Voice Recognition System Market Global Analysis 2020 Research Report

Posted by Abhijeet Bendre on January 15th, 2020

Voice Recognition System Market

The global automotive voice recognition market can reach a significant valuation, demonstrating a healthy CAGR from 2011 to 2027, as per a research report published by Market Research Future (MRFR). The global automotive voice recognition market has been growing on account of increased demand for personalization and prioritization of comfort. The overall growth of the automotive industry is also a significant driver of the market which induces demand for automotive voice recognition system. The evolution of voice recognition systems in integrated assistant systems is a key factor supporting the growth of the market. Most automakers are making fully integrated suites to provide a standard interface to the majority of the car's electronic functions and at the same time are incorporating voice recognition to control such high-end features which are driving the growth of the market. Increased funding for R&D by the key players has led to the development of new product and the evolution of the voice recognition technology which, in turn, is augmenting the growth of the market. With the introduction of car assessment programs which award safety ratings, car manufacturers are increasingly integrating voice recognition features in their vehicles which is aiding the growth of the market. However, the high costs associated with the voice recognition system is a barrier to the adoption of the voice recognition system and is likely to limit the market growth. Misinterpretation of voice command remains a paramount issue which is expected to hinder the growth of the market. However, developments in the voice recognition technology have led to the innovation of noise blocking sonic curtain which addresses the issue of voice command misinterpretation and is expected to drive the market in the coming years. Regulatory guidelines mandating voice recognition in light vehicles is a crucial driver of the market.

Segmentation

The global automotive voice recognition market has been segmented based on technology, application, and vehicle type. By technology, the market has been segmented into embedded and hybrid. By application, the market has been segmented into AI and non-AI. By vehicle type, the market has been segmented into passenger vehicle and commercial vehicle.

Regional Analysis

The key markets of the global automotive voice recognition market include North America, Europe, Asia Pacific, and the Middle East & Africa. The North America market is expected to grow at a rapid pace due to the growth of the automotive sector in the region due to the large demand for commercial vehicles in the US. The presence of major automotive manufacturers along with the adoption of advanced technologies also support the growth of the market in the region. Asia Pacific market is also strong and has been experiencing increased demand owing to the growing sales of passenger cars and rise in disposable income in the region which prompts them to spend more on automotive. The influx of technology in the region has also been a driver of the market growth. The lack of automotive players and poor automotive infrastructure in the Middle East & Africa market region is responsible for the limited growth of the market in the region.

Competitive Landscape

The global automotive voice recognition market is highly competitive with the presence of a few established players. The key players of the global automotive voice recognition market include Nuance (US), Alphabet (US), Apple (US), Daimler (Germany), Microsoft (US), Harman (US), BMW (Germany), and Ford (US).

Industry Updates

• In July 2018, Hyundai Motor Group and Baidu, Chinese internet service giant announced a partnership to strengthen cooperation on next-generation connected car technologies. A key area of the partnership will be voice recognition services based on Baidu's natural language processing technology coupled with Hyundai's proprietary noise cancellation technology.
• In July 2018, Mercedes-Benz introduced a new car with a fully redesigned features and natural language voice control. This is the first time that the company has introduced the MBUX system and the new car will be produced at the Mercedes-Benz Rastatt Plant in Germany in 2019.

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