The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global sound recognition market size is expected to reach USD 4.42 billion by 2025, exhibiting a CAGR of 75.8% over the forecast period, according to a new report published by Grand View Research, Inc. Sound recognition runs on inexpensive microcontrollers that result in a low bill of materials, thereby providing an economical solution. It is highly flexible since it can detect various sounds and allows users to add their sound event classifiers, thereby providing easy customization of sound event. Thus, high flexibility and low cost are expected to propel the market growth.
Sound recognition technology is used for various purposes, such as music recognition and speech recognition among others. Increasing adoption across applications such as for monitoring and surveillance system for automatic alarm detection and rising use in smart safety solutions are the factors expected to drive the market growth. Other factors, such as increasing adoption of advanced technologies including Artificial Intelligence (AI), machine learning, Internet of Things (IoT), and others, are anticipated to further drive the adoption of sound recognition in the forthcoming years.
The artificial intelligence-based sound recognition technology is expected to register a high CAGR over the forecast period. This is due to increasing involvement of market vendors in developing sound recognizing products integrated with intelligent technology to provide customers with ease and flexibility. In the application segment, the automotive section is expected to gain moderate traction. This is due to factors such as integration of sound recognition technology in autonomous cars to recognize sounds inside and outside the car and improve safety.
Further key findings from the report suggest:
- Increasing adoption of sound recognition technology for emergency vehicle detection condition monitoring and wear detection, amongst others are factors driving growth of the automotive segment
- Benefits such as high efficiency due to edge processing and high control and awareness with the help of real-time analytics are driving the sound recognition market growth
- Vendors in the Europe market are gaining a competitive edge in the market by receiving substantial investments from companies such as Cambridge Innovation Capital plc and IQ Capital for enhancing their exiting sound recognition technology
- Wavio, OtoSense, abilisense, Reality AI, and Audio Analytic Ltd. are some of the key plyayers operating in the market