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Far Field Speech And Voice Recognition Market: Transforming Voice-Activated Tech with Innovative Solutions and a Future-Ready Growth Trajectory
Far Field Speech And Voice Recognition Market
As per the report, the far field speech and voice recognition market size has grown exponentially in recent years. It will grow from $4.44 billion in 2023 to $5.38 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The far field speech and voice recognition market size is expected to see exponential growth in the next few years. It will grow to $11.71 billion in 2028 at a compound annual growth rate (CAGR) of 21.4%.
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Robotics Driving Growth In Far Field Speech And Voice Recognition Market
The growing demand for robotics is expected to propel the growth of the far-field speech and voice recognition market going forward. Robotics refers to the interdisciplinary field that involves the design, construction, operation, and use of robots. The growing demand for robotics is due to the benefits of automation in improving efficiency, reducing costs, enhancing safety, and driving innovation. The far-field speech and voice recognition technology enhances robotics by facilitating more natural and efficient human-robot interaction, improving productivity, safety, and accessibility across various industries and applications. For instance, in April 2024, according to the International Federation of Robotics, a Germany-based automation machinery manufacturing company, in 2023, manufacturing firms in the United States significantly increased their investment in automation, as evidenced by a 12% rise in total installations of industrial robots, reaching a total of 44,303 units. Within the automotive sector, sales saw a modest 1% increase, setting a new record with 14,678 robots installed during the year. Therefore, the growing demand for robotics is driving the growth of the far-field speech and voice recognition market.
Advancements In Far Field Speech And Voice Recognition Technology
Major companies operating in the far-field speech and voice recognition market are developing advanced products, such as speech recognition technology, to enhance speech recognition accuracy, improve user experience, and expand the range of applications. Speech recognition technology enhances far-field speech and voice recognition by employing advanced noise reduction, beamforming, and machine learning algorithms to accurately capture and process spoken commands from a distance, even in noisy environments. For instance, in March 2023, Google AI, a US-based artificial intelligence company, introduced the Universal Speech Model (USM), a machine learning model based on speech recognition technology designed to recognize and understand spoken language across various languages and accents. This model is part of Google's efforts to support the 1,000 Languages Initiative. It aims to provide automatic speech recognition (ASR) capabilities for both widely spoken languages, such as English and Mandarin, and under-resourced languages, such as Amharic, Cebuano, Assamese, and Azerbaijani.
The far field speech and voice recognition market covered in this report is segmented -
1) By Component: Microphones, Digital Signal Processors (DSP), Software
2) By Microphone Solution: Single Microphone, Linear Arrays, Circular Arrays
3) By Application: In-Vehicle Infotainment Systems, Smart Television (TV), Smart Speakers, Robotics, Smart Thermostats, Smart Lighting, Other Applications
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Major companies operating in the far field speech and voice recognition market are Amazon.com Inc. , Apple Inc., Google LLC, Microsoft Corporation, Samsung Electronics, Alibaba Group, Huawei Technologies Co. Ltd. , Tencent Cloud, Sony India, Qualcomm Technologies Inc., Xiaomi , Texas Instruments Incorporated, STMicroelectronics N.V., Harman International, Cirrus Logic Inc., Sonos Inc., Synaptics Incorporated, Microsemi, Nuance Communications Inc. , Knowles Electronics LLC, DSP GROUP, Fortemedia, Sensory Inc., Andrea Electronics, Alango Technologies Ltd.
Contents of the report:
1. Executive Summary
2. Far Field Speech And Voice Recognition Market Report Structure
3. Far Field Speech And Voice Recognition Market Trends And Strategies
4. Far Field Speech And Voice Recognition Market - Macro Economic Scenario
5. Far Field Speech And Voice Recognition Market Size And Growth
…..
27. Far Field Speech And Voice Recognition Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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