According to the new market research report "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 market is expected to grow from USD 969 million in 2018 to USD 3,505 million by 2024, at a CAGR of 23.89%.

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Far-Filed Speech and Voice Recognition Market, by Application:
Smart TV/STB
Smart Speakers
Automotive
Robotics
Others (Smart Light, Smart Thermostats, Smart Vacuum Cleaners, Smart Fridge, and Smart Washing Machines)
Smart Speaker is expected to be the largest contributor in applications of the far-field speech and voice recognition market during the forecast period
The smart speaker application segment accounted for a majority of 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. Moreover, the evolving market for smart speakers among middle-class consumers in developing countries is expected to offer significant growth opportunity for the market in the smart speaker application segment. For instance, in 2018, Amazon sold more than 100 million devices with its Alexa smart assistant.

North America is likely to hold largest size of far-field speech and voice recognition market by 2024

North America has been extremely responsive to the latest technological advancements, such as the integration of artificial intelligence (AI) and the Internet of things (IoT). The penetration of smart home applications, such as smart speakers, in North American countries especially in the US is high owing to the presence of early adopters and key smart speaker providers. The willingness of customers to accept and use new technologies has also encouraged manufacturers in the region to develop new and advanced products. Key players, such as Amazon, Google, Apple, and Bose, offering smart speakers are based in the US, leveraging their huge customer base and neural networks to leverage the far-field speech and voice recognition capabilities with their smart speaker products in this region.

Major players in the far-field speech and voice recognition market covered in this report are Synaptics (US), Texas Instruments (US), Qualcomm (US), Sensory (US), STMicroelectronics (Switzerland), Harman (US), Andrea Electronics (US), Cirrus Logic (US), Microsemi (US), DSP Group (US), and Knowles (US).

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