Acumen Research and Consulting, Latest Published Report on “Automotive Voice Recognition System Market Size, Share, Growth, Trends, and Forecast, 2020 - 2027”.
LOS ANGELES, April 14, 2020 (GLOBE NEWSWIRE) -- The global automotive voice recognition system market size is expected to reach around US$ 39 Bn by 2027 and is anticipated to grow at a CAGR of around 21% in terms of revenue during the forecast period 2020 to 2027.
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Increased competition for safety features in vehicles, strict regulatory regulations and a dramatic increase in personal safety consciousness are all key driving factors of the market. In addition, customers constantly seek personalization and priority convenience also a key aspect of market growth. Increasingly, vehicles firms are implementing automotive voice recognition systems in cars thanks to the Latest Car Appraisal Program, which provides safety ratings based on vehicle safety results. Only luxury vehicles had a speech recognition feature currently available. Moreover, ever rising automobile production and increasing demand for light and luxury vehicles will improve the voice recognition market in the automotive industry during the forecast phase. In addition, the production of self-sufficient and electric vehicles will increase demand for voice recognition systems for the automotive industry.
Higher acceptance rates from car makers to equip passenger cars with a voice recognition system would increase the demand for the automotive voice recognition system. However, high costs for a high-end voice recovery device are likely to sustain market demand. Besides, this functionality is anticipated to be popular for the car with the rising cost of voice recognition systems over time.
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Regional Outlook
Europe accounts for a large share of the world voice recognition market in vehicles as a result of the heavy acceptance of voice recognition systems in the automobile industry and growing car production,
Asia Pacific's automotive voice recognition industry is another leading automotive sector voice recognition industry. Thanks to the growing sales of passenger vehicles, emergent markets, and technical advances the industry has been witnessing fast growth over the last two years. The fact that countries in this region were able to support their economies through the 2008-09 global economic crises also points to an important reason for Asia Pacific growth. They will reflect sustained growth in car manufacturing and sales worldwide. Technology in the Asia-Pacific region has been massively influxed. On the other hand, due to the lack of major market players and the underdeveloped car infrastructure, certain geographies, in the African and the Middle East, have become alienated.
North America held considerable market share due to the presence of major producers of automotive systems that concentrate primarily on key technologies including expansion, launch of products and others. In addition, the need for the use of advanced technology, such as the automobile voice recognition system, is created by considerable time spent on passenger cars. The economy of the region is anticipated to grow at a fast pace thanks to all these factors.
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About the Market
A voice and speech recognition device is a human-machine interface that takes commands from humans and delivers a detailed information response to a programmed hardware. The key goal of voice recognition in the automotive field is to promote driver / passenger life in the motor vehicle and to build an operating system that is user-friendly so as to execute certain acts by using driver / passenger speech commands, such as open / close doors, on / off headlamp and vehicle signal indicator, etc. Automotive voice recognition system consists of the integrated contact networks for vehicle infotainment systems including telephones, audio equipment and navigation destination inputs. The program for Voice Reconnaissance Markets would allow "hands-free" operations and "eyes-free."
Key Players & Strategies
Participants include major global players such as Nuance Communications, Inc., Apple Inc., Pareteum Corporation, Microsoft Corporation, Cantab Research Limited, Sensory, Inc., Alphabet Inc., ReadSpeaker Holding B.V., Others.
Big businesses develop state-of - the-art technology and produce new products to keep the industry competitive. Fusion & acquisitions and emerging technology innovations also require strategic approaches. Players working on the market were added to assistants such as Google Assistance, Apple Siri and Microsoft Cortana.
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