Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The voice recognition system market is moved by the growing requirement for easy to use, without hands advancements all through different areas. The rising commonness of voice-enacted gadgets like shrewd speakers, cell phones, and others adds to this flood popular, consequently laying out voice acknowledgment frameworks as a convincing answer for work with communication among clients and organizations.
Calculations for AI and regular language handling are propelling the accuracy and adequacy of voice acknowledgment frameworks. The extension of the voice recognition system market is moved by the market's consistent advancement, which draws in organizations to integrate voice-empowered highlights into their items and administrations and results in improved abilities.
Market development is impelled by the fuse of voice acknowledgment frameworks into businesses like money, retail, medical services, and auto. Car applications use these frameworks to streamline documentation cycles and improve functional viability. Additionally, the rising pervasiveness of voice-actuated controls for in-vehicle diversion and route in the auto business is driving interest for voice recognition system market.
The voice recognition system market is significantly influenced by government drives and guidelines, given the worldwide accentuation that states put on computerized change and availability. Upgraded interests in innovative work have resulted as an outcome, encouraging the movement of voice acknowledgment frameworks as per administrative orders and cultural requests.
A critical member in the market shapes the serious scene by making progress toward development and an upper hand. Associations increase their product offerings through the execution of vital acquisitions, joint efforts, and organizations. Rivalry is strengthened by the development of firms that have some expertise in specialty voice acknowledgment innovation.
The voice recognition system market is going through a change because of the worldwide business climate, which is expanding the requirement for multilingual frameworks equipped for fathoming and giving reactions in different dialects and accents. These circumstances direct that suppliers of voice recognition system market ought to put resources into language-explicit models and local transformations, as they are given the two difficulties and valuable open doors.
The voice recognition system market is being pushed by security contemplations, as encryption strategies and powerful conventions are arising as basic components to guarantee the secrecy of client information and verification.
Organizations are constrained to adjust to the voice recognition system market's mechanical, administrative, and market-driven elements; it is additionally influenced by industry combination, government drives, cutthroat techniques, semantic contemplations, and security concerns.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 5.97 Billion |
| Market Size Value In 2023 | USD 7.31 Billion |
| Growth Rate | 22.5% (2022-2030) |
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
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
