PUBLISHER: The Business Research Company | PRODUCT CODE: 1427715
PUBLISHER: The Business Research Company | PRODUCT CODE: 1427715
An automotive voice recognition system, also known as a voice-activated system, is a technology designed to interpret human speech and enable drivers to give commands verbally. This technology is crucial for preventing distractions by allowing drivers to control the infotainment system without taking their hands off the wheel.
The automotive voice recognition system operates at various levels of autonomy, including autonomous, semi-autonomous, and conventional modes. Autonomous systems can sense their surroundings and function without direct human intervention. The technology employs different approaches, including embedded, cloud-based, and hybrid solutions. It caters to various fuel types such as internal combustion engines (ICE), battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in electric vehicles (PEV). The applications of this technology span both artificial intelligence and non-artificial intelligence domains, serving a diverse range of end users from economy vehicles to mid-priced and luxury vehicles.
The automotive voice recognition system market research report is one of a series of new reports from The Business Research Company that provides automotive voice recognition system market statistics, including automotive voice recognition system industry global market size, regional shares, competitors with an automotive voice recognition system market share, detailed automotive voice recognition system market segments, market trends and opportunities, and any further data you may need to thrive in the automotive voice recognition system industry. This automotive voice recognition system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive voice recognition system market size has grown rapidly in recent years. It will grow from $2.51 billion in 2023 to $2.88 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth observed in the historic period can be attributed to an increasing emphasis on driver safety, the integration of voice recognition systems with smart devices, incorporation of voice commerce functionalities, the rising adoption of autonomous driving technologies, and the growing popularity of luxury vehicles.
The automotive voice recognition system market size is expected to see rapid growth in the next few years. It will grow to $4.8 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The anticipated growth in the forecast period can be attributed to advancements in natural language processing (NLP), the rapid expansion of connected vehicles, increased focus on personalization and customization, the adoption of multimodal interaction, biometric authentication, cloud-based services and connectivity, and the growing demand for multilingual support. Additionally, major trends in the forecast period include the integration of artificial intelligence (AI), augmented reality (AR), and machine learning technologies into automotive voice recognition systems.
The expanding use of vehicles is poised to drive the growth of the automotive voice recognition system market in the foreseeable future. Vehicles, defined as engine-powered machines facilitating transportation, witness increased integration of automotive voice recognition systems. These systems are favored by car owners for their hands-free convenience, safety features, and uninterrupted connectivity. For instance, as highlighted in a March 2022 report by the European Automobile Manufacturers' Association (ACEA), US passenger car sales surged to 11.9 million units in 2021, with over 6.3 million cars produced in US facilities. Moreover, Chinese automakers manufactured 20.7 million vehicles in 2021, marking a 7.1% increase. Globally, car production escalated by 2.7% to reach 63.2 million units in 2021. Thus, the growing adoption of vehicles is propelling the automotive voice recognition system market.
The rising inclination towards autonomous vehicles is anticipated to drive the expansion of the automotive voice recognition system market. Autonomous vehicles, also known as self-driving or driverless vehicles, are equipped with advanced technologies such as sensors, cameras, radar, and artificial intelligence, enabling them to navigate and operate without human intervention. This market experiences significant growth owing to the increasing adoption of autonomous vehicles, where voice recognition acts as a pivotal interface enabling hands-free control and communication. Advanced voice recognition technologies integrated into autonomous vehicle systems contribute to this growth. For instance, as per a December 2022 report by the Insurance Institute for Highway Safety, it is projected that the United States will witness 3.5 million autonomous vehicles on its roads by 2025, with an anticipated rise to 4.5 million by 2030. Therefore, the upward trajectory of autonomous vehicles is a driving force behind the growth of the automotive voice recognition system market.
Technological advancement stands as a prominent trend gaining traction in the automotive voice recognition system market. Major entities in this market segment are directing efforts toward the development of innovative technologies to uphold their market positions. For instance, in April 2023, SoundHound AI Inc., a US-based company specializing in speech recognition, voice AI, natural language understanding, sound recognition, and search technologies, introduced SoundHound Chat AI for automotive application. This pioneering product enables the creation of an in-car voice assistant that combines generative AI capabilities, such as ChatGPT, with top-notch voice assistance. SoundHound Chat AI can seamlessly integrate with third-party generative AI models, ensuring a smooth conversational experience by swiftly and accurately responding to queries without repetitive or unsatisfactory outcomes.
Major entities in the automotive voice recognition system market are embracing a strategic partnership approach to cultivate an experience centered on voice as the primary interface, driven by artificial intelligence. Strategic partnerships denote a collaborative process through which companies harness each other's strengths and resources for mutual benefits and collective success. For instance, in August 2022, Cerence Inc., a US-based provider of automotive voice recognition systems, forged a partnership with Microsoft Corporation, a prominent US-based technology company. This alliance aims to integrate Microsoft's suite of communication and productivity tools, incorporating essential functionalities from Microsoft Teams, into automotive systems to elevate the AI-driven, voice-centric experience. By utilizing Microsoft Azure Communication Services within Cerence-powered automotive assistants, the partnership allows professionals to access critical Microsoft productivity functions such as Teams hands-free through conversational AI while on the move.
In March 2022, Microsoft Corporation, a US-based technology company, acquired Nuance Communications Inc. for an undisclosed amount. This strategic acquisition enables the integration of Microsoft's secure and reliable industry cloud products with Nuance's conversational AI and ambient intelligence. The collaboration aims to empower businesses across various sectors to deliver more personalized and engaging customer experiences. Additionally, the integration is expected to facilitate the provision of more affordable, efficient, and accessible healthcare solutions. Nuance Communications Inc. is a US-based provider of automotive voice and speech-recognition software.
Major companies operating in the automotive voice recognition system market report are Volkswagen AG, Toyota Motor Corporation, Bayerische Motoren Werke AG, Honda Motor Co. Ltd., Ford Motor Company, Hyundai Motor Company, Robert Bosch GmbH, Nissan Motor Co. Ltd., LG Electronics, Panasonic Corporation, International Business Machines Corporation, Kia Motors Corporation, Mitsubishi Electric Corporation, AISIN SEIKI Co. Ltd., Valeo SA, NXP Semiconductors N.V., Harman International, Visteon Corporation, Cadence Design Systems Inc., iFLYTEK Corporation, Nuance Communications Inc., Knowles Corporation, Cerence Inc., Continental AG, Sensory Inc., SoundHound AI Inc., Kardome Technologies Ltd., LumenVox
North America was the largest region in the automotive voice recognition system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive voice recognition system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive voice recognition system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive voice recognition system market consists of revenues earned by entities by providing automotive voice recognition services such as ordering takeout, booking services, scheduling appointments, and related services. The market value includes the value of related goods sold by the service provider or included within the service offering. The automotive voice recognition system market also includes sales of hardware, software, audio, and video DSP (digital signal processor). Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Voice Recognition System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive voice recognition system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive voice recognition system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive voice recognition system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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