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Automotive Voice Recognition System Market
By vehicle class, the mid-priced segment is anticipated to exhibit a remarkable growth during the forecast period.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 31, 2024 /EINPresswire / -- The global Automotive Voice Recognition System
market size was valued at $3.4 billion in 2022, and is projected to reach $14.7 billion by 2032, growing at a CAGR of 16.1% from 2023 to 2032. 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.
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An Automotive voice recognition system is a technology that allows drivers to operate numerous car operations with spoken commands. It uses voice recognition algorithms to transform spoken words into actionable commands, allowing drivers to handle services such as making phone calls, sending text messages, setting climate control, navigating, and operating entertainment systems without having to use their hands. Automotive Voice Recognition System allows hands-free operation while driving the vehicle. It improves road safety by letting drivers to control their automobiles without taking their hands off the steering wheel. This decreases distractions and allows drivers to maintain their focus on the road, lowering the risk of accidents caused by the human aspect while operating the vehicle.
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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Drivers can speak their requests instead of browsing complex menus or tapping buttons, making it easier and faster to reach the desired functionality. This straightforward form of interaction improves the user experience and makes it easier to operate numerous vehicle functions. Automotive Voice Recognition Systems offer an alternative form of control that does not rely on fine motor skills or physical dexterity, allowing a wider spectrum of people to operate their automobiles independently. Advances in Voice recognition, natural language processing, and machine learning algorithms have increased the accuracy and performance of Automotive Voice Recognition Systems dramatically. As a result, both automakers and consumers have boosted their usage and acceptance of the technology.
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 key players profiled in this report include
Apple Inc., Sensory Inc., Google Inc., IBM Corporation, Microsoft Corporation, Robert Bosch GmbH, Amazon, Inc., SoundHound AI Inc., Kardome Technology LTD, HARMAN International
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Organizations such as Microsoft using acquisition to as a strategy to extend its product portfolio and gain technological knowledge. For instance, in March 2022, Microsoft acquired Nuance Communications Inc., a conversational AI and ambient intelligence firm with applications in automotive, healthcare, financial services, retail, and telecommunications. With security-focused, cloud-based products infused with powerful, vertically optimized AI, Microsoft's acquisition of Nuance will empower enterprises across industries to accelerate their business goals.
Rise in demand for enhanced safety and regulatory requirement from the governments, and rising adoption of digital technologies supplement the growth of the automotive voice recognition system market. However, high installation cost and data security concerns are expected to hamper the growth of the market. In addition, integration of the automotive voice recognition system with other technology with and introduction of the voice commerce (V-commerce) are expected to create ample opportunities for the key players operating in the market.
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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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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.