Far-Field Speech and Voice Recognition Market by Component (Microphones, DSP and Software), Application (Smart TV/STB, Smart Speakers, Automotive, and Robotics), Microphone Solutions (Single, Linear, Circular), and Geography – Global Forecast to 2024
The far-field speech and voice recognition market is expected to reach USD 3,505 million by 2024 from USD 969 million in 2018, growing at a CAGR of 23.89%.
The growth of the far-field speech and voice recognition market can be attributed to the advancement of deep-learning-based far-field microphones, growing impact of front-end hardware components on the accuracy of speech and voice recognition, and growth in the use of voice control–based smart speakers. Moreover, the deployment of far-field speech and voice recognition in smart home devices and application of speech and voice recognition in service robotics are expected to create huge growth opportunities for players in the far-field speech and voice recognition market.
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The far-field speech and voice recognition market for microphone component is expected to hold a larger share during the forecast period. Far-field speech and voice recognition systems use multiple microphones in form of a linear or circular array to reduce the impact of noise and reverberation from the surrounding environment. In recent years, the development of deep-learning-based trainable algorithm for far-field microphones has greatly reduced the limitation of signal distortion and loss of information.
The smart speaker application segment accounted for a majority the far-field speech and voice recognition market in 2018. The proliferation of virtual assistance–integrated smart speaker in North America and Europe has contributed to a higher share of the smart speaker vertical over the past years. There is an increase in demand for AI-enabled smart speakers in smart home and smart office applications.
Increasing need to enhance consumer convenience is fueling the demand for far-field based smart speakers, especially in smart homes. RoW is the fastest-growing region for the far-field speech and voice recognition market owing to the growing adoption of smart speakers and smart home devices in South America, Israel, and UAE. Furthermore, the falling price of smart speakers of Google and Amazon has also fueled the growth of smart home devices among middle class consumers in the Middle East & Africa.
