The global sound recognition market size is driven by owing to the widespread acceptance of online banking, growing use of modern technologies such as artificial intelligence (AI), machine learning (ML), cloud computing & data analytics, and an urge to preserve healthcare and financial data.
New York, March 01, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Sound Recognition Market Size, Share, Growth, Trends, Revenue and Global Forecast to 2028 – COVID-19 Impact and Global Analysis by Device (Smartphones and Tablets, Smart Home Devices, Connected Cars, Hearables, and Others), Application (Automotive, Healthcare and Fitness, Smart Home, Safety and Security, and Others), and Geography”, the global sound recognition market share was projected at USD 3.84 billion in 2021 and is reaching USD 9.70 billion by 2028, it is expected to grow at a CAGR of 14.5% from 2022 to 2028.
Download PDF Brochure at https://www.theinsightpartners.com/sample/TIPRE00009200
Global Sound Recognition Market – Report Scope:
|Market Size Value in||USD 3.84 Billion in 2021|
|Market Size Value by||USD 9.70 Billion by 2028|
|Growth rate||CAGR of 14.5% from 2022 to 2028|
|No. of Pages||150|
|Historical data available||Yes|
|Segments covered||Device, Application, and Geography|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Global Sound Recognition Market: Competitive Landscape and Key Developments
The study profiles key players in the sound recognition market, including Wavio, Reality AI, Audio Analytic Ltd., Abilisense, OtoSense Inc., Nuance Communications, Inc., Google, Microsoft Corporation, Amazon Web Services, Inc., and IBM Corporation. The report also includes an analysis of several other major companies to provide a comprehensive view of the sound recognition market and its ecosystem.
Inquiry Before Purchase: https://www.theinsightpartners.com/inquiry/TIPRE00009200
Global Sound Recognition Market – Growth Dynamics:
The sound recognition market is being propelled by the increasing use of modern technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, and data analytics, as well as a desire to safeguard healthcare and financial data. Additionally, in the sound recognition market ecosystem, the BFSI, government and public, and IT and telecom sectors have benefited from increased urbanization and digitalization, which promote the adoption of technology-driven systems. However, the sensitive information and resources used in these sectors also make them vulnerable targets for hackers.
The sound recognition market is expected to benefit from the use of biometrics as access credentials, which necessitate strong, immutable, and comprehensive algorithms to authenticate individuals. The integration of biometric authentication with AI-based voice recognition technology is expected to reduce the risk of duplication or forgery, providing enhanced biometric security compared to speech recognition alone, thereby driving the growth of the sound recognition market. In recent times, there has been a significant increase in demand for software solutions in the technology sector, as they simplify component time and significantly reduce the cost of deployment for powering existing processes and applications. Sound recognition is not just a single solution; rather, it is a complete data ecosystem that connects various data sources and infrastructure types across different locations, such as on-premises, cloud, or hybrid environments, allowing for analysis without the need for time-consuming data integration. Nevertheless, the need for simple, quick, and convenient user authentication is expected to have an impact on the growth of the sound recognition market.
The sound recognition market has experienced growth due to the high adoption of voice recognition software products across various applications. These solutions are designed to assist businesses in becoming more data-driven and offer benefits in areas such as fraud detection and security management, customer authentication, and forensic voice analysis for criminal investigations.
Check Discount on this Report at https://www.theinsightpartners.com/discount/TIPRE00009200
Global Sound Recognition Market – Global Overview:
Banks are constantly searching for the most effective authentication methods to combat online fraud. They have traditionally used knowledge-based authentication mechanisms, such as PINs, passwords, and one-time passwords, for secure processes. However, with the rise of digitization in financial institutions, fraudulent activities are increasing rapidly, leading to an increased demand for sound recognition in the authentication process. High-profile data thefts, including customers’ banking credentials, have led to unauthorized access to bank accounts by fraudsters, making it necessary to have additional layers of protection in the entire financial authentication system.
The use of sound recognition technologies in the sound recognition market benefits banks and financial institutions, as it allows for intelligent user identification based on unique voiceprints, unlike traditional text passwords and pins. Additionally, sound recognition improves Know Your Customer (KYC) procedures. This is particularly useful in multilingual countries like those in South Asia where education systems are based on different languages. Sound recognition solutions are language-independent, allowing for the inclusion of people speaking different languages in financial safety nets, thus contributing to the growth of the sound recognition market.
Buy Premium Copy of Sound Recognition Market Growth Report (2022-2028) at: https://www.theinsightpartners.com/buy/TIPRE00009200
Browse other research published by The Insight Partners:
Global Speech & Voice Recognition Market Size Forecast to 2028 – Covid-19 Impact and Global Analysis – by and Technology (Speech Recognition and Voice Recognition); and Vertical (Automotive, Enterprise, Consumer, BFSI, Government, Retail, Healthcare, Military, Legal, and Education)
Global Voice Recognition Market Size Forecast to 2028 – COVID-19 Impact and Global Analysis By Deployment Type (On-Premises, Cloud); Technology (AI-Based, Non-AI Based); Industry (Aerospace, Automotive, BFSI, Consumer Electronics, Government and Defense, Healthcare, Others) and Geography
Global Gesture Recognition System Market Size Forecast to 2028 – Covid-19 Impact and Global Analysis – by Type (Gesticulation, Language-Like Gestures, Pantomimes, Emblems and Sign Language); Technologies (Contact Type and Non-Contact Type); and Application (Automotive, Consumer Electronics, Defense, Home Automation, Gaming, Healthcare and Others)
Global Facial Recognition Market Size Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Software, Hardware, and Services), Application (Security & Surveillance, Access Control, and Others), and Vertical (BFSI, Retail & Ecommerce, Government, Healthcare, Education, Automotive & Transportation, and Others)
Global Image Recognition Market Size Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Software, Services); Technology (QR/Barcode Recognition, Facial Recognition, Object Recognition, Optical Character Recognition, Pattern Recognition); Application (Security and Surveillance, Scanning and Imaging, Marketing and Advertising, Others); Industry Vertical (Retail and Consumer Goods, Media and Entertainment, Automotive, Healthcare, Public Services, Others) and Geography
Global Optical Character Recognition Market Size Forecast to 2028 – COVID-19 Impact and Global Analysis By Offering (Software, Services); End-user (BFSI, Government, IT and Telecom, Retail, Education, Healthcare, Others) and Geography
Global Air Traffic Control Voice Recognition Market Size Forecast to 2028 – COVID-19 Impact and Global Analysis By Technology (Voice Recognition, Speech Recognition); Application (Commercial ATC, Defense ATC) and Geography
Global Emotion Recognition and Sentiment Analysis Software Market Size Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Software, Solution); End User (Commercial, Industrial, Government, Others) and Geography
Global In-flight Voice Recognition Market Size Forecast to 2028 – Covid-19 Impact and Global Analysis – by Technology (Voice Recognition, Speech Recognition); Application (Commercial, Military); Aircraft Type (Narrow-Body, Wide-Body, Regional Jets, Business Jets) and Geography
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: [email protected]
Press Release: https://www.theinsightpartners.com/pr/sound-recognition-market
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaChron.com takes no editorial responsibility for the same.