Sound Recognition Market to Reach US$ 9.70 billion by 2028 at 14.5% CAGR

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

Sound recognition involves the analysis of the pitch, speech, voice, and tone of a person for various security purposes. In terms of security, it outperforms passwords because a password can be tracked or hacked, whereas a person's voice is as different and unique as a fingerprint. A voice can be identified in two ways in sound recognition text-dependent and text-independent. One of the primary factors driving the growth of the sound recognition market is its increasing acceptance in the entertainment industry, cloud computing, social networking, and building security. Many significant voice assistant firms such as Apple, Google, Microsoft, Amazon, and Mycroft-are spending heavily on R&D of biometric speech matching through voice matches. Further, Facebook, Twitter, LinkedIn, and other social networking sites are working on improving speech recognition. Voice input obtained from speech recognition can be used as a voice matching function, thereby reducing the difficulties of manual customer identification methods.

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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.

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.

The study conducts SWOT analysis to evaluate strengths and weaknesses of the key players in the Sound Recognition market. Further, the report conducts an intricate examination of drivers and restraints operating in the market. The report also evaluates the trends observed in the parent market, along with the macro-economic indicators, prevailing factors, and market appeal according to different segments. The report also predicts the influence of different industry aspects on the Sound Recognition market segments and regions.

Scope of the Report

The research on the Sound Recognition market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor's methodologies. The research also segments the Sound Recognition market on the basis of end user, product type, application, and demography for the forecast period 2022-2028. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.

The research report provides deep insights into the global market revenue, parent market trends, macro-economic indicators, and governing factors, along with market attractiveness per market segment. The report provides an overview of the growth rate of the Sound Recognition market during the forecast period, i.e., 2022-2028. Most importantly, the report further identifies the qualitative impact of various market factors on market segments and geographies. The research segments the market on the basis of product type, application, technology, and region. To offer more clarity regarding the industry, the report takes a closer look at the current status of various factors including but not limited to supply chain management, niche markets, distribution channel, trade, supply, and demand and production capability across different countries.

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Major highlights of the report:

All-inclusive evaluation of the parent market

Evolution of significant market aspects

Industry-wide investigation of market segments

Assessment of market value and volume in past, present, and forecast years

Evaluation of market share

Study of niche industrial sectors

Tactical approaches of market leaders

Lucrative strategies to help companies strengthen their position in the market

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This release was published on openPR.