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Global audio AI recognition market was estimated at US$ 4,067.5 million in 2021 and projected to surpass valuation of US$ 14,070.7 million by 2030 at a CAGR of 15.83% during forecast period 2022–2030.
Audio AI recognition technology is used in a variety of applications, including voice assistants, consumer electronics, automotive, and healthcare. The key drivers of this growth include the increasing availability of data sets for training AI models and the advancements in machine learning algorithms. Additionally, the growing adoption of smart speakers and virtual assistants is driving the demand for audio AI recognition market.
In terms of application, the voice assistant segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing adoption of smart speakers and virtual assistants powered by audio AI recognition technology.
Geographically, North America is expected to hold the largest share of the audio AI recognition market during the forecast period owing to the presence of major players in this region and the early adoption of new technologies. However, Asia-Pacific is expected to witness the highest growth during the forecast period due to factors such as the growing number of startups developing Audio AI solutions and tremendous economic growth in countries such as China and India.
Top 5 players in the global audio AI recognition market including Google, Amazon.com, Inc., iFLYTEK, Nuance held around 60% share of the market.
Techniques Adopted by Big Market Competitors
Market Dynamics of Global Audio AI Recognition Market
Increasing Availability of High-Quality Data
There are many factors driving the demand for audio AI recognition technology. One of the most important is the increasing availability of high-quality data. With more and more data available, businesses are able to train their models more effectively and produce better results.
Growing Integration of Machine Learning
Another important factor in the global audio AI recognition market driving the growth is the advancement of machine learning techniques. Audio AI recognition is a highly complex task, and traditional methods have not been very effective. However, new machine learning methods are providing much better results and helping to drive demand for this technology.
Finally, there is a growing need for this technology in a variety of industries. Audio AI recognition can be used for tasks such as speaker identification, speech to text, and emotion detection. As these applications become more popular, the demand for audio AI recognition will continue to grow.
Growing Adoption of IoT and Smart Home
Smart technologies like Artificial Intelligence (AI) are used more commonly in several applications, including smart home appliances, as a result of recent significant technological advancements. AI enables smart home equipment to make judgments using voice commands and contextual information in the audio AI recognition market. In addition to voice and speech recognition, the capacity to hear has become increasingly important in audio AI recognition market.
High-quality speech, image, and video data is essential to the development of voice recognition and the artificial intelligence.
Rising Privacy Concerns of Voice Related Technology
Smart technologies like Artificial Intelligence (AI) are now employed more commonly in a number of applications, including smart home appliances, as a result of recent significant technological advancements. AI enables smart home equipment to make judgments using voice commands and contextual information. In addition to voice and speech recognition, the capacity to hear has become increasingly important in artificial intelligence.
Future voice recognition and the artificial intelligence in the global audio AI recognition market that drives it will depend heavily on high-quality speech, image, and video data.
The market is already oversaturated as hundreds of companies experiment with integrating their products and services with digital voice assistants.
Based on type, speech recognition holds highest market share (72%) of the global audio AI recognition market. Voice recognition systems are commonly used in the healthcare industry for data entry, medical examination reporting, and other purposes. These software programs allow doctors to enter notes into an electronic health record (EHR) system or laptop without interrupting patient care, allowing them to work efficiently throughout the day.
In terms of device, smartphone segment held 33% of the global audio AI recognition market share in 2021.
There is no doubt that smartphones are the most promising devices for audio AI recognition. The sheer number of devices in use, and the wide range of locations where they are used, gives them a vast potential data set to work with. With the advent of powerful new AI chipsets like the Qualcomm Snapdragon 888, we are seeing ever-more impressive performances from smartphone-based audio recognition algorithms.
One key advantage that smartphones have over other types of devices in the audio AI recognition market is the fact that they are always with consumers. This means that they can be used to constantly monitor environment and identify any sounds that we might need to take action on. For example, a smartphone-based AI system could be used to automatically detect smoke alarms or doorbells and then notify the consumers accordingly.
Apart from this, smartphones generally have good microphones built-in, which helps to improve accuracy when trying to recognize speech or other sounds. As more and more phones include support for always-on voice assistants like Siri and Google Assistant, it’s likely that audio AI recognition will become increasingly important in the future.
Based on deployment, On-Premises/Embedded segment generated around 56% revenue of the global audio AI recognition market. The high demand for on-premise deployment of AI audio recognition software is driven by a number of factors, including the need for real-time data processing, the sensitive nature of many audio applications, and the demanding computational requirements of AI algorithms.
On-premise deployment of AI audio recognition software provides a number of advantages over cloud-based solutions in the audio AI recognition market, including lower latency, improved security, and greater control over data processing. These benefits are critical for many audio applications, such as voice recognition and speaker identification.
The computational demands of AI algorithms are also a major factor driving the demand for on-premise solutions. Audio data is often extremely large and complex, making it challenging to process in the cloud. On-premise deployments provide the compute power needed to run these demanding algorithms.
Based on industry, consumer segment held 25% share of the global audio AI recognition market in 2021. The shift in customer preferences is causing voice technology to expand. Consumers are now much more accustomed to using gadgets like smart speakers and virtual assistants than they were when they first debuted, particularly Google assistants and Apple products.
As the demand for audio-based AI recognition market grows, so does the demand for the technology in North America. North America is currently the largest consumer of audio AI recognition. This is followed by Asia-Pacific, Europe, and the rest of the world.
There are several reasons why North America is the largest consumer of audio AI recognition market. Firstly, many of the world’s leading tech companies are based in North America, including Amazon, Google, and IBM. These companies are at the forefront of developing and deploying audio AI recognition technology. Secondly, North America has a large and affluent population that is early adopter of new technology trends. Finally, there is a growing number of applications for audio AI recognition in North America, such as voice assistants, smart home devices, and automotive infotainment systems.
Looking forward, it is expected that the North American audio AI recognition market will continue to grow at a rapid pace. This will be driven by continued innovation from leading tech companies and increasing adoption by consumers and businesses alike.
List of Key Companies Profiled
The Global Audio AI Recognition market is sub-segmented into:
|Market Size Value in 2021||US$ 4,067.6 Million|
|Expected Revenue in 2030||US$ 14,070.7 Million|
|Unit||Value (USD Mn)|
|Segments covered||By Type, By Device, By Deployment, By Industry, By Region|
|Key Companies||Amazon.com, Inc., Google, Uniphore, Speechmatics, SoapBox Labs, Otter.ai, Verbit, Mobvoi, Nuance, iFLYTEK, Sensory, Other prominent players|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Global Audio AI Recognition Market is valued at US$ 4,067.59 million in 2021 and is expected to reach US$ 14,070.72 million by 2030.
The Global Audio AI Recognition Market is expected to grow with a CAGR of 15.83% during the forecast period 2022-2030 and is expected to reach US$ 14,070.72 million.
The key drivers of the market are the increasing application of voice-controlled devices in various sectors and technological advancements in audio AI recognition products.
Rising privacy concerns of voice recognition technology are a key restraint factor that is affecting the growth of the global Audio AI Recognition market.
North America dominates the market by holding the largest share and is expected to continue its dominance over the forecast period 2022-2030.
Asia Pacific is expected to grow with the highest CAGR during the forecast period.
United States is accounting the majority of the market share in the North America region.
Global Audio AI Recognition Market is segmented in by type, device, deployment, and industry.
Distribution channel segment holds the largest share during the forecast period.
Consumer Segment holds the largest share and is expected to grow with the highest CAGR during the forecast period 2022-2030.
Amazon.com, Inc., Google, Uniphore, Speechmatics, Verbit among all others are some major key players in the Global Audio AI Recognition Market.