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Fast reception of AI and computerized reasoning advancements are causing significant changes in the voice recognition system market. These improvements work with the capacity of voice acknowledgment frameworks to distinguish and understand human discourse, adjust their usefulness and accuracy over the long haul, and eventually impact the direction of human-machine collaboration in a wide exhibit of areas.
The market is fundamentally influenced by the rising pervasiveness of shrewd homes and voice-actuated aides, as shoppers regularly utilize these gadgets to perform exercises like planning arrangements and overseeing machines. Makers are creating novel items fully intent on giving voice recognition systems that are both modern and easy to understand.
As a rising number of business processes, including meeting record, client support, and work process robotization, take on voice recognition system, the professional workplace is being changed. Accordingly, more noteworthy assets are being dispensed to innovative work with an end goal to improve and widen the functionalities of these frameworks.
The expansion of voice recognition systems has produced misgivings in regard to security and protection. Associations are taking on state of the art encryption techniques and thorough security conventions to safeguard client data. Keeping up with customer and business trust in the steadily changing voice acknowledgment industry requires this harmony among security and accommodation.
Laid out tech titans and creative new companies strive for piece of the pie in the voice recognition system industry by presenting progressed includes and improving the client experience, encouraging a culture of development, furnishing end-clients with different choices, and driving business sector extension.
Worldwide joint efforts and organizations are multiplying in the voice recognition system market because of the rising worldwide standing of voice recognition system advancements among shoppers and organizations. The expanded degree of interconnectivity is advancing the sharing of information, advancements, and ideal philosophies, which thus is animating development and market development.
The voice recognition system market is dependent upon the effect of safety concerns, innovative headways, advancing buyer inclinations, and furious rivalry. Possibilities for development show up brilliant in the future because of the consistent combination of voice acknowledgment frameworks into regular day to day existence, which will change our commitment with innovation and the climate.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Technology, Application, Vehicle Type and Region |
Automotive Voice Recognition System Market Highlights:
Automotive Voice Recognition System Market Overview:
Automotive Voice Recognition System Market Size was valued at USD 5.97 billion in 2022. The Global Automotive Voice Recognition System industry is projected to grow from USD 7.31 billion in 2023 to USD 16.44 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 22.48% during the forecast period (2024 - 2030). Recent technological advancements in the VR system along with the growing demand for voice biometric systems for user authentication drive the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Voice Recognition System Market Trends
Growing Technological Advancements to Augment the Market for Voice Recognition System
Several technological advancements are supporting the Automotive Voice Recognition System market growth opportunities. The evolution of VR integrated into assistant systems is also providing growth opportunities for the market. The integration of VR into the assistant system significantly increases productivity and safety in working spaces. Popular voice assistants such as Alexa and Google assistant have tremendous demand. Also, voice recognition with these popular voice assistants can enhance the safety and operations of the systems.
The customer can take advantage of voice shopping through this technological advancement. Voice shopping will be safe due to the identification of the purchaser’s voice. The conversational commerce report suggests around 51% of customers are already utilizing the voice assistant for shopping. Further, the incorporation of voice recognition with the assistant will provide significant growth possibilities for the market. This growth opportunity will prove advantageous for the market. The demand for these products and the Automotive Voice Recognition System market expansion rate will be exceptional during the forecast period. However, the growing cyber-attacks on various sectors is another factor driving the growth of the VR system market revenue.
Automotive Voice Recognition System Market Segment Insights:
Automotive Voice Recognition System Type Insights
On the basis of technologies, the Automotive Voice Recognition System market has been further divided into AI and non-AI technologies. The Non-AI segment accounted for a dominant share of the market in 2022. The segment is estimated to hold the leading position growing at a steady CAGR during the forecast period. On the other hand, the AI technology segment is anticipated to record the fastest growth rate during the forecast period. The demand for Artificial intelligence-based technology is increasing as the system automatically recognizes the patterns of speech precisely.
The rising developments in machine learning and natural language processing are expected to boost the growth of the Artificial intelligence-based technology segment. A rising number of Artificial intelligence-based digital assistants, such as Alexa and Cortana, are expected to drive the demand for voice and speech recognition solutions over the forecast period.
Automotive Voice Recognition System Technology Insights
The Automotive Voice Recognition System market segmentation, based on technology, includes embedded, and hybrid. The hybrid segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the cost-effectiveness and ease of use make single-factor VR systems. The key drivers of the segment include the convenience of voice recognition, demand from the automotive industry, and growing security concerns. Also, the technological advancements in the product category and new product launches are also supporting the market growth. Hence, rising applications of hybrid technology positively impact the market growth.
