The Europe Far-Field Speech and Voice Recognition Market would witness market growth of 13.6% CAGR during the forecast period (2023-2030).
The market is growing due to increased applications in the retail, banking, connected device, smart home, healthcare, and automotive sectors for voice-enabled virtual assistant systems, voice-activated systems, and voice-enabled devices. Doctors and therapists may transform their speech into a rich, comprehensive clinical statement maintained in the Electronic Health Record (EHR) platform using voice recognition software on mobile phones.
The market is anticipated to be driven by the increasing use of voice-enabled linked systems in smart home automation over the projected period. IoT devices improve a range of often offline equipment by offering innovative user interfaces and standard techniques, such as touch screens and buttons. The expanding usage of voice recognition with speech intelligence in many industrial areas drives regional demand. Several players are combining breakthroughs with voice detection methods to make it easier for businesses to install systems that bolster their contact centers with an AI-based digital workplace.
Numerous people interior businesses in the area are developing online platforms and partnering with e-commerce retail outlets to expand their customer reach. This has spread awareness among the people in the region regarding the presence of innovative products in the market. The increasing number of hotels across the European nations will propel the requirement for smart devices to be used in hotel rooms, such as smart lighting and others. These smart devices are equipped with far-field speech and voice recognition technologies. Thus, due to the factors mentioned above, the market will expand in the upcoming years.
The Germany market dominated the Europe Far-Field Speech and Voice Recognition Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $591.9 million by 2030. The UK market is experiencing a CAGR of 12.7% during (2023 - 2030). Additionally, The France market would showcase a CAGR of 14.5% during (2023 - 2030).
Based on Offering, the market is segmented into Digital Signal Processors, Microphone (Circular Arrays, Single Arrays, and Single Microphone) and Software. Based on Application, the market is segmented into Smart Speakers, Smart TV/STB, Automotive, Robotics and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Far-Field Speech and Voice Recognition Market is Projected to reach USD 9 Billion by 2030, at a CAGR of 13.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Andrea Electronics Corporation, Qualcomm, Inc., Cirrus Logic, Inc., Knowles Corporation, Harman International Industries, Inc. (Samsung Electronics Co., Ltd.), Infineon Technologies AG, Microchip Technology Incorporated, NXP Semiconductors N.V., STMicroelectronics N.V. and Synaptics Incorporated.
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