The global sound recognition market is projected to reach USD 4.42 billion by 2025 and projected to register 75.8 % CAGR over the forecast period, from 2019 to 2025 according to Million Insights. Sound recognition operates on low-cost microcontrollers that resulted in the energy-efficient product thereby offering an economical solution. It is very flexible as it can recognize various sounds and allows users to add their sound event classifier; thereby offering customization of the sound event. Hence, low cost and high flexibility factors are expected to drive the market growth.
This technology is used for several purposes including speech recognition and music recognition, among others. Increasing usage of this technology in smart safety solutions and for monitoring and surveillance system to automatic alarm detection is expected to further fuel the market growth. In addition, the rising adoption of advanced technologies such as machine learning, Artificial Intelligence (AI), and Internet of Things (IoT) are projected to drive the market growth over the forecast period.
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The AI-based sound recognition system is projected to grow with the highest CAGR from 2019 to 2025. This growth is attributed to the rising focus of market players in developing technologically advanced products for better customer experience. Among applications, the automotive segment is expected to witness significant growth over the forecast period. This growth is attributed to the rising application of sound recognition systems in autonomous cars to detect sounds inside and outside the car to improve safety.
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Further key findings from the report suggest:
• Increasing adoption of sound recognition system in emergency vehicle detection condition monitoring and wear detection, among others is the major factor to drive the automotive segment growth.
• Factor like high efficiency owing to high control and awareness and edge processing is fuelling the sound recognition market growth.
• Market players in Europe are gaining a competitive edge by getting significant fund from companies including IQ Capital and Cambridge Innovation Capital plc for enhancing their presence in sound recognition technology
• OtoSense, Audio Analytic Ltd., Reality AI, abilisense, and Wavio, are the key market playesr operating in this market.
Million Insights has segmented the global sound recognition market on the basis of device, application, and region:
Sound Recognition Device Outlook (Revenue, USD Million, 2014 – 2025)
• Smart Home Devices
• Smart Speakers
• Connected Cars
• Smart Wristbands
Sound Recognition Application Outlook (Revenue, USD Million, 2014 – 2025)
• Healthcare and Fitness
• Smart Home
• Safety and Security
Sound Recognition Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• Asia Pacific
• South America
• Middle East & Africa
• Saudi Arabia
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