New York, Aug. 11, 2021 (GLOBE NEWSWIRE) — Automotive Voice Recognition System Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Voice Recognition System Market Research Report, Technology, End Market, Application, Vehicle type and Region – Forecast till 2027” the market Size is projected to be worth USD 4.87 Billion by 2027, registering a CAGR of 22.48% during the forecast period (2021 – 2027), The market was valued at USD 1.39 Billion in 2020.
The automotive voice recognition system market is garnering significant traction. Factors such as the surging demand for infotainment systems and VR evolutions integrated with assistant systems drive the market growth. Besides, the rising uptake of infotainment systems in high-end cars boosts the voice recognition system market size. The rapidly growing awareness for vehicle safety features influences the market rise.
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Additional factors bolstering the market growth include increasing spending on personalized comfort features and stringent government norms for safety features in automobiles. AI and social media recommendations inside vehicles are natural extensions of automotive voice recognition capabilities. Impressive machine learning capabilities have brought immense improvements in voice tracking and recognition system. Similarly, AI capabilities have impacted the adoption trends.
List of the Key Companies Profiled in the Automotive Voice Recognition System Market Research Report are:
Highly competitive, the automotive voice recognition system market appears fragmented with the presence of several well-established players. These players incorporate strategic approaches such as mergers & acquisitions, collaboration, expansion, and product/technology launch to gain a larger competitive share.
They make substantial investments to drive R&D activities and expansion plans. The market is likely to witness relentless innovations and new products, eventually intensifying competition among manufacturers.
For instance, on Mar.01, 2021, Hyundai announced the development of a dynamic voice recognition system for selected models of the 2021 -Elantra and Elantra Hybrid in North America. The new automotive voice recognition system is powered by Houndify, a leading global voice AI and conversational intelligence technologies innovator. The dynamic voice recognition system makes the driving experience safer, easier and more convenient, providing cloud-based information from various knowledge domains.
Browse In-depth Market Research Report (111 pages) on Automotive Voice Recognition System
Rising Adoption is a Major Industry Trend
Key trends influencing the voice recognition system market growth include payment-by-vehicle, auto-retail partnerships, brand-specific AI systems, voice engine optimization, and advancements in privacy & security. Additionally, technological advances in motion and speech-recognition sensors & functions and integration from human-to-machine and machine-to-human would foster market growth.
The automotive voice recognition system market is assessed to witness tremendous demand in the recent future due to emerging trends such as driverless or autonomous cars. Advanced artificial intelligence-powered voice-recognition systems are used to operate multiple features, including navigation control, phone calls, calendar, media control, weather information, climate control, and holiday & ticketing information, all through voice commands.
Lack of Awareness for Voice Recognition System Advantages Obstruct the Market Growth
On the flip side, the lack of awareness for these systems is a major headwind impeding the growth of the market. Nevertheless, the rising sales of passenger cars in rapidly developing countries would support the market growth throughout the forecast period. Also, the rising numbers of global automakers and technological advancements influence the growth of the regional market.
Advances in machine learning that enable next-generation cognitive systems to detect & sense the environment, learn independently, and initiate decisions and intelligence-based recommendations impact the market growth. Furthermore, factors such as advanced automobile industries and luxury car industries worldwide provide an additional impetus to the regional market’s growth.
With consumers increasingly demanding personalization and prioritizing comfort in a vehicle, the market is expected to register a high growth rate. New Car Assessments Program awarding safety ratings based on vehicle safety performance encourages automotive manufacturers to integrate voice recognition systems for automotive.
Many automobile manufacturers have started integrating these features in entry-level vehicles to broaden their customer base. Resultantly, the voice recognition system market for automotive is estimated to demonstrate significant growth opportunities. The market is also projected to witness many innovative product launches during 2021 and years to come.
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COVID- 19 Impacts on the Voice Recognition System Market
The onset of the COVID- 19 pandemic severely affected the voice recognition system industry. Pandemic-led logistics problems led to posing major challenges to industry players, such as obtaining raw components required to develop an automotive voice recognition system, attracting workforces from quarantine, and delivering end products. However, the voice recognition system market for automotive is gradually picking up and forecasted to grow exponentially further during the assessment period.
The market is segmented into vehicle types, technologies, applications, and regions. The vehicle type segment is divided into passenger and commercial vehicles. The technology segment is sub-segmented into embedded and hybrid. The application segment is divided into AI and non-AI. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
North America leads the global voice recognition system market for automotive. Factors such as increased demand for commercial vehicles with advanced voice recognition systems attribute to the largest market share. Besides, the strong presence of major system manufacturers and high spending on automotive systems increase the adoption of voice recognition and, subsequently, market sales.
Segmentation of Market covered in the research:
Information by Vehicle Type (Passenger Vehicle and Commercial Vehicle) Technology (Embedded and Hybrid), Application (AI and Non-AI) and Region (North America, Europe & Asia-Pacific))
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