Sound Recognition Market Outlook 2031
The global sound recognition market size was USD 17.17 Billion in 2022 and is anticipated to reach USD 59.93 Billion by 2031 register a considerable CAGR 14.9% during the forecast period, 2023-2031. The growth of the market is attributed to the adoption of the emerging technology for sound system.
Sound recognition is a technology that uses both standard pattern recognition theories and methods of audio signal analysis. Preliminary data processing, classification techniques, and feature extraction are included in sound recognition technology. Feature vectors can be classified using sound recognition while preliminary data processing and linear predictive coding are used to produce feature vectors.
This technology has various applications such as music recognition, speech recognition, and others. The COVID-19 pandemic outbreak has a positive impact as the demand for smart appliances and devices has increased with change in trend in the industry for work from home profiles.
Sound Recognition Market Trends, Drivers, Restraints, and Opportunities
- Increasing penetration of speech and sound recognition technology in smart appliances is one of the key factors driving the market growth.
- Rising demand for high-level voice biometric security is expected to boost the market growth in the coming years.
- Requirement for huge investment in technology development keeps the small players out of the competition is likely to hinder the market growth during the forecast period.
- Lack of accuracy and misinterpretation in results as the technology is still in the progressive stage. This is anticipated to hamper the market expansion during the projected timeline.
- Creation of more personalized experience for users is projected to create a significant growth opportunity for the market in the near future.
Scope of The Sound Recognition Market Report
The report on the global sound recognition market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Sound Recognition Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Applications (Safety & Security, Smart Home, Automotive, Healthcare & Fitness, and Others) and Devices (Connected Cars, Hearables, Tablets, Smartphones, Smart Home Devices, Smart Speakers, and Smart Wristbands)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Audio Analytic Ltd.; Wavio Inc.; Abilisense; Reality AI; and OtoSense, Inc.
Sound Recognition Market Segment Insights
Smart home segment is expected to grow at a rapid pace
Based on applications, the global sound recognition market is divided into safety & security, smart home, automotive, healthcare & fitness, and others. The smart home segment is expected to grow at a rapid pace during the forecast period attributed to the increase in preference for converting end-users connected home into an intelligent home.
However, the healthcare & fitness segment is anticipated to hold a key share of the market in the coming years due to an increasing number of product developments by the key market players.
Adoption for portable devices to drive smartphones segment
On the basis of devices, the market is segregated into connected cars, hearables, tablets, smartphones, smart home devices, smart speakers, and smart wristbands. The smartphones segment is projected to expand at a considerable CAGR during the forecast period owing to the adoption for portable devices.
On the other hand, the smart speaker segment is anticipated to account for a major market share during the forecast period attributed to the rapid adoption of the technology integrated with smart assistants such as Cortona, Siri, and others.
North America is anticipated to constitute a key market share
In terms of regions, the global sound recognition market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the vendors in the region focused on development for breakthrough technologies.
However, the Asia Pacific market is anticipated to expand at a rapid pace during the forecast period due to the rise in adoption for emerging technologies by key players in the region.
The global sound recognition market has been segmented on the basis of
- Safety & Security
- Smart Home
- Healthcare & Fitness
- Connected Cars
- Smart Home Devices
- Smart Speakers
- Smart Wristbands
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the global sound recognition market are Audio Analytic Ltd.; Wavio Inc.; Abilisense; Reality AI; and OtoSense, Inc. As part of their efforts to grow their client base and acquire a competitive advantage over competitors, manufacturers operating in the market are adopting various strategic initiatives such as partnerships, collaborations, mergers & acquisitions, and new product development.