Market Research Report
Automotive Voice Recognition System Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||938194|
|Published||Content info||80 Pages
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|Automotive Voice Recognition System Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: May 1, 2020||Content info: 80 Pages||
The Automotive Voice Recognition System Market*is anticipated to register a CAGR of about 8 %, during the forecast period (2020 - 2025).
High Cost Restraining the Market Growth
The OEMs across the globe are consistently improving the voice recognition system in their vehicles to provide the users with the most luxurious experience. But this increasing the overall cost of the vehicle. Back in 2017, the system has been mostly equipped in high-end luxury cars and was not able to find its place in the mid and low-end cars because of the price constraint.
In the developing nations, the demand for passenger cars is in the mid and low segment because the majority of people living in the developing region are middle class and are attracted by the low cost of vehicles that can fulfill their purpose. However, with rapid innovation in technology and concepts like connected cars and driverless cars are coming to life, the voice recognition technology is expected to become a necessity rather than a luxury.
Asia-Pacific Witnessing Higher Demand
The region accounts for almost 60% of the world's population and major developing economies of the world like China and India. During the forecast period, these economies are expected to grow much faster owing to the activities in construction, transportation, industrialization, etc. With these trends, the demand for automobiles increased in the Asia-Pacific and driven several governments in the region to mandate few active and passive safety features in vehicles which in turn boosted the automotive voice recognition system market growth in Asia-Pacific.
With the presence of many major players in the region both in the automobile and technology for automobiles, many innovations and strategic partnerships have been developing better products, to capture major share in the market. For instance, in January 2020, LG and Cerence collaborated to develop a voice recognition system for connected vehicles. The companies will develop new software that will integrate LG's in-vehicle infotainment system with Cerence's new voice recognition platform with an aim to improve the user experience for passengers and drivers.
The automotive voice recognition system market is highly fragmented, with several players accounting for significant shares in the market. Some of the prominent companies in the automotive voice recognition system market are Microsoft, Apple, Alphabet, Harman and others. Companies are investing heavily in research and development for the innovation of new and advanced products.
In May 2019, BMW and Microsoft collaborated to develop an improved in-car voice recognition system. Using the enhanced techniques of machine learning and artificial intelligence.