Automotive Voice Recognition System Market to Grow with a CAGR of 18.17% through 2031F
The technical difficulty of maintaining high recognition accuracy in noisy cabin environments and effectively interpreting diverse regional accents constitutes a substantial barrier to market expansion.
According
to TechSci Research report, “Global Automotive Voice Recognition System Market By Vehicle Type,
Internal Combustion Engine, By End-User, By Region, Competition, Forecast &
Opportunities, 202”, the global automotive voice
recognition system market is forecast to witness a CAGR of 20% during 2019-2024,
predominantly owing to increasing demand for connected automobiles. Moreover, integration
of technologies and rise in demand for enhanced comfort & convenience
features is driving the automotive voice recognition
system market during the forecast period.
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Global
automotive voice recognition system market can be segmented based on vehicle
type, end user and by technology. Mid-price vehicle is the dominant segment in the
voice recognition system market, owing
to their high sales volume. In terms of vehicle type, the market is segmented
into Internal Combustion Engine (ICE), (Battery Electric Vehicle (BEV) and Hybrid
Vehicles, of which, the ICE segment dominates the market and the trend is
likely to continue during the forecast period.
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Nuance Communications, Sound
Hound, Harman, Inago, Vocalzoom, etc., are the leading
players operating in the global automotive voice recognition market. Companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their market penetration. “Surging popularity
of connected vehicles is pushing the companies to focus on improving the
functionality of vehicles, which is positively influencing the global
automotive voice recognition market. The market is dominated by North America
and the region is expected to lead the pack in the coming years as well. Nevertheless,
APAC is forecast to witness robust growth in adoption of automotive voice
recognition systems through 2024 ”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Global Automotive Voice Recognition System Market By Vehicle Type (Battery Electric Vehicle (BEV), Internal Combustion Engine (ICE) & Hybrid Vehicles), By End-User (Economy Vehicles, Mid-Price Vehicles & Luxury Vehicles), By Region, Competition, Forecast & Opportunities, 2021-2031F” has evaluated the future growth potential of automotive
voice recognition system market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the global automotive voice recognition system market.
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