Far-Field Speech and Voice Recognition Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The far-field speech and voice recognition market is projected to grow from USD 3.7 billion in 2023 and is projected to reach USD 6.9 billion by 2028; it is expected to grow at a CAGR of 13.1% from 2023 to 2028.

The growth of the far-field speech and voice recognition market is driven by deployment of far-field speech and voice recognition in smart home devices, and technical advancement of deep-learning-based far-field microphones.

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Neural network-based speech recognition refers to the use of artificial neural networks to convert spoken language into written text. It is a subfield of automatic speech recognition (ASR) that leverages the power of deep learning algorithms. Traditional speech recognition systems relied on statistical models and handcrafted features to transform speech signals into text. However, neural networks have revolutionized this field by allowing the system to learn directly from the acoustic features of speech data. Some of the major processes followed in neural network-based speech recognition technology includes data preprocessing, training, decoding, language modelling, and post-processing. Neural network-based speech recognition has achieved significant advancements in recent years due to the availability of large speech datasets and the computational power to train and deploy deep learning models. These systems have been applied to various domains, including virtual assistants, transcription services, and voice-controlled applications.

The market for smart TV/STB application segment is expected to grow at a significant rate during the forecast period. Smart TVs and set-top boxes (STBs) are increasingly incorporating far-field speech and voice recognition technology, which allows users to interact with their devices using voice commands from a distance. This technology enables users to control their TVs, search for content, and access apps without using a remote control or being close to the device. Far-field speech recognition uses an array of microphones and advanced algorithms to isolate and enhance the user's voice while filtering out background noise. The benefits of far-field speech and voice recognition in smart TVs and STBs are numerous. They offer a more intuitive and natural way for users to interact with their devices, eliminating the need for complex navigation menus and making it easier to search for content. Hence, these factors fuel the growth of far-field speech and voice recognition in smart TV/STB applications.

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In terms of geographic coverage, the far-field speech and voice recognition market has been segmented into 4 regions, namely, North America, Europe, Asia Pacific and Rest of the World (RoW). The region is witnessing rapid growth in far-field speech and voice recognition technologies. China leads the market with government initiatives and investments in AI, supported by tech giants such as Baidu, Alibaba, and Tencent. India's Digital India initiative drives voice-enabled applications, while Japan integrates voice recognition in automotive systems. These factors, combined with technological advancements and increasing demand, present significant opportunities for far-field speech and voice recognition technologies in Asia Pacific.

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This release was published on openPR.