Far-Field Speech and Voice Recognition Market to Be Worth $6.9 Billion by 2028
Research firm MarketsandMarkets valued the worldwide far-field speech and voice recognition market at $3.7 billion and expects it to reach $6.9 billion by 2028, growing at a compound annual rate of 13.1 percent.
The firm credits the 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 for the market's growth.
Among technologies,digital signal processors are projected to hold the largest share of the far-field speech and voice recognition market. 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 industry 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," it said in the report.
MarketsandMarkets also expects smart speakers to account for the largest share of the far-field speech and voice recognition market. "With improved voice recognition technology, smart speakers are becoming more accurate and responsive, further enhancing their appeal. As the market continues to evolve, we can expect even more innovative features and use cases for smart speakers in the future," it said.