The Latin America, Middle East and Africa Far-Field Speech and Voice Recognition Market would witness market growth of 18.1% CAGR during the forecast period (2023-2030).
Millennials are becoming more and more interested in technology as a result of rising internet use. These AI-powered gadgets can carry out tasks when given voice instructions. News, movies, and music may all be accessed using voice commands. The market is expected to expand due to the expansion of digitalization and consumer adoption of newer technologies, which have raised consumers' living standards to smart living standards.
Today's widespread use of smart gadgets from top manufacturers has dramatically increased the appeal of far-field speech and voice recognition. One such instance is Amazon Alexa, a virtual assistant product that Amazon purchased in 2013. Alexa is a feature of the Amazon Echo, Echo Dot, and Echo Show computer product lines. Another example would be the Google Nest range of smart speakers, formerly known as Google Home and sold under the Google Nest brand. Users may engage with services using Google Assistant, the company's virtual assistant, by speaking voice commands into the devices.
The Middle Eastern real estate market has one of the fastest growth rates among all worldwide sectors. Large investments made by foreign real estate developers in nations such as Saudi Arabia, Oman, Dubai, Qatar, and others have fueled the growth of the smart home idea in this area, a well-liked tourist destination. Dubai is quickly overtaking all other travel hotspots in popularity. Several well-known buildings, notably Burj Al Arab and Burj Khalifa, attract tourists. In addition, the area is home to several lavish hotels, expensive restaurants, and upscale spas. The market in the LAMEA region is anticipated to gain from this.
The Brazil market dominated the LAMEA 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 $186.7 million by 2030. The Argentina market is showcasing a CAGR of 18.8% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 17.8% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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