Far-Field Speech and Voice Recognition Market Worth $3,505 Million by 2024 - Exclusive Report by MarketsandMarkets™
Mar 28, 2019, 11:30 ET
CHICAGO, March 28, 2019 /PRNewswire/ --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", published by MarketsandMarkets™, 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.
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Far-filed Speech and voice recognition market for others application to grow at the highest rate during the forecast period
Others include Smart Light, Smart Thermostats, Smart Vacuum Cleaners, Smart Fridge, and Smart Washing Machines. According to MindMeld, a speech-recognition API provider, 50% of internet searches are expected to be through voice inputs by 2020. This indicates that enormous voice information would be made available for learning and predicting natural speech. Such advancement is expected to lead to far-field based speech and voice recognition applications for smart home devices such as smart camera, smart thermostat, smart light, smart fridge, and smartphones and tablets.
Linear arrays expected to hold the largest size of the far-field speech and voice recognition market during the forecast period
In linear arrays, microphones are arranged or placed in a straight line consisting of 2 or more microphones. There is an increase in demand for AI-enabled smart speakers in smart home and smart office applications. Linear arrays are mainly used in smart speakers, Smart TVs and STB (set-top box), automotive and home router, home security device, thermostat, or home appliance and hence hold the major share in far-field speech and voice recognition market. For example, Harman's Sonique three-mic array designed to capture voice inputs at distances up to 6 m (18 feet) and integrated into music player, TV set-top box, home router, home security device, thermostat, or home appliance.
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North America is likely to hold largest size of far-field speech and voice recognition market by 2024
North America has been extremely responsive to the latest technological advancements, such as the integration of artificial intelligence (AI) and the Internet of things (IoT). The penetration of smart home applications, such as smart speakers, in North American countries 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 the region 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.
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Major players in the far-field speech and voice recognition market covered in this report are 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).
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