The Far-Field Speech and Voice Recognition Market is predicted to experience significant growth, rising from USD 3.7 billion in 2023 to an astounding USD 6.9 billion by 2028. Over the predicted period from 2023 to 2028, this trend implies an outstanding Compound Annual Growth Rate (CAGR) of 13.1%.
This anticipated expansion is supported by the consistent rise in demand for far-field speech and voice recognition technologies, which is driven by developments in artificial intelligence and expanding applications across numerous industries. The market is developing as a result of the growth of smart homes and the increasing integration of speech-activated devices, underscoring the changing function and relevance of voice recognition technology in contemporary society.
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Two main drivers are driving the Far-Field Speech and Voice Recognition Market's growth trajectory. First off, substantial technological developments, particularly the creation of far-field microphones based on deep learning, have revolutionised the powers of voice recognition systems. These developments have boosted far-field speech recognition's adoption and incorporation into a wider range of applications by enhancing its precision, usability, and overall performance. Second, the market's expansion has been greatly aided by the growing use of smart speakers with voice control. These smart speakers have grown in popularity for using voice commands to control smart homes, retrieve information, and carry out a variety of tasks. They are outfitted with powerful far-field speech recognition technology. Underscoring the crucial role these technologies play in improving the Far-Field Speech and Voice Recognition Market is the mutual expansion of deep learning in microphones and the rise in smart speaker use.
Players use crucial measures in the fiercely competitive Far-Field Speech and Voice Recognition Market to strengthen their positions and spur growth. The main goals of these strategies are to improve product portfolios, increase market share, and strengthen market presence. One common tactic is ongoing innovation through the introduction of new products, which enables businesses to stay on the cutting edge of technology breakthroughs and successfully address changing consumer wants. Additionally, promoting creativity, sharing expertise, and jointly creating cutting-edge solutions all benefit from collaborations and partnerships with industry peers or technology providers. Acquisitions are also essential for broadening market penetration, enhancing capabilities, and merging complementary technology. Together, these tactical choices help businesses advance and remain competitive in the fast-paced far-field speech and voice recognition market.
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A significant step was the formation of a strategic collaboration with important figures in the technology industry by Microchip Technology Inc. (US) in March 2023. Through partnerships with Cartesiam (France), Edge Impulse (US), and Motion Gestures (Canada), Microchip sought to simplify the implementation of machine learning utilising 32-bit ARM Cortex microcontrollers and processors in their MPLAB X Integrated Development Environment (IDE). This strategic partnership will make it easier for Microchip to advance data collection techniques, which are essential to AI and machine learning. It will also improve the business' AI-based voice processing and speech recognition technology, demonstrating a proactive attitude to using cutting-edge solutions and maintaining competitiveness in the Far-Field Speech and Voice Recognition Market's changing environment.
In September 2022, Qualcomm Incorporated (US) and Bose Corporation (US) entered into a significant partnership. The agreement aims to incorporate Qualcomm's cutting-edge music platform and voice recognition technology into Bose audio equipment. Bose specifically planned to make use of Qualcomm's S5 Audio System on Chip (SoC), a potent device renowned for its strong connectivity, low power consumption, sophisticated computing capability, and flawless sound experiences. This partnership demonstrates the commitment of both businesses to provide cutting-edge solutions to satisfy the changing demands of the far-field speech and voice recognition market. It also highlights the strategic initiative to improve audio product offerings by incorporating cutting-edge technologies.
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Qualcomm Incorporated:
In 2022, the American multinational technology company Qualcomm Incorporated became the market leader in far-field speech and voice recognition. Qualcomm, a company well known for its cutting-edge innovations in mobile communication technologies, focuses on the design and development of ground-breaking platforms that are widely used in mobile devices and wireless products across a variety of markets, including the automotive, telecommunications, consumer electronics, retail, and energy. The organization's outstanding contributions to the widespread use of smartphones and cellular-embedded gadgets highlight its importance and influence in the tech sector. With facilities for research and development located all over the world and a sizeable investment in R&D, which will make up 18.5% of Qualcomm's revenue in FY2022, the company is firmly establishing its position as a major player in the market for far-field speech and voice recognition. Qualcomm also maintains a strong patent portfolio.
HARMAN International:
With its headquarters in the US, HARMAN International is a well-known multinational company that specialises in linked technologies and cutting-edge audio solutions. The company serves a variety of industries, including the automotive, consumer electronics, and business sectors. HARMAN International provides a wide range of connected car solutions for the automotive industry, including audio systems, infotainment platforms, and sophisticated driver assistance systems. Notably, the business offers voice recognition and far-field speech technology, enabling seamless voice control in automobiles. They are supplemented by software solutions that greatly improve the entire driving experience, including as cloud-based services and connectivity options. North America, Europe, Asia Pacific, and Latin America are just a few of the regions where HARMAN International has a sizable global footprint that allows it to successfully service clients and forge partnerships on a global level.
News Covered:
https://www.globenewswire.com/news-release/2023/07/13/2704259/0/en/Far-Field-Speech-and-Voice-Recognition-Industry-to-grow-at-a-CAGR-of-13-1-2023-2028.html
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