Global Automotive Voice Recognition System Market Share Is Expected To Grow At A CAGR Of 8.09% By 2030

24-May-2023 | Facts and Factors

According to the Facts & Factors report, the global automotive voice recognition system market size was valued at USD 2.09 billion in 2022 and is anticipated to reach USD 4.02 billion between 2023- 2030. The market is expected to grow with a CAGR of 8.09% during the forecast period. The global automotive voice recognition system market report offers a holistic evaluation of the market. Furthermore, the report provides a comprehensive analysis of market drivers, restraints, and the competitive landscape expected to play a substantial role in the automotive voice recognition industry.

global-automotive-voice-recognition-system-market-share

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Automotive voice recognition systems are referred to the various hardware and computer programming devices that are included in automobiles. These devices help automobiles decode the human voice, helping drivers with a hands-free communication experience. The system helps drivers avoid distractions when using touchscreen gadgets while driving. Therefore, the system is expected to enhance the driver's safety. The human voice controls the systems, helping drivers do routine tasks like switching on the air conditioner via voice instruction rather than doing physical work.

Browse the full “Automotive Voice Recognition System Market Size, Share, Growth Analysis Report By Level Of Autonomous Driving (Semi-Autonomous, Conventional, And Autonomous), By Technology (Hybrid And Embedded), By End-user (Luxury Vehicles, Mid-Priced Vehicles, And Economy Vehicles), By Fuel Type (ICE, BE, And Others), By Application (AI-Based And Non-AI-Based), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” report at https://www.fnfresearch.com/automotive-voice-recognition-system-market

The high penetration rate of smartphones and the integration of high-end technology in vehicles are likely to elevate the demand for voice recognition systems in automobiles. Additionally, the surge in the sales of cars globally has further resulted in the expansion of automotive voice recognition systems. The automotive voice recognition technology works via microphones that capture the voice commands and process & decode the voice with a speech recognition engine.

This recognition engine works on complex algorithms and linguistic models to recognize the speech and convert it into executable instructions. The technology is continuously growing with the inclusion of advanced features like machine learning algorithms (MLA) and natural language processing (NLP).

The global automotive voice recognition system market is further driven by the growing initiatives to reduce the driver's distraction while driving is increasing demand for advanced driver assistance systems. The ADAS system and the advancements in natural language processing technologies are gaining traction among youth these days as they offer enhanced comfort and safety. Natural language processing technology has improved a lot in the past few years. However, it led to the growth in demand for automotive voice recognition systems because they are more reliable and accurate than ever before.

The market offers a wide range of opportunities for development in the forthcoming years. The Internet of Things (IoT) is expanding rapidly, thereby opening many lucrative growth opportunities to the global automotive voice recognition system market. The systems can easily be integrated with smart home devices, thereby allowing people to control electronic appliances via speech-language. Additionally, cloud-based voice recognition has further enhanced reliability, thereby offering immense opportunities to the automotive industry.

However, consumers are holding on to the purchase of advanced and luxury cars due to financial uncertainties, which is expected to hamper the growth of the market. Additionally, the growing trend of working from home is further restricting the market growth.

The high installation cost of these voice systems in automobiles is likely to restrict people from buying these vehicles as the majority of the audience belongs to the middle-class income group. Therefore, such a landscape is likely to hamper the growth of the global automotive voice recognition system market in the coming years.

global-automotive-voice-recognition-system-market-size

Segmental Overview:

The global automotive voice recognition system market can be segmented into the level of autonomous driving, technology, end user, fuel type, application, and region.

Based on the level of autonomous driving, the market is segregated into autonomous, conventional, and semi-autonomous. The semi-autonomous segment accounts for the largest share of the global automotive voice recognition system market.

Based on technology, the market is segregated into embedded and hybrid segments. The embedded segment is likely to register the highest revenue in the global automotive voice recognition system market.

Based on end-user, the automotive voice recognition industry can be segmented into economy vehicles, mid-priced vehicles, and luxury vehicles. The luxury vehicle segment is estimated to dominate the global market.

Based on fuel type, the market can be segmented into BE, ICE, and others. The ICE segment is expected to hold the largest share of the global market in the forthcoming years due to the growth in the adoption, production, and sales of ICE vehicles in developed regions. Additionally, a significant spike in disposable income and growth in urbanization is further anticipated to thrive the growth of the segment.

Based on application, the automotive voice recognition industry can be segmented into non-AI-based and AI-based. The AI segment is predicted to be the fastest-growing segment in the global market due to the growing demand for virtual voice assistants like Google Assistant, Amazon Alexa, Apple Siri, and others globally. These assistants are highly capable of carrying out, interpreting, and receiving voice instructions in real-time. Therefore, this major feature is anticipated to propel the growth of the segment further in the forthcoming years.

Regional Overview:

North America is anticipated to grow significantly in the global automotive voice recognition system market due to the increase in demand for personal vehicles in the region. Furthermore, the presence of dominant players like Apple, Microsoft, etc., is further likely to strengthen the growth of the regional market during the predicted period.

Asia Pacific is further predicted to be the fastest-growing region in the global market owing to the surge in the production and sales of automobiles in the region. Additionally, the constant growth in the infotainment field is further likely to drive the regional market's growth. The region is known to be a hub for passenger vehicles. China and India are some of the growing markets for passenger vehicles which contribute around 30% of these vehicles worldwide, thereby making the region the most attractive market.

Report Scope

Report Attribute

Details

Market Size in 2022

USD 2.09 Billion

Projected Market Size in 2030

USD 4.02 Billion

CAGR Growth Rate

8.09% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

Nuance, Sensory, Alphabet, VoiceBox, Microsoft, Apple, Harman, JStar, International Business Machines Corporation, BioTrust ID, Anhui USTC iFlytek, Agnitio, and others.

Key Segment

By Level Of Autonomous Driving, Technology, End User, Fuel Type, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Competitive Landscape:

The key players in the global automotive voice recognition system market include Nuance, Sensory, Alphabet, VoiceBox, Microsoft, Apple, Harman, JStar, International Business Machines Corporation, BioTrust ID, Anhui USTC iFlytek, and Agnitio, among others.

Recent Developments:

  • Mappers Co. Ltd., in June 2022, mentioned signing a contract in South Korea to supply its Altan navigation system to Lexus NX. Altan is a cross-functional car browsing system and utilizes voice recognition technology in its products.
  • LG Electronics Inc., in July 2022, partnered with SoundHound AI Inc. to include an advanced AI-based voice recognition platform by SoundHound into LG's IVI infotainment systems for automobiles.

The global Automotive Voice Recognition System Market is segmented as follows:

By Level Of Autonomous Driving

  • Semi-Autonomous
  • Conventional
  • Autonomous

By Technology

  • Hybrid
  • Embedded

By End User

  • Luxury Vehicles
  • Mid-Priced Vehicles
  • Economy Vehicles

By Fuel Type

  • ICE
  • BE
  • Others

By Application

  • AI-Based
  • Non-AI-Based

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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