Sound Recognition Market Research Report 2020 | Industry Report, Industry Analysis, Key Players, Trends, Revenue, Regional Segmented, Outlook Until 2030March 23, 2020
The shortage of Chinese ingredients, raw materials, and semi-finished goods is the latest example of the global economy’s dependence on products made in China, from iPhones to auto parts to pharma. Much of the fallout may still be hidden and is likely to play out over months. Even before the coronavirus outbreak, business investment was already in poor health in the United States. It fell in the last three quarters of 2019. Some analysts now expect more companies could soon announce reductions in their capital spending.
Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Sound Recognition market.
Trusted Business Insights presents an updated and Latest Study on Sound Recognition Market 2019-2030. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Sound Recognition market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Sound Recognition Market
The global sound recognition market size was valued at USD 66.5 million in 2018 and is anticipated to expand at a CAGR of 75.8% from 2019 to 2025. Sound recognition is an integration of audio signal analysis and pattern recognition technology. The process involves various classification algorithms for categorizing the sound type. It also has feature extraction and preliminary data processing that creates the feature vectors. The adoption of this emerging technology is anticipated to witness exponential rise in the forthcoming years, which in turn is fueling the market growth.
The significant technological advancements in recent years have increased the use of smart technologies such as Artificial Intelligence (AI) across various applications including smart home devices. AI enables devices to make decisions in a smart home with the help of voice commands and contextual information. Apart from voice and speech recognition, the sense of hearing has become essential in artificial intelligence. These factors are anticipated to drive the adoption of sound recognition in smart home devices.
The sound enables AI to understand the context and differentiate among varied events occurring in the environment. The AI-enabled devices decide their action based on the sound they capture. Such smart home devices understand the activity, entertainment, security, and attention in the surrounding area by identifying scenes and events. The rapidly growing adoption of connected devices such as smart speakers, smartphones, security cameras, and others has enabled users with devices that capture sound from various locations irrespective of human presence in the surrounding.
Sound recognition runs on the edge and works with limited computational power on the host device. It is being used across various use cases. In case of an intrusion, the event management system of the sound sensing technology turns the light on and plays loud music to deter the breach along with sending an alert to the house owners. The breaking of a smoke alarm in case of overheating or fire activates the event management system and send an alert to the owners mobile device. It also sends a clip of the sound to assist the owner take necessary actions. Such advantages are anticipated to drive the adoption of the technology in smart home devices, which in turn is projected to drive the market.
Based on the device, the sound recognition market is categorized into smartphones, tablets, smart home devices, smart speakers, connected cars, hearables, and smart wristbands. The number of connected devices integrated with advanced technologies such as artificial intelligence has increased. This has driven the adoption of portable devices such as smartphones. The smartphone device segment holds majority market share since these devices offer features, such as smart microphones, smart playback, and contextual awareness.
The launch and rapid adoption of smart speakers integrated with smart assistants such as Siri, Cortona, and others is expected to drive the market growth in the forthcoming years. This segment is expected to register the fastest growth over the forecast period. Vendors in the market focus on launching various hearable devices with computing capability to help recognize various sounds. The smart home devices segment is also expected to proliferate significantly in near future.
Application Insights of Sound Recognition Market
Based on the application, the market is categorized into automotive, healthcare and fitness, smart home, safety and security, and others. The smart home segment is expected to rise exponentially over the forecast period. This is due to the increasing preference of customers in converting their connected home into an intelligent home. Sound event detection has enabled smart home devices, such as smart speakers to react to various sound events and take necessary actions by informing users through personal assistants integrated into smart speakers.
The healthcare and fitness segment are expected to register the fastest CAGR over the forecast period. This is due to an increasing number of product developments by the market players. For instance, In April 2019, Audio Analytic Ltd., a sound recognition technology provider, announced a newly granted patent for developing an artificial intelligence-powered sense of hearing feature in hearing devices such as earbuds, earphones, and headphones. Through this patent, hearable devices will be able to recognize sounds and adapt to acoustic environments thereby providing an enhanced audio experience.
Regional Insights of Sound Recognition Market
North America held the largest market share in 2018 and is anticipated to continue leading in the forthcoming years. Vendors in the region are focusing on developing breakthrough technologies to enable deaf people to feel and see the sound. Wavio, a provider of sound recognition technology, manufactured a smart home sound recognition system for people who face problems in hearing. The system can predict a wide range of unique household sounds and can seamlessly connect with other assistive devices. Such advancements are projected to fuel the regional market growth in near future.
Europe is expected to hold the second-highest market share from 2019 to 2025. This is due to the presence of prominent players including Audio Analytic Ltd., a sound recognition technology provider. Asia Pacific market for sound recognition is anticipated to register the fastest CAGR in the forthcoming years, due to the rising adoption of emerging technologies in developing countries including China, Japan, and others.
Market Share Insights of Sound Recognition Market
The key market participants include Wavio, OtoSense, abilisense, Reality AI, and Audio Analytic Ltd. The companies are focusing on entering into partnerships and collaborations to deliver enhanced sound event detection capabilities. For instance, In July 2019, Wavio, a provider of sound recognition technology, announced that it has entered into a collaboration with ID R&D Inc.; a provider of biometric solutions. The former company will be leveraging the latters capabilities, including AI-based behavioral, voice, and anti-spoofing user authentication. This collaborating is anticipated to help Wavio to provide its customers with a high-performance sound event detection and recognition technology.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Sound Recognition Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global sound recognition market report based on device, application, and region:
Device Outlook (Revenue, USD Million, 2019 – 2030)
Smart Home Devices
Application Outlook (Revenue, USD Million, 2019 – 2030)
Healthcare and Fitness
Safety and Security
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