Far-Filed Speech and voice recognition market is expected to grow at CAGR of 23.89% from 2018 to 2024
NEW YORK, April 3, 2019 /PRNewswire/ -- Far-Filed Speech and voice recognition market is expected to grow at CAGR of 23.89% from 2018 to 2024.
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The far-field speech and voice recognition 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 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. However, growing privacy threat from voice-enabled smart home devices and lack of accuracy in far-field speech and voice recognition systems in noisy and harsh environments are restraining the market growth.
Software expected to grow at highest CAGR during the forecast period.
Software or deep learning plays a major role in voice pickup.It offers beamforming, spectral noise reduction, acoustic echo cancellation, and de-reverberation technologies to enhance speech recognition performance in far-field use cases and hence improve the quality of the input speech signal.
Alango offers a voice enhancement package (VEP), a set of software technologies comprising a multi-microphone beamforming array and echo canceller, which support far-field speech recognition enhancement in smart home products, mobile phones, and automotive voice-controlled applications.
Microphones expected to hold a largest market size 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 front-end voice processing.Smart speaker from Google has been at the forefront in deploying deep learning-based microphones in their device.
Using deep learning-based microphone, Google had reduced the number of microphones in their smart speakers to two microphones per device, whereas their arch-rival Amazon is using 7 microphones in a single smart speaker.
Far-Field Speech and Voice Recognition market in RoW is expected to grow at highest CAGR during forecast period.
The growing adoption of smart speakers and smart home devices in South America, Israel, and UAE is driving the growth of the far-field speech and voice recognition market in RoW.South Africa and Nigeria are also key revenue generators in the far-field speech and voice recognition market in RoW.
IBM Watson and Google are progressively making strategic decisions to penetrate into the comparatively lesser tapped region.IBM Watson added the capability to understand the Arabic language, and this has increased the demand for IBM Watson in the MEA region.
Furthermore, the falling price of smart speakers from Google and Amazon have also fueled the growth of smart home devices among middle class consumer in the Middle East & Africa.
Breakdown of profile of primary participants:
• By Company Type: Tier 1 - 27%, Tier 2 - 41%, and Tier 3 - 32%
• By Designation: C-Level Executives - 26%, Directors - 40%, and Others - 34%
• By Region: North America - 47%, Europe - 28%, APAC - 19%, and RoW - 6%
Synaptics (US), Texas Instruments (US), Qualcomm (US), Sensory (US), STMicroelectronics (Switzerland), Harman (US), Andrea Electronics (US), Cirrus Logic (US), Microsemi (US), and DSP Group (US) are a few key players in the far-field speech and voice recognition market.
Research Coverage:
• The study covers the far-field speech and voice recognition market. It aims at estimating the market size and growth potential of this market, across different segments, such as by component, application, microphone solution, and geography. The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall far-field speech and voice recognition market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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