Press release
Automotive Voice Recognition System Market worth $4.8 Billion by 2028 with a CAGR of 13.7% over Forecast Period 2024-2033
Automotive Voice Recognition System Market Report
The Business Research Company offers in-depth market insights through Automotive Voice Recognition System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 in the historic period can be attributed to growing focus on driver safety, integration with smart devices, voice commerce integration, rising adoption of autonomous driving, 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 growth in the forecast period can be attributed to advancements in natural language processing (nlp), rapid growth in connected vehicles, personalization and customization, multimodal interaction, biometric authentication, cloud-based services and connectivity, increasing demand for multilingual support. Major trends in the forecast period include integration of artificial intelligence (ai), integration with augmented reality (ar), integration with advanced technologies, integration with machine learning.
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Market Segmentation:
The automotive voice recognition system market covered in this report is segmented -
1) By Level Of Autonomous: Autonomous, Conventional, Semi-Autonomous
2) By Technology: Embedded, Cloud-Based, Hybrid
3) By Fuel Type: Internal Combustion Engine (ICE), Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV), Plug-In Electric Vehicles (PEV)
4) By Application: Artificial Intelligence, Non-Artificial Intelligence
5) By End User: Economy Vehicles, Mid-Priced Vehicles, Luxury Vehicles
Major Driver - The Surge In Automotive Voice Recognition Systems Market Fueled By Increasing Vehicle Adoption
The increasing adoption of vehicles is expected to boost the growth of the automotive voice recognition system market going forward. A vehicle is a machine with an engine that transports people or stuff from one location to another. Car owners use automotive voice recognition systems for hands-free comfort, safety, and around-the-clock connectivity. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the leading lobbying and standards group for the automobile industry in the European Union, sales of passenger cars in the US increased to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021. Further, Chinese automakers had 20.7 million vehicles in 2021, an increase of 7.1%. In 2021, the total number of cars produced worldwide climbed by 2.7% to 63.2 million. Therefore, the increasing adoption of vehicles is driving the growth of the automotive voice recognition system market.
Competitive Landscape:
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
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Top Trend - Technological Advancements In The Automotive Voice Recognition System Market
Technological advancement is the key trend gaining popularity in the automotive voice recognition system market. Major companies operating in the automotive voice recognition system market are focusing on developing new technologies to sustain their position in the market. For instance, in April 2023, SoundHound AI Inc., a US-based developer of speech recognition, voice AI, natural language understanding, sound recognition, and search technologies, launched SoundHound Chat AI for automotive. It is the first product it enables the creation of an in-car voice assistant that combines generative AI capabilities, like ChatGPT, with a best-in-class voice assistant. Any third-party generative AI model can be integrated with SoundHound Chat AI to provide a fluid conversational experience. The platform can maintain dialogue by responding to queries quickly and accurately without producing unsatisfactory and repeated outcomes.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Voice Recognition System Market Characteristics
3. Automotive Voice Recognition System Market Trends And Strategies
4. Automotive Voice Recognition System Market - Macro Economic Scenario
5. Automotive Voice Recognition System Market Size And Growth
…..
27. Automotive Voice Recognition System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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