Demand for enhanced safety and regulatory requirement from the governments to avoid any kind of accident and rising adoption of digital technologies to increase accuracy for seamless usage of voice recognition system drive the growth of the global automotive voice recognition system market.
WILMINGTON, Del., Nov. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive Voice Recognition System Market by Technology (Embedded, Cloud based, and Hybrid), Application (AI and Non-AI), Vehicle type (ICE Vehicle and Electric Vehicle), and Vehicle Class (Economy, Mid-Priced, and Luxury): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the automotive voice recognition system industry size generated $3.4 billion in 2022, and is anticipated to generate $14.7 billion by 2032, witnessing a CAGR of 16.1% from 2023 to 2032.
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Prime determinants of growth
Demand for enhanced safety and regulatory requirement from the governments and rising adoption of digital technologies drive the growth of the global automotive voice recognition system market. However, high installation cost and data security concerns restricts the market growth. Moreover, Integration with other technology, and introduction of the voice commerce (V-commerce) in the automotive voice recognition system market presents new opportunities in the coming years.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$3.4 billion |
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Market Size in 2032 |
$14.7 billion |
|
CAGR |
16.1 % |
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No. of Pages in Report |
463 |
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Segments covered |
Technology, Application, Vehicle type, Vehicle class, and Region. |
|
Drivers |
Demand for enhanced safety and regulatory requirement from the governments. Rising adoption of digital technologies. |
|
Opportunities |
Integration with other technology. Introduction of the voice commerce (V-commerce). |
|
Restraints |
High installation cost. Data security concerns. |
Covid-19 Scenario
The COVID-19 has had both positive and negative impact on the automotive voice recognition system market. The pandemic has boosted the demand for contactless interactions in a variety of industries, including the automotive industry.
The financial impact of the pandemic has shifted consumer preferences, with many people prioritizing basic needs before pleasure purchases. This move may have had an impact on demand for automotive speech recognition systems, as buyers may have prioritized other features or functionalities when purchasing a vehicle.
The cloud-based segment to maintain its leadership status throughout the forecast period
Based on technology, the cloud-based segment held the highest market share in 2022, accounting nearly two-fifths of the global automotive voice recognition system market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 17.6% from 2023 to 2032, owing to the advanced speech recognition capability of the system and its ability to connect with the other cloud-based application and services.
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The AI segment to maintain its leadership status throughout the forecast period
Based on application, the AI segment held the highest market share in 2022, accounting more than four-fifths of the global automotive voice recognition system market revenue, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 16.5% from 2023 to 2032, owing to technology such as machine learning and natural language processing, and firms which are developing an AI voice recognition system for the car.
The ICE vehicle segment to maintain its lead position during the forecast period
Based on vehicle type, the ICE vehicle segment accounted for the largest share in 2022, contributing more than four-fifths of the global automotive voice recognition system market revenue, however electric vehicle is projected to lead the market during the forecast period. The primary factors that drive the ICE vehicle segment growth are global sales of the vehicles due to availability of the infrastructure for the vehicles to run seamlessly. However, the electric vehicle is expected to portray the largest CAGR of 23.5% from 2023 to 2032, owing to the popularity of electric vehicles and technology that comes with it including automotive voice recognition system.
The luxury segment to maintain its lead position during the forecast period
Based on vehicle class, the luxury segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global automotive voice recognition system revenue, however mid-priced is projected to lead the market during the forecast period. The comfort, driving experience, and plethora of advanced technology by luxury car is to drive the luxury segment globally. However, mid-priced is expected to portray the largest CAGR of 17.4% from 2023 to 2032, owing to the practicality and feature offered at a sensible price point which is expected to increase the demand for mid-priced during the forecast period.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global automotive voice recognition system market revenue, however Europe is expected to dominate the market during the forecast period. The Asia-Pacific region is dominating due to the growing use of digital technologies in the automotive industry and increased car demand in Asia-Pacific region. However, the Europe region is expected to witness the fastest CAGR of 18.6% from 2023 to 2032, owing to the implementation of the driving laws aimed at restricting the use of hand-held phones and the presence of major car brands which is expected to boost the growth of automotive voice recognition market in the region.
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Leading Market Players: –
Microsoft
Apple Inc.
Google Inc.
IBM
SoundHound AI Inc.
Sensory Inc.
Kardome Technology LTD
Amazon.com, Inc.
HARMAN International
Robert Bosch GmbH.
The report provides a detailed analysis of these key players in the global automotive voice recognition system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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