Far-Field Speech and Voice Recognition Market Size, Share, Growth Analysis, By Component:(Microphones, Digital Signal Processors), By Microphone Solution:(Single Microphone, Linear Arrays), By Application:(Smart TV/STB, Smart Speakers), By Region:(North America, US) - Industry Forecast 2024-2031

Far-Field Speech and Voice Recognition Market Competitive Landscape

To understand the competitive landscape, we are analyzing key Far-Field Speech and Voice Recognition Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Far-Field Speech and Voice Recognition Market.

To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.

Key Players Covered in the Report:

• ld Speech and Voice Recognition Market was valued at USD 3.7 Billion in 2023 and is estimated to reach USD 6.9 Billion by 2028, registering a CAGR of 13.1% during the forecast period.
• The growth of the far-field speech and voice recognition market is governed by the enhanced accuracy through advanced front-end hardware, increasing adoption of voice control-based smart speakers, and technological advancement of deep-learning-based far-field microphones.
• Drivers: Enhanced accuracy through advanced front-end hardware
• The continual advancement and integration of front-end hardware components are serving as major growth drivers for the far-field speech and voice recognition market. The accuracy of far-field speech recognition systems heavily relies on the quality and capabilities of front-end hardware, such as microphone arrays and digital signal processors (DSP). These components are essential for minimizing the impact of environmental noise and reverberation, ensuring optimal accuracy and performance. Manufacturers of microphones and processors are actively developing advanced noise cancellation and wind reduction algorithms utilizing beamforming technology. By leveraging these innovations, they aim to enhance the robustness and accuracy of far-field speech and voice recognition systems. Companies like Apple and Amazon are incorporating multiple microphones and beamforming technology in smart speaker devices like Home Pod and Echo, enabling accurate voice recognition even from a distance.
• The demand for highly accurate far-field speech recognition is increasing, particularly in mission-critical applications such as aerospace, autonomous cars, industrial automation, and service robots. Both businesses and consumers rely on the accuracy of speech recognition technology to ensure effective human-machine interaction. To enable the market’s growth, far-field speech recognition technology needs to match the accuracy levels achieved in near-field speech recognition, which has an estimated error rate of 5.1%, according to IBM. As the accuracy of far-field speech and voice recognition technology continues to improve through advancements in front-end hardware components, the market is poised for expansion. The ability to deliver accurate and reliable performance in noisy environments and over long distances will drive the adoption of far-field speech and voice recognition systems in various industries and consumer applications.
• Restraint: Privacy threat
• The growing privacy threats from voice-enabled smart home devices pose a restraint on the far-field speech and voice recognition market. Data privacy concerns have become a major barrier to consumers’ adoption of these devices. Users are increasingly wary of the collection and potential misuse of their personal data, creating a sense of distrust. This lack of trust hinders the market’s growth potential as consumers hesitate to embrace far-field speech and voice recognition technologies. Security vulnerabilities in voice-enabled smart home devices also contribute to privacy threats. As these devices are connected to the internet, they become potential targets for cyberattacks. The fear of unauthorized access to personal information or control over connected devices within the home amplifies privacy concerns. Governments and regulatory bodies are also stepping in to address these issues by implementing stricter regulations, such as the GDPR, which adds compliance complexities and costs for companies operating in the far-field speech and voice recognition market.
• To overcome this restraint and drive market growth, companies in the far-field speech and voice recognition market must prioritize user privacy and security. They need to implement robust data protection measures, such as strong encryption and secure data storage, to assure users of their data’s safety. Transparent data practices and clear communication regarding data collection and usage can help build trust with consumers. Compliance with relevant privacy regulations is crucial to demonstrate commitment to user privacy. By addressing these privacy concerns head-on, companies can mitigate the restraint posed by the growing privacy threats and foster wider adoption of far-field speech and voice recognition technologies.
• Opportunities: Expanding into multilingual and global markets
• Global businesses are increasingly expanding their operations across multiple countries, creating a need for voice recognition systems that can accurately comprehend and interact in various languages and dialects. This demand spans industries such as customer service, call centers, e-commerce, and hospitality, where multilingual voice recognition enables businesses to offer personalized user experiences, enhancing customer satisfaction and engagement. In the travel and tourism industry, voice-enabled technologies play a vital role in serving international travelers. Multilingual voice recognition systems assist travelers with tasks like language translation, navigation, and local recommendations, improving the convenience and accessibility of their travel experiences. Airports, hotels, and tourist attractions leverage multilingual voice recognition for services like informational assistance, ticketing, and guest support, leading to improved efficiency and customer service quality.
• Furthermore, in households with members who speak different languages, multilingual voice recognition systems provide seamless interactions with smart home devices. These systems understand and respond to voice commands in various languages, allowing each household member to communicate with the devices in their preferred language. This feature enhances the user experience and convenience, driving the adoption of far-field voice-controlled smart home devices. Leading voice assistants like Amazon’s Alexa and Google Assistant have already recognized the importance of multilingual capabilities. For example, Alexa supports multiple languages, including English, Spanish, French, German, Italian, Japanese, and more, while Google Assistant offers support for over 30 languages. By enabling users to interact with these voice assistants in their native languages, these companies have expanded their user base in the fields of the voice recognition solutions industry. As the global market increasingly embraces voice-controlled technologies, the demand for accurate and versatile multilingual voice recognition systems will continue to rise. Companies that invest in research and development to enhance language understanding and accent recognition will be well-positioned to seize this market opportunity. By offering seamless and personalized voice interactions in multiple languages, far-field speech and voice recognition systems can tap into new customer segments and expand their market presence in diverse regions worldwide.
