Voice Recognition System Market Growth Overview, New Opportunities & SWOT Analysis by 2023
The global voice recognition system market for automotive is growing rapidly. The market growth attributes to the evolution of VR systems to integrated assistant systems. Besides, the increasing demand for safety features in automobiles led by stringent government norms and rapidly growing awareness for safety drives the market growth. Moreover, increasing spending on personalized and prioritized comfort features escalate the growth of the market.
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According to Market Research Future (MRFR), the global voice recognition system market for automotive is expected to garner exponential traction growing at an impressive CAGR during the review period (2018-2023). Impressive capabilities of machine learning systems have exhibited immense improvements in voice tracking and recognition system. Also, AI has shown significant capabilities in these systems over the past decade, notifying clearly that it is here to stay, impacting the adoption trends.
These systems involve motion and speech-recognition sensors and functions by two types of integration, from human to machine, and machine to human. With the advanced man-machine interface or the computer-human interface, vehicles bridge the gap between drivers using the sensing mechanism of the external conditions. The global automotive voice recognition system market is expected to witness explosive demand soon due to the emergence of trends such as driverless or autonomous cars.
Additionally, new product development and technological advances drive the global automotive voice recognition system market. Some of the latest trends include an artificial intelligence-powered voice-recognition system that can be used to operate multiple features such as navigation control, driver window up/down phone calls, weather information, climate control, calendar, media control, and even holiday & ticketing information, all through voice commands.
Voice Recognition System Market for Automotive Market – Segments
The report is segmented into four dynamics;
By Vehicle Type : Passenger and Commercial Vehicle.
By Technology : Embedded and Hybrid.
By Application : AI and Non-AI
By Regions : Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Voice Recognition System Market for Automotive – Regional Analysis
North America dominates the global voice recognition system market for automotive. The largest market share attributes to the increase in demand for commercial vehicles with an advanced voice recognition system. Besides, the presence of major manufacturers and considerable spending on automotive systems increases the adoption of voice recognition and thus the market sales.
Moreover, the high per-capita income and a higher number of cars per family foster market growth. With the presence of technologically advanced firms and the rapid adoption of technology, the US accounts for a significant market share in the region.
The Asia Pacific region stands second in the global voice recognition system market for automotive. The market has been experiencing rapid growth driven by the rising sales of passenger cars and rapidly developing countries such as China, India, Japan, and South Korea. Additionally, the shift in production bases of a number of global automakers and technological advancements influence the growth of the regional market.
Japan, followed by South Korea, is the key manufacturing hub for voice recognition systems owing to its technologically advanced companies and leadership in data & electronics. The rising purchasing power of demographics increases the demand for automotive voice recognition systems in the APAC region.
The European voice recognition system market for automotive garners a substantial share in the global market. There is a significant influx of technology in the region. Factors such as the presence of large and advanced automobile industries in Germany, France, and Sweden positively impact regional market growth. Moreover, Italy's luxury car industry provides an additional impetus to the growth of the regional market. The European voice recognition system market for automotive is expected to overgrow during the assessment period.
Voice Recognition System Market for Automotive – Competitive Landscape
Highly competitive, the voice recognition system market for automotive appears fragmented with the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch. Substantial investments are transpired in R&D to develop a completely different technology compared to their competition.
Another strategy of these firms is a close collaboration with automakers to provide customized solutions. The integration of the automotive voice recognition system providers with automotive companies provides a centralized demand that benefits both partners.
Major Players:
Players leading the global automotive voice recognition system market include Microsoft (US), Nuance (US), Alphabet (US), Apple (US), Harman (US), BMW (Germany), Ford (US), and Daimler (Germany), among others.
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