Investment Opportunities in the Far-Field Speech and Voice Recognition Market

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MarketsandMarkets Presents
The Far-Field Speech and Voice Recognition Market
is projected to grow from USD 3.7 billion in 2023
to reach USD 6.9 billion by 2028 it is expected
to grow at a Compound Annual Growth Rate (CAGR)
of 13.1 from 2023 to 2028. The growth of the
Far-field Speech and Voice Recognition Market is
driven by technological advancement of
deep-learning-based far-field microphones,
increasing adoption of voice control-based smart
speakers, and enhanced accuracy through advanced
front-end hardware.
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MarketsandMarkets Presents
By component, the digital signal processors are
projected to hold the largest share of the
far-field speech and voice recognition market
during the forecast period. The digital signal
processors segment held the larger market share
in 2022. A digital signal processor (DSP) is an
integrated circuit designed to handle high-speed
data and improve the quality of input speech and
voice signals. Speech and voice recognition
systems must include an audio-playback path.
However, an acoustic echo occurs when the audio
being played back is picked up by microphone
elements and sent back into the system. Get PDF
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MarketsandMarkets Presents
By component, the digital signal processors are
projected to hold the largest share of the
far-field speech and voice recognition market
during the forecast period. This leads to
reverberation when audio signal reflections are
fed into the microphone, creating a significant
problem for the system. The effects of audio
playback must be eliminated to function
optimally. DSP algorithms, such as beamforming,
spectral noise reduction, acoustic
echo-cancellation algorithms, and
de-reverberation, improve the accuracy and
reliability of digital communication by reducing
noise and distortion. The far-field speech and
voice recognition market are expanding due to the
rising demand for voice assistants, smart
speakers, and virtual assistants, and
DSP/processors play a vital role in their
development and functioning.
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MarketsandMarkets Presents
By smart speakers segment are projected to hold
the largest share of the far-field speech and
voice recognition market during the forecast
period. The smart speakers application segment
is expected to account for the largest share of
the far-field speech and voice recognition market
over the forecast period. Integration with voice
assistants like Alexa and Google Assistant and
the expansion of the IoT are key drivers for
smart speakers. Smart speakers offer convenience
and ease of use, enabling users to control
devices, play music, and perform other functions
using voice commands. With improved voice
recognition technology, smart speakers are
becoming more accurate and responsive, further
enhancing their appeal.
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MarketsandMarkets Presents
North America is expected to hold the largest
share in the market by 2028. The North American
region is expected to hold the largest share of
the far-field speech and voice recognition market
during the forecast period. The region is a key
market for the far-field speech and voice
recognition industry, with the US and Canada
playing a dominant role. North America boasts a
robust technological infrastructure, high smart
home penetration, and a strong presence of major
industry players. The increased adoption of smart
home devices voice-enabled virtual assistants
and the integration of voice recognition
technology in automotive systems drive market
growth.
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MarketsandMarkets Presents
Key Players Major companies such as Amazon (US),
Google (US), Apple Inc. (US), and Microsoft
Corporation (US) are investing heavily in
far-field speech and voice recognition
technologies, further propelling the market
forward. Browse For More Details -
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