The sound recognition market was projected to reach US$ 3.84 billion in 2021 and it is expected to grow at a CAGR of 14.5% from 2022 to 2028
Sound recognition involves the analysis of the pitch, speech, voice, and tone of a person for various security purposes. In terms of security, it outperforms passwords because a password can be tracked or hacked, whereas a person's voice is as different and unique as a fingerprint. A voice can be identified in two ways in sound recognition text-dependent and text-independent. One of the primary factors driving the growth of the sound recognition market is its increasing acceptance in the entertainment industry, cloud computing, social networking, and building security. Many significant voice assistant firms such as Apple, Google, Microsoft, Amazon, and Mycroft—are spending heavily on R&D of biometric speech matching through voice matches. Further, Facebook, Twitter, LinkedIn, and other social networking sites are working on improving speech recognition. Voice input obtained from speech recognition can be used as a voice matching function, thereby reducing the difficulties of manual customer identification methods.
MARKET DYNAMICS
In banking, sound recognition authentication is based on vocal patterns, as each person has distinct phonetic and morphological characteristics that can be detected by artificial intelligence (AI). Being contactless, the sound recognition approach is more convenient and speeds up operations. Owing to the widespread acceptance of online banking, mobile and e-banking have become a part of regular monetary transfers and transactions, which is opening up possible channels for cybercriminals to access users’ accounts and steal money. The need to deliver safe banking services through mobile applications compels financial service providers to invest in more effective security solutions, which is driving the sound recognition market.
MARKET SCOPE
The "Global Sound Recognition Market Analysis to 2028" is a specialized and in-depth study that provides an overview of the market with detailed market segmentation based on device and application. The sound recognition market is expected to witness high growth during the forecast period. The report provides key statistics on the market based on the revenue performances of the leading market players. It also specifies key trends and opportunities in the sound recognition market.
Strategic Insights
MARKET SEGMENTATION
The sound recognition market is segmented on the basis of device and application. Based on device, the sound recognition market market is segmented into smartphones and tablets, smart home devices, connected cars, hearables, and others. Based on application, the market is segmented into automotive, healthcare and fitness, smart home, safety and security, and others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the sound recognition market, including qualitative and quantitative information. It also provides market size and forecast estimates for the period of 2019–2028 with respect to five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. The sound recognition market by each region is subsegmented into respective countries and segments. The report entails the analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in every region.
APAC is expected to register the highest CAGR in the sound recognition market during the forecast period. Swift developments in technologies, initiatives from governments to enhance various industries, and a rise in disposable income of the middle-income class group are among the factors propelling the overall economic growth in this region. Many countries in APAC are witnessing rapid growth in digitalization in several industries. According to the Asia Pacific Speech Biometrics Consumer Survey by NICE, a provider of cloud and business software solutions, consumers (responders) support the use of sound recognition in enterprises to verify their identity while communicating with a contact center; 88% of respondents said they are receptive to sound recognition authentication. NICE Real-Time Authentication is being used at Swisscom's contact center to improve the entire customer experience for its over six million customers. The acceptance and deployment of technologies such as cloud-based solutions, artificial intelligence (AI), the internet of things (IoT), and big data analytics drive the regional market. The following figure showcases the revenue growth trend in the global sound recognition market.
Source: The Insight Partners Analysis
The report analyses factors affecting the sound recognition market from, both, the demand and supply sides. It also evaluates the key sound recognition market dynamics, i.e., drivers, restraints, opportunities, and future trends, along with providing exhaustive PEST analysis highlighting the factors affecting the sound recognition market.
IMPACT OF COVID-19 PANDEMIC
Lockdown imposed by various governments in response to the COVID-19 pandemic caused a slight slowdown in the sound recognition market in 2020. The lockdown conditions hampered production, supply networks, logistics, and operational continuity in different industries. Manufacturing, transportation and logistics, and retail and consumer products were among the major industries that faced maximum problems. The lack of staff to operate production lines, supply chains, and transportation hampered the availability of necessary items. In early 2021, many industries started showing signs of resurgence, while demand for sound recognition solutions and services also began rising with the increased need for improved customer experience and the development of individualized relationships. Several industries implemented a wide range of sound recognition products and services to support digital transformation programs by addressing mission-critical procedures, improving operations, and reinforcing user identification.
MARKET PLAYERS
Various companies in the sound recognition market are focusing on organic growth strategies such as product launches, product approvals, and patents and events. Inorganic growth strategies witnessed in the market are acquisitions, partnerships, and collaborations. These activities pave way for the expansion of businesses and customer bases of sound recognition market players. The sound recognition market players are anticipated to grab lucrative growth opportunities in the future with the rising demand for these systems.
This report also includes the profiles of key sound recognition market companies along with their SWOT analysis and market strategies. In addition, it also provides information on components and services offered, financial information for the last 3 years, and key development in the past 5 years. The list of companies engaged in the sound recognition market is mentioned below.
- Wavio
- Reality AI
- Audio Analytic Ltd.
- Abilisense
- OtoSense Inc.
- Nuance Communications, Inc.
- Microsoft Corporation
- Amazon Web Services, Inc
- IBM Corporation
The Insight Partners' dedicated research and analysis team consists of experienced professionals having advanced statistical expertise. Along with the detailed report, it offers various customization options for the existing study on the sound recognition market.