voice Recognition Market Covered are:

  • Synaptics Inc. (US)
  • Texas Instruments Inc. (US)
  • Qualcomm Inc. (US)
  • Sensory Inc. (US)
  • STMicroelectronics NV (Switzerland)
  • Harman International Industries Inc. (US)
  • Andrea Electronics Corporation (US)
  • Cirrus Logic Inc. (US)
  • Microsemi Corporation (US)
  • DSP Group Inc. (US)
  • Knowles Corporation (US)
  • Meeami Technologies Inc. (US)
  • Alango Technologies Ltd (Israel)
  • Fortemedia Inc. (US)
  • VOCAL Technologies Ltd (US)

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Market USP Exclusively Encompassed:
Market Drivers
Increasing Need for Voice Control Based Smart Speakers to Boost Market Growth
The increasing need for voice control-based smart speakers coupled with the growing significance of technology for speech communications as this intends in permitting smart devices in identifying distant human speech accelerate the far field speech & voice recognition market growth.

Accuracy Issues to act as Market Restraint
The accuracy issues in far-field speech and voice recognition systems in harsh and noisy environments may act as market restraints in the forecast period.

Browse In-depth Market Research Report (111 Pages) on Far-Field Speech and Voice Recognition Market: 

Segmentation of Market Covered in the Research:
The global far field speech and voice recognition market has been segmented based on application, microphone solution, and component.

By component, the microphone segment will lead the market over the forecast period. Microphones help to reliably and accurately facilitate digital communication with the far field speech and voice recognition solution.

By microphone solution, the linear array segment will dominate the market over the forecast period. A linear array comprises of two or more microphones arranged in a straight line. The high market share is owing to its wide application across smart devices like home security devices, home routers, smart TVs and set-top box, and speakers.

By application, the smart speaker segment will spearhead the market over the forecast period for the growing adoption of virtual assistant across devices like tablets and smartphones in Europe and North America.

Regional Analysis
North America to Precede Far Field Speech and Voice Recognition Market
North America will precede the market over the forecast period. High concentration of market players, the easy availability of proficient technical expertise, high penetration of smart devices like smart speakers, end users willingly investing in new technologies, high use of smart devices that are integrated with the latest technologies such as artificial intelligence and internet of things, the high consumer enthusiasm in the US for using the latest innovations, and the presence of several celebrated players that boost their customer base and helps them in expanding their regional network and creating a niche space in the market both regionally and also on a global scale are adding to the global far field speech and voice recognition market growth in the region. Besides, the presence of early adopters and key smart speaker providers in the US, the willingness of customers in accepting and using new technologies that have encouraged manufacturers in developing advanced and new products, the penetration of smart devices in the region, high implementation of smart devices with superior technologies like AI and IoT, and the enthusiasm of consumers in acknowledging and using new innovations additionally encouraging makers in developing superior and new products are also adding market growth.

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COVID-19 Impact on the Global Far-Field Speech and Voice Recognition Market
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the far field speech and voice recognition market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. But following the relaxation of lockdowns, the market is likely to get back into normalcy soon.

Competitive Landscape
The far field speech and voice recognition market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.

Industry News
Deepgram has launched $10M speech recognition startup program. This program will offer select companies with custom-trained speech models. Besides, Deepgram has also added an array of features to its platform which also includes a revamped developer console, API documentation, and software development kits.

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About Market Research Future:
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Far-Field Speech and Voice Recognition Market to Touch USD 3,005.14 Million by 2024 at a CAGR of 24.56% – Report by Market Research Future (MRFR)

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