Figure 1: Automotive Voice Recognition System Market, by Technology, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Voice Recognition System Regional Insights
The Automotive Voice Recognition System market has been further split into North America, Europe, Asia-Pacific, the Middle East, and Africa based on geography. The largest portion of revenue in 2022 was generated in North America. The region is anticipated to continue to grow at a constant CAGR and hold the leading market position during the forecast period.
The market in the North American area is anticipated to be driven by the increasing use of voice-enabled applications in smartphones and voice & speech recognition in mobile banking, consumer electronics, and IoT devices. Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Automotive Voice Recognition System Market Share By Region 2022 (Usd Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Automotive Voice Recognition System market accounts for the second-largest market share due to the growing trend of linked devices in automotive and home automation, to see greater applications in the consumer electronics and retail industries. Further, the Germany Automotive Voice Recognition System market held the largest market share, and the UK speech recognition system market was the fastest growing market in the European region
The Asia-Pacific Automotive Voice Recognition System Market is expected to grow at a CAGR of 28.9% from 2023 to 2030. The expansion of the APAC regional market is also anticipated to be aided by the increasing adoption of voice-enabled devices in the automotive and healthcare sectors. Moreover, China speech recognition system market held the largest market share, and the India speech recognition system market was the fastest growing market in the Asia-Pacific region
China, which has the biggest population in the world, is anticipated to embrace voice recognition technologies at a rapid rate. Voice recognition software will be even more necessary in 2021, when CNNIC estimated that 903.63 million mobile users would use payment services on their smartphones. The amount of voice-based searches has expanded as a result of the region's expanding retail and e-commerce sectors. Businesses like Alibaba, Baidu, Google, and Amazon saw a surge in sales of their individual voice-activated smart gadgets. For instance, the most recent Ascential Digital Commerce report predicted that Southeast Asia's eCommerce sales will rise by 18% to USD 38.2 billion in 2022. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.
Automotive Voice Recognition System Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the speech recognition system market grow even more. The Automotive Voice Recognition System Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the speech recognition system industry must offer cost-effective solutions to expand and survive in an increasingly competitive and rising automotive voice recognition system market environment.
One of the primary business strategies adopted by manufacturers in the speech recognition system industry to benefit clients and expand the voice recognition system Automotive Voice Recognition System market sector is to manufacture locally to reduce operating costs. In recent years, speech recognition system has provided solutions with some of the most significant benefits. In order to acquire a competitive advantage, market vendors are concentrating on growing their consumer base. As a result, important players are undertaking a number of strategic activities, including collaborations and mergers.
The entry of new market players will change the speech recognition system market outlook. The market players are establishing new strategies, market expansion measures and acquisitions in the forecast period. Also, there are high possibilities for product launches and technological advancements.
For instance, Microsoft and Nuance Communications introduced Nuance Dragon Ambient experience (DAX) in September 2020. This Ambient Clinical Intelligence (ACI) solution is now integrated into Microsoft Teams and enables large-scale virtual consultations with the goal of improving physician wellness and patient health outcomes.
Key Companies in the Automotive Voice Recognition System market includes
- Nuance (US)
- Microsoft (US)
- Alphabet (US)
- Harman (US)
- Apple (US)
- BMW (Germany)
- Daimler (Germany)
- Ford (US)
- IBM Corporation (US)
Automotive Voice Recognition System Industry Developments
In March 2023, Google AI released an update for its Universal Speech Model – USM – in support of the 1000 Languages Initiative. The concept of a universal speech model involves using machine learning algorithms to comprehend spoken languages from different ethnicities as well as regions worldwide. USM is a family of advanced speech models with two billion parameters trained on data consisting of twelve million hours’ worth of audio samples across three hundred languages containing twenty-eight billion sentences, according to Google. ASR, under these conditions, could perform better than other such systems in another language like Mandarin or English besides less-resourced ones, including Assamese, Amharic, Cebuano, or Azerbaijani, as per Google’s claims.
In April 2022, Verint introduced its latest solution, Virtual Assistant IVA, to the public, which is a low-code conversational AI. It can instantly transform existing conversation data into automated self-service experiences. This chatbot is ready for use as it is required. Businesses may need it to deflect calls and support clients. Verint IVA scales business capabilities with unlimited intelligence for voice and digital across the enterprise
In September 2021, Microsoft and Nuance Communications announced the integration of Nuance Dragon Ambient Experience (DAX), an ambient clinical intelligence (ACI) solution made by the company, into Microsoft Teams, aiming not only at increasing physician satisfaction but also at promoting better health outcomes for patients.
Automotive Voice Recognition System Market Segmentation:
Automotive Voice Recognition System Technology Outlook
- Embedded
- Hybrid
Automotive Voice Recognition System Application Outlook
- AI
- Non-AI
Automotive Voice Recognition System Vehicle Type Outlook
- Passenger Vehicle
- Commercial Vehicle
Automotive Voice Recognition System Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Middle East and Africa
-
Middle East
-
Africa
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