Far Field Voice and Speech Recognition Global Market Report 2024

The far-field voice and speech recognition market size has grown rapidly in recent years. It will grow from $4.08 billion in 2023 to $4.81 billion in 2024 at a compound annual growth rate (CAGR) of 18%. The expansion observed in the historical timeframe is largely due to significant advancements in natural language processing (NLP), a surge in demand for intelligent home gadgets, the incorporation into automotive entertainment systems, the proliferation of virtual assistants and devices powered by artificial Intelligence, and enhancements in accessibility for people with disabilities.

The far-field voice and speech recognition market size is expected to see rapid growth in the next few years. It will grow to $9.49 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The anticipated expansion during the forecast period is expected to be driven by an increase in voice-activated IoT devices, wider adoption in the healthcare and telemedicine sectors, integration with smart cities and public infrastructure, advancements in multimodal interfaces and contextual comprehension, and ongoing enhancements in speech recognition precision. Key trends for the forecast period encompass the integration of voice commerce and payment systems, the customization of voice assistants and user profiles, the application of emotion recognition and sentiment analysis, improvements in multilingual support and localization, and the utilization of voice biometrics for superior security and authentication measures.

The anticipated increase in demand for smart speakers operated via voice control is poised to drive growth within the far-field voice and speech recognition market. These intelligent devices leverage natural language processing to interpret and execute voice commands, facilitating a hands-free operation of features such as music streaming, smart home device management, and information access. The growing preference for voice-controlled smart speakers can be attributed to their convenience, the ability to integrate smoothly with smart home ecosystems, and advancements in natural language processing capabilities. Far-field speech and voice recognition technologies enable users to interact with these speakers from a distance, enhancing device functionality and user experience across various applications. For example, as reported by Gov.uk in November 2023, 40% of households in the UK now possess a smart speaker, with annual sales reaching approximately 2 million units, significantly surpassing the sales figures for DAB radios. This surge in demand underscores the expanding market for far-field speech and voice recognition technologies.

Leading entities in the far-field voice and speech recognition market are investing in innovative solutions, including internet-connected smart devices, to maintain their competitive edge. These Internet of Things (IoT) devices, equipped with networking capabilities, software, and sensors, facilitate connectivity and interaction over the internet. In February 2022, Synaptics Inc., an American semiconductor company, introduced the SYN4381 Triple Combo SoC. This system-on-chip, integrating Wi-Fi 6/6E and Bluetooth 5.2, aims to streamline product development, hasten market entry, and enrich the smart home user experience. It boasts superior Wi-Fi throughput of up to 600 Mbps, Bluetooth 5.2 compatibility, and supports the Thread networking protocol, thereby enhancing voice control functionality up to five meters away and optimizing IoT device interoperability.

In June 2022, STMicroelectronics NV, a semiconductor manufacturer based in Switzerland, entered a collaboration with Sensory Inc., a US-based software firm specializing in far-field speech and voice recognition technologies. This partnership seeks to merge ST's STM32 microcontroller technology with Sensory's voice control solutions, including the VoiceHub online platform. This initiative aims to foster the development of intuitive voice-operated interfaces for a wide range of smart embedded products, offering seamless command execution and personalized wake words for devices from wearables to smart home appliances.

Major companies operating in the far field voice and speech recognition market are Qualcomm Inc., Texas Instruments Inc., Mediatek Inc., STMicroelectronics, Infineon Technologies, NXP Semiconductors, Tdk Corporation, Goertek Inc., Analog Devices Inc., Microchip Technology, Harman International, Cirrus Logic, Synaptics Incorporated, Matrix, Knowles Corporation, DSP Group Inc., Andrea Electronics, Microsemi Corporation, Sensory Inc., Meeami Technologies Private Limited, Alango Technologies Ltd., Fortemedia Inc., VOCAL Technologies, Vesper Technologies, Adaptive Digital Technologies, MightyWorks Inc.

North America was the largest region in the far-field voice and speech recognition market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the far field voice and speech recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the far field voice and speech recognition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Far-field voice and speech recognition technologies are pivotal advancements that facilitate the identification of a user's voice amidst noisy surroundings and at considerable distances. These innovations typically rely on speaker localization techniques, noise cancellation algorithms, and beamforming technologies. Such systems play a vital role in human-machine interactions by enabling devices to effectively detect, interpret, and respond to spoken language and voice commands with precision.

Far-field voice and speech recognition systems primarily consist of three key components such as microphones, digital signal processors, and software. Microphones serve as devices that capture sound waves by converting air vibrations into electrical impulses, either recording them directly onto a medium or transmitting them through a loudspeaker. These systems offer a range of microphone solutions, including single microphones, linear arrays, and circular arrays, each tailored for specific applications such as smart TVs or set-top boxes (STBs), smart speakers, automotive systems, robotics, smart thermostats, smart lighting, and more.

The far-field voice and speech recognition market research report is one of a series of new reports that provides far-field voice and speech recognition market statistics, including the far-field voice and speech recognition industry global market size, regional shares, competitors with a far-field voice and speech recognition market share, detailed far-field voice and speech recognition market segments, market trends and opportunities, and any further data you may need to thrive in the far-field voice and speech recognition industry. This far-field voice and speech recognition market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The far-field voice and speech recognition market consists of revenues earned by entities such as software licensing, consulting services, integration services, data analytics, and security and compliance services. The market value includes the value of related goods sold by the service provider or included within the service offering. The far-field voice and speech recognition market also includes sales of conference room systems, healthcare devices, wearables, processors, and devices optimized for far-field speech and voice recognition. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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