Voice recognition system market for automotive is estimated to be USD 941.0 million in 2017 and is projected to grow at a CAGR of19.41% during the forecast period to reach a market size of USD 3,890.3million by 2025.
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The key players in the Voice Recognition System Market include – Nuance (US), Microsoft (US), Alphabet (US), Harman (US), Apple (US), Sensory (US), VoiceBox (US), iNAGO (Japan), LumenVox (US), VocalZoom (Israel), Promptu (US).
- Automotive voice recognition system manufacturers and component suppliers
- Automotive voice recognition system manufacturers and software suppliers
- Automotive OEMs
- Industry associations and other driver assistance systems manufacturers
- Automobile industry and related end-user industries
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The majority of consumers are now demanding advanced comfort and convenience features, which largely influence their purchase decisions. The rising trend of premium vehicles equipped with advanced convenience features is also an important factor to be considered for the growth of voice recognition system market.
However, the high cost of high-end voice recognition system is expected to inhibit the growth of the market.
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The hybrid technology is estimated to be the largest growing segment, by volume, of the voice recognition system market for automotive from 2017 to 2025. The growth of this segment can be attributed to the rise in trend of integrating technology to support centralized function in vehicles.
The voice recognition system helps in accessing infotainment features such as navigation, music, and can link smart phones to the central function of the vehicle. Thus, the advancement of infotainment functions is expected to fuel the growth of voice recognition system market.
The emerging markets such as India and China are expected to witness steady growth of voice recognition system market due to gradual progress of automotive industry.
The BEV segment is estimated to be the fastest growing segment, by volume as well as value, of the voice recognition system market during the forecast period. The growing environmental concerns, rising fossil fuel prices, and stringent government regulations for emission have accelerated the growth of the BEV market.
The market players such as Tesla (US), Waymo (US), BMW (Germany), Volvo (Sweden), GM (US), Toyota (Japan), and Renault-Nissan Corporation (The Netherlands) have already introduced various BEVs in the market and are consistently improving their technology with strong focus on R&D.
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The report covers the voice recognition system market for automotive based on Region (North America, Europe, Asia Pacific, and Rest of World), application(AI and non-AI), technology(embedded and hybrid), level of autonomous driving (autonomous, conventional, and semi-autonomous),Fuel type (BEV, ICE, and Others (Hybrid), and end-user (economy, mid-priced, and luxury).
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