The Far-Field Speech and Voice Recognition Market was valued at USD 969 million in 2018 and is expected to reach USD 3,505 million by 2024, at a CAGR of 23.89% during the forecast period. The growing impact of front-end hardware components on the accuracy of speech and voice recognition, and growth in voice control–based smart speakers drive the growth of the Far-Field Speech and Voice Recognition Market. 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 offer lucrative opportunities for players in the Far-Field Speech and Voice Recognition Market during the forecast period.
The Far-Field Speech and Voice Recognition Market is highly competitive owing to the presence of global and regional market players. Product launches and developments, partnerships, and collaborations have been the major strategies adopted by the leading players to grow in the market. Among all these strategies, players have widely adopted the strategies of product launches and developments to remain competitive in the market. Key players that have implemented these strategies 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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Top 2 Players in the Far-Field Speech and Voice Recognition Market:
Qualcomm’s robust R&D capabilities have contributed to developing a strong patent portfolio. It is also investing in developing other significant technologies used in cellular and certain consumer electronic devices and networks such as audio coding, including EVS (enhanced voice services). Qualcomm focuses on organic strategy such as product launches in Far-Field Speech and Voice Recognition Market. For instance, in January 2017, Qualcomm’s smart audio platform can help manufacturers accelerate the development and commercialization of smart and networked speakers and has been qualified by Amazon for the Alexa Voice Service (AVS) in January 2018.
Texas Instruments’ consistent focus on research and development (R&D) enables it to launch innovative products, thereby increasing its revenue and market share. The company has strong R&D capabilities. Over the last several years, the company focused on enhancing its products and launching new innovative solutions through its consistent R&D investment. The company's primary area of R&D investment includes analog and embedded processing. The company's total R&D expenses were USD 1.51 billion, USD 1.36 billion, and USD 1.27 billion for FY2017, FY2016, and FY2015, respectively. During FY2017, the R&D expenses accounted for approximately 10% of the company’s overall revenue. The company serves diversified markets and has a diversified geographic presence. The company offers semiconductor solutions for diversified end markets, including industrial, personal electronics, automotive, communications equipment, enterprise systems, and others (calculators).
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