• Challenge: Power issues and lack of standardization
• The widespread adoption of far-field voice recognition in mobile devices faces obstacles due to the high power consumption of sophisticated microphones, powerful processors, and constant connection and listening capabilities. As a result, most voice-activated devices need to remain plugged in at all times. This limitation hinders the broader acceptance of this technology. Additionally, smart speaker manufacturers lack a common standardization in implementing measures to address legal and encryption concerns related to voice recognition, particularly in preventing intruder hacking.
• There are speculations that many smart device manufacturers are hesitant to adopt speech recognition platforms from third-party vendors as using trigger phrases like “Ok Google” or “Alexa” could diminish their brand power. Another significant challenge in the speech and voice recognition industry is the absence of a standardized platform for developing customized products in this field. This poses a major issue for small companies that lack both a standard platform and the necessary capital. Consequently, it becomes challenging for these companies to create and market products, applications, and solutions in the far-field speech and voice recognition market.
• Digital Signal Processors segment to hold larger market share during the forecast period.
• In 2022, the digital signal processors segment accounted for the larger share of the far-field speech and voice recognition market. The market growth for digital signal processors in the far-field speech and voice recognition market is attributed to the increasing demand for low-power and energy-efficient processors. With the rising adoption of battery-powered devices such as wearable devices, smart speakers, and smart home devices, there is a growing need for processors that can operate on low power while still providing high performance. This has led to the development of digital signal processors with specialized architectures optimized for low-power operation, which in turn has driven the growth of the digital signal processors segment.
• Circular arrays segment account for the largest share of the far-field speech and voice recognition market for during the forecast period.
• In 2022, the Circular arrays segment held the largest share of the far-field speech and voice recognition market. The demand for circular array microphones is expected to rise in the coming years, owing to their ability to capture audio from a full 360-degree range. This makes them an ideal solution for large conference rooms, event spaces, and other settings where participants may be situated across a wide area. Advancements in microphone technology and manufacturing processes are expected to reduce the cost of circular array microphones, making them more affordable and accessible to a wider range of industries and applications. With the growing adoption of video conferencing and other remote communication technologies in businesses and organizations, the need for high-quality far-field speech recognition technology that can capture audio from multiple directions is expected to increase, thereby boosting the demand for circular array microphones.
• Robotics application to exhibit highest growth in terms of far-field speech and voice recognition market during the forecast period.
• The robotics application segment is expected to account for the highest growth of the far-field speech and voice recognition market. Far-field speech and voice recognition technology have become essential in the development of household robotics. Household robots are becoming more popular as consumers seek ways to automate routine tasks and improve their quality of life. Far-field speech and voice recognition technology can significantly enhance the capabilities of household robots, making them more intuitive and user-friendly. With advancements in AI and natural language processing (NLP), the accuracy and efficiency of far-field speech and voice recognition technology have improved significantly, thus fueling market growth. In September 2022, iRobot Corporation (US) launched the Roomba Combo j7+, an advanced robotic vacuum and mop. iRobot has also released the iRobot OS 5.0 updates, which enhance the voice and personalization control of the j7 Series robots throughout the entire product range. With the new iRobot OS 5.0, the Roomba Combo j7+ can recognize and respond to around 600 voice commands. Such proactive product launches will fuel the segment growth of the robotics application.
• Far-field speech and voice recognition market in Asia Pacific estimated to grow at the fastest rate during the forecast period.
• The far-field speech and voice recognition market,in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The market is driven by its large population and high adoption of smart devices, leading to rapid market expansion. Countries such as China, India, Japan, and South Korea are leading the way, subject to language diversity, increased penetration of smart home technology products, and booming e-commerce. The market is witnessing several investments in AI and natural language processing (NLP) technologies to enable accurate multilingual voice recognition and localization. Key players are focusing on developing voice-enabled applications, smart home devices, and voice-based customer service solutions to cater to the diverse needs of the region. With its thriving technology ecosystem and fast-paced digital transformation, Asia Pacific is poised to be a major market for far-field speech and voice recognition technologies.
• Recent Developments
• In February 2023, Infineon Technologies AG (Germany) launched the PDM microphone with low power consumption. Owing to its ultra-low power consumption, it is used in applications such as wireless earbuds, over-ear headsets, and hearing enhancement devices.
• In January 2023, HARMAN International (US) launched Sound and Vibration Sensor and External Microphone products at CES 2023. These advanced solutions enhance in-vehicle and exterior audio experiences, offering safety and communication improvements, including far-field speech and voice recognition capabilities.
• In May 2022, Infineon Technologies AG (Germany) launched XENSIV MEMS microphones which are used for consumer electronics headphones with active noise cancellation (ANC), TWS earbuds, conference devices with beamforming capability, laptops, tablets, or smart speakers with voice user interfaces.
• KEY MARKET SEGMENTS
• By Component:
• Microphones
• Digital Signal Processors
• Software
• By Microphone Solution:
• Single Microphone
• Linear Arrays
• Circular Arrays
• By Application:
• Smart TV/STB
• Smart Speakers
• Automotive
• Robotics
• Others (Smart Light, Smart Thermostat, Smart Fridge, Smart Washing Machine, Smart Camera, Smart Coffee Makers, Smart Locks, Voice Activated Kiosks, and Smart Appliances)
• By Region:
• North America
• US
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Italy
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia Pacific
• Rest of the World (RoW)
• South America
• Middle East & Africa
• KEY MARKET PLAYERS
• Qualcomm Incorporated
• HARMAN International
• Synaptics Incorporated
• NXP Semiconductors
• STMicroelectronics
• Andrea Electronics
• Cirrus Logic
• Microchip Technology Inc.
• Infineon Technologies AG
• Knowles Corporation (US)