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Global Automotive Voice Recognition Market is Expected to Grow at High CAGR during the Forecast Period 2018-2024
Voice Recognition Market in Automotive
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On the basis of application, the voice recognition market in automotive is subdivided into artificial intelligence and non-artificial intelligence. Of the two applications, non-artificial intelligence segment accounted for the largest share in the market. In addition, artificial intelligence is estimated to grow at the fastest rate in the market due to technological advancement.
On the basis of technology, the market is subdivided into embedded and hybrid. Of the two technologies, the embedded segment is expected to grow at the faster rate in the voice recognition market in automotive due to the increasing traction for connected vehicles, advancement of in-vehicle infotainment systems, the mounting need for innovative comfort and convenience and growth of semi-autonomous and autonomous vehicles.
Comprehensive usage of smartphone environment in cars, incorporation of technology to reinforce centralized function, the mounting need for connected cars and mounting trend of autonomous vehicle driving are the primary growth drivers for voice recognition market in the automotive industry. For instance, voice recognition system in automotive consist of regulator of communication systems assimilated in the car infotainment system comprising a telephone, audio devices and objective involvements for navigation.
Voice recognition system can expand to an integrated personal assistant system, initiation of concept cars and electric vehicles in the auto industry and novel prospect for data-driven services are also facilitating the growth for the voice recognition market in automotive.
The high price of high-end voice recognition system, data security concerns and language and vernacular translation concerns are the major challenges for the growth of voice recognition market in automotive. However, the cost of the voice recognition system is expected to decline in the future, as greater implementation rate by vehicle manufacturers to provide passenger cars with voice recognition system will lead to upsurge the demand for voice recognition system for automotive.
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Globally industry players are leveraging market growth by launching new products. However, the high level of capital requirement poses a major threat for the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, Asia-Pacific is observed to witness the highest growth in the voice recognition market in automotive due to the upsurge in production pace of automobiles. Substantial implementation of enhancing technologies in automotive electronics, mounting disposable income, speedy urbanization and refining lifestyle of consumers are also up surging growth of the Asia-Pacific voice recognition market in automotive.
Key players in the voice recognition market in automotive are catering the demand by collaborating with small players and investing in technologically advanced voice recognition device across the globe. In September 2018, Nuance collaborated with Affectiva, to enhance intelligent automotive assistants with the understanding of cognitive and emotional states from face and voice. Nuance, Vocalzoom, Sensory, Apple, Alphabet, and Inago are the key players offering voice recognition systems in the automotive industry.
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