Far-Field Speech and Voice Recognition Market Overview
The far-field speech and voice recognition market was valued at the market rate of USD 878.37 million during the previous forecast period that ended in 2020. However, owing to the recent trends and market developments happening on the global scale, the market is likely to grow and reach a market valuation worth USD 12.3 Billion during the ongoing forecast period that is 2022-2030. Also, to reach this market valuation, the market is expecting to grow at a CAGR rate that stands at 21.20%. The attribute for growth is the growth potential in the healthcare applications, alongside the growth in the demand for voice authentication amongst the mobile banking applications, backed with the rapid proliferation of smart speakers.
The global far-field speech and voice recognition market is also witnessing an impact of artificial intelligence when it comes to promising accuracy related to voice and speech recognition amongst various vertices and smart devices. In comparison between both the market components separately, the speech recognition part of the market is expecting a higher demand and growth during the ongoing forecast period of 2022-2030. The growing use of voice recognition in multifactor authentication systems belonging to sectors like BFSI, defense, and the government sector are pushing for the global growth of the market and its components. Also, the far-field speech and voice recognition market growth is likely to be enhanced in market vertices like the government and public sector, finance and funding enterprises amongst others during the period and promise a good return, as well.
COVID 19 Analysis of Far-Field Speech and Voice Recognition Market
The far-field speech and voice recognition market size has also been affected since the arrival of the pandemic. The pandemic has diverted the interests of people towards healthcare and lifestyle and they are investing in acquiring similar products. The technological advancements and the wide-area assistance provided by the market products and services are likely to present good returns for the far-field speech and voice recognition market by the end of the forecast period in 2030. People are demanding technology that helps in providing the proper details related to health and wellness. However, lack of raw materials and logistic support will hamper the market as the production of the devices and services supporting services like voice recognition and far-field speech are presenting growth challenges to the market during the forecast period of 2022-2030.
The government is increasing its funding and support towards the far-field speech and voice recognition market initiatives that will help the market grow during the forecast period that ends in 2030. Also, the prominent players of the market are on the lookout for opportunities and ideas which, if implemented, promise a good return to the market and help the market reach the predicted market valuation by the end of the period in 2030. Also, the market players are on their way to develop and launch products based on technology and demand on a large scale.
Far-Field Speech and Voice Recognition Market Dynamics
The target audience is subject to various and serious data security concerns like cyberattacks and data breaches by intruders. Also, the market is further being subject to the various kinds of safety issues created by the illegal migrants. All these factors are likely to combine and present excellent growth drivers for the market during the forecast period that ends in 2030.
Technological advancements are evolving with each passing day. It becomes difficult to cope up with the dynamicity of the technical demands and expansions. This is one of the major restraints of the market during the forecast period of 2022-2030.
The far-field speech and voice recognition market growth is a result of ease, convenience, and excellent use and implementation of technological advancements. There are a large number of banking customers that make use of phone banking facilities owing to their reduced requirement to visit the banks and wait in long queues to get the work done. Most financial institutions are opting for wide-scale adoption of voice-based authentication solutions that help in accepting or rejecting the mobile transaction from the users’ end. Also, voice recognition technology is gaining major momentum in the market and is likely to expand its market operations across industry vertices like the government and public sector, financial and banking institutions, and various business and enterprise units, especially in the upcoming 2-3 years.
- To study the market dynamics and associate them with the viewpoints presented by the industry leaders and experts to predict the CAGR rate of the market and the market valuation.
- To analyze the far-field speech and voice recognition market trends prevailing in various global regions and have an idea about the segment functioning ability in the same to study the revenue potential and predict the final market valuation accordingly
- To study the competitive degree prevailing in the far-field speech and voice recognition market and understand the recent developments undertaken by the prominent players of the market during the forecast period that is 2022-2030
Far-Field Speech and Voice Recognition Market Segment Overview
Owing to the rising interest of the investors to invest in the far-field speech and voice recognition market and increase the value of investments once the market services and share expands, the market has been segmented into various parts. These are functional in various global regions based on the demand of the target audience existing in these regions. The far-field speech and voice recognition market regions are as follows:
Based on the delivery method opted by the market players to help the target audience get through their demands, the market used artificial intelligence-based methods and non-artificial intelligence-based methods
Use of technology
The far-field speech and voice recognition market deals both in voice recognition and speech recognition.
Mode of deployment
The market players either make use of on-cloud deployment or on-premises and embedded for the deployment of services and solutions.
The far-field speech and voice recognition market is segmented based on the market end-users and vertices. Automotive, retail and healthcare, military, legal, education, enterprise, consumers, BFSI, and the government and public sector are some of the potential users of the solutions and services.
Far-Field Speech and Voice Recognition Market Regional Analysis
Owing to the rising base of the far-field speech and voice recognition market products and services, it is currently functional in 4 major regions across the world. These are the North American region, the European nations, the APAC region, along the rest of the world (RoW). the North American region consisting of the US and Canadian market is likely to dominate the global market trends. The main reason behind this splendid growth in the right is because of a huge number of voice biometric systems that are being deployed which ensure a high degree of security and proliferation of the speech technologies majorly in the enterprises and consumer electronics sector. Also, the region is home to implementing biometric systems that ensure improvement in the security and safety measures on the way. Amongst the market, the US market is acting as the major driving force for the global far-field speech and voice recognition market and help its way for global domination by the end of the forecast period in 2030.
Far-Field Speech and Voice Recognition Market Competitive Landscape
The market players are expanding their scale of operations and helping the analyzers to draw a competitive far-field speech and voice recognition market graph. These players are as follows:
- Nuance (US)
- Raytheon BBN Technologies (US)
- Microsoft (US)
- Sensory (US)
- iFlytek (China)
- Baidu (China)
- Cantab Research (UK)
- Alphabet (US)
- IBM (US)
- Amazon (US)
- Two market biggies that are IBM and Nuance have been in talks and entered into an agreement for licensing and providing technical services, with this agreement, the main aim is to enhance and expand the degree of innovative speech solutions that help in the designing of better ability to serve the enterprises, carriers, partners, and consumers on a wide scale. Also, with this agreement, Nuance is aiming for long-term incorporation with IBM technology for presenting speech solutions to the target audience.
A Japanese company - Toyota Motor Corporation entered into a partnership with Microsoft to enable the technological features rendered by voice recognition in cars launched under the brand name. Microsoft will help in providing elaborated access to its intellectual properties that are inclusive of the operating systems, gesture control, voice recognition technology, and artificial intelligence, amongst others.
Dragon Medical Oil - a universal cloud-based speech recognition platform was launched by Nuance Communications. This universal platform is helping to bring the power of speech and use it directly for the electronic health records (EHRs) and thus, enabling the physicians to quickly and conveniently capture the complete history of a patient at any of the care units.
The global speech and voice recognition market report helps in analyzing the market operations during the forecast period of 2022-2030 and predicts the rate of growth and expected market valuation. The report helps in depicting the far-field speech and voice recognition market competition and also study the revenue potential of the market during the period. Further, the report discusses the recent developments undertaken by the market and helps in recognizing the dominant players and regions.