According to Acumen Research and Consulting, the global automotive voice recognition system market is expected to reach the market value of around US$ 39 Bn by 2027 and is anticipated to grow at a CAGR of around 21% in terms of revenue during the forecast period 2020 – 2027.
Automotive voice recognition system consists of the monitoring of digital vehicle infotainment devices that includes telecommunications, visual and navigational destination inputs. Voice recognition is a program or a machine's potential for receiving and implementing instructions. The research is used to develop techniques and methodologies that improve understanding of the voice talked to the machine and provide a particular answer in a variety of fields such as linguistics, electrical engineering and computer science.
The report provides analysis of global Automotive Voice Recognition System market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Increased competition for safety features in vehicles; strict regulatory regulations and a dramatic increase in personal safety consciousness are all influences, mainly driving the automobile market for voice recognition systems. A higher pace of automotive manufacturers implementing the voice recognition technology in their passenger cars would increase demand in the forecast timeframe for voice recognition technology Market. The high cost of a high-end voice recognition program is projected to hinder market growth. Nonetheless, this feature is likely to become popular in the car with a increase in voice recognition technology over the years.
The strong acceptance of voice and speech recognition systems for the car industry and expanded vehicle production make Europe a major share of the global automotive voice recognition system market. Besides, there is a broader number of major industry participants in countries in North America and Asia Pacific and in the United States, there is a massive market for heavy vehicles. Demand for voice recognition system for automotive has increased as demand for commercial vehicles has risen. Further, North American market is increasing because of the involvement of leading car suppliers, who concentrate primarily on core technologies such as growth, product introduction, etc. Asia-Pacific voice support industry, in response to the rising demand from emerging economies like India and China, is expected to see substantial adoption of voice recognition system in this forecast period.
The market research study on “Automotive Voice Recognition System Market (Automotive Voice Recognition System Market By Technology: Hybrid, Embedded; Automotive Voice Recognition System Market By Application: Non-AI, AI; Automotive Voice Recognition System Market By Vehicle Type: Commercial Vehicles, Passenger Cars) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Automotive Voice Recognition System market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Automotive Voice Recognition System market size, and segment markets by vehicle type, application, end use, and geography along with the information on companies operating in the market. The Automotive Voice Recognition System market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Automotive Voice Recognition System market is segmented as below:
Automotive Voice Recognition System Market By Technology
Automotive Voice Recognition System Market By Application
Automotive Voice Recognition System Market By Vehicle Type
Automotive Voice Recognition System Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such as Nuance Communications, Inc., Apple Inc., Pareteum Corporation, Microsoft Corporation, Cantab Research Limited, Sensory, Inc., Alphabet Inc., ReadSpeaker Holding B.V., Others.
Global businesses develop state-of - the-art technology and produce new products to remain competitive in the market. Fusion & acquisitions and innovative technology innovations are other competitive approaches. Players competing on the market have launched helpers such as Google Assistant, Apple Siri and Microsoft Cortana.
According to Acumen Research and Consulting, The Automotive Voice Recognition System market value is anticipated to be worth around US$ 39 Bn in 2027.
The automotive voice recognition system market is anticipated to grow over 21% CAGR amid the forecast period 2020-2027.
Europe held maximum share in 2019 led by the Germany.
Asia Pacific is projected to grow at a fast pace during forecast period 2020-2027.
Increasing demand for autonomous driving is a key driver of the market.
High Cost may restrain the market growth.
Automotive voice recognition system consists of the monitoring of digital vehicle infotainment devices that includes telecommunications, visual and navigational destination inputs.