Sound Recognition Market to Garner US$ 9.70 Bn, Globally, by 2028 at 14.5% CAGR, Says The Insight Partners

The Sound Recognition Market  size is expected to reach US$ 9.70 billion by 2028  and registering at a CAGR of 14.5% from 2022 to 2028, according to a new research study conducted by The Insight Partners. The market research report is a demonstrated source of information which offers a telescopic view of the current market trends, size, share, growth, demand, opportunities and industry status. The report can get accurate, in-depth information on latest market trends, future directions and unexplored avenues across industry verticals.

Banks are the institutes that continuously seek the best authentication methods to combat online fraud. They have been employing knowledge-based authentication mechanisms, such as PINs, passwords, and one-time passwords, for secure processes. Further, fraudulent activities are increasing at an alarming rate with the advent of digitization in financial businesses, contributing to the growth of sound recognition market for authentication process. Upon high-profile data thefts, including clients' banking credentials, fraudsters may get unauthorized access to people's bank accounts, which necessitates a second or third degree of protection in the entire financial authentication system. In the sound recognition market ecosystem, banks and financial institutions benefit from sound recognition technologies that intelligently identify users based on their voiceprints.

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Unlike typical text passwords and pins, voiceprints are unique to each user. Sound recognition also helps improve KYC procedures. Multilingual countries, such as those in South Asia, have schooling systems based on different languages. Sound recognition helps include people speaking different languages in a financial safety net because these solutions are independent of languages, bolstering the growth of sound recognition market.

Wavio; Reality AI; Audio Analytic Ltd.; Abilisense; OtoSense Inc.; Nuance Communications, Inc.; Google; Microsoft Corporation; Amazon Web Services, Inc; and IBM Corporation are among the key sound recognition market players profiled during the study. Several other major companies were also studied and analyzed to get a holistic view of the sound recognition market and its ecosystem.

Report Scope and Market Segmentation

Market Size Value in: US$ 3.84 Billion in 2021

Market Size Value by: US$ 9.70 Billion by 2028

Growth Rate: CAGR of 14.5% from 2022 to 2028.

Forecast Period: 2022 to 2028

Base Year: 2021

Historic Years: Yes

Quantitative Units: Revenue in USD Million, Volumes in Units, Pricing in USD

Countries Covered: U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Microsoft Corporation, VMware, Inc., Ivanti, IBM Corporation and Zoho Corporation, are the top five market players operating in the Sound Recognition market. The listing/positioning of key players is derived by considering multiple parameters such as overall revenue, segment revenue, brand image, current Sound Recognition Solutions & service portfolio, R&D expenditure, customer/user base, geographic reach, new product/service launches, market initiatives, mergers & acquisitions, and other market-related activities. Microsoft Corporation, Ivanti, Citrix Systems Inc., IBM Corporation, Zoho Corporation, Microland limited, Redpalm, Scalefusion, Stefanini and Tangoe are few other notable players that were studied during the market study. In addition to these players, multiple other leading global and regional market players, emerging companies, market disruptors and niche market players were studied and analyzed during the course of this study.

Technology developers play a crucial role in Sound Recognition market ecosystem as they continuously strive to be in line with end users' requirements, software providers, and regulatory bodies to develop efficient solutions with the integration of the latest technologies, such as artificial intelligence. The rising demand for cloud-based solutions among SMEs is offering ample growth opportunities for Sound Recognition market players.

Global Sound Recognition Market: Competition Analysis       

With drastic change in consumer's behaviour, firms, brands and value stakeholder in Sound Recognition are curious to understand the implications for their products and services. Some of key competitors or manufacturers included in the study are

Wavio
Reality AI
Audio Analytic Ltd.
Abilisense
OtoSense Inc.
Nuance Communications, Inc.
Google
Microsoft Corporation
Amazon Web Services, Inc
…..
Most of the market initiatives were observed in North America region, which has a high potential for Sound Recognition solution providers. Few of the important market initiatives and product developments from the industry are mentioned below:

Market Analysis by Types: 

by Device (Smartphones and Tablets, Smart Home Devices, Connected Cars, Hearables, and Others)
Market Analysis by Applications: 

Application (Automotive, Healthcare and Fitness, Smart Home, Safety and Security, and Others)

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The growing use of modern technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, and data analytics, and an urge to preserve healthcare and financial data are further propelling the growth of the sound recognition market. Furthermore, in the sound recognition market ecosystem, increased urbanization and digitalization, which encourage the adoption of technology-driven systems, have benefitted the banking, financial services, and insurance (BFSI); government and public; and IT and telecom sectors.

However, important information and resources used in these sectors become obvious targets of hackers. Biometrics used as access credentials require the use of unalterable, robust, and extensive algorithms to verify individuals. Biometric authentication and ongoing developments in AI-based voice recognition technology are likely to reduce the risk of replication or forgery to provide top-notch biometric security compared to speech recognition alone, bolstering sound recognition market.

There has been a notable rise in demand for software solutions in the technology sector in recent times, as they simplify component time and significantly reduce the cost of deployment. them in powering existing processes and apps. Sound recognition is more than a single solution; it is a whole data ecosystem that connects various data sources and infrastructure types across different locations (on-premises, cloud, or hybrid environments), allowing analysis without requiring time-consuming data integration. However, the need for simple, quick, and convenient user authentication is expected to influence the progress of the sound recognition market. Voice recognition software products were created to assist businesses in becoming more data-driven. Fraud detection and security management, authentication and customer, and forensic voice analysis and criminal investigation are among the primary use cases of this software. Thus, the high adoption of solution for various application as mentioned above, contributing to the growth of sound recognition market.

Sound Recognition Quantitative Market Data

Market Data breakdown by major geographies, Type & Application/End-users
• Sound Recognition Market Revenue & Growth Rate by Type [Integrated Card Reader Solutions & Card Reader Accessories] (2022-2028)
• Sound Recognition Market Revenue & Growth Rate by Application [Restaurant, Hospitality, Healthcare, Retail, Warehouse/Distribution, Entertainment, Transportation & Government] (2022-2028)
• Sound Recognition Market Revenue & Growth Rate by Each Region Specified (2022-2028)
• Sound Recognition Market Volume & Growth Rate by Each Region Specified, Application & Type (2022-2028)
• Sound Recognition Market Revenue Share & Y-O-Y Growth Rate by Players (2022)

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