New York, USA, Aug. 09, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s published report, the global automotive voice command system market is expected to surpass $4,985.8 million by 2026 and grow at 19.4% CAGR over the forecast period from 2019-2026. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2026. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: People’s growing demand for an easy in-vehicle navigation feature like Google Maps to locate nearby local restaurants and hospitals and advanced voice-activated entertainment systems are some factors estimated to drive the growth of the global automotive voice command system market during the forecast years.
Opportunities: Rising technological advancements in vehicle voice command systems along with increasing strategic alliances among market players are some factors anticipated to offer abundant market growth opportunities by 2026. Moreover, rising development of AI-based voice command systems for bikes is also predicted to boost the market development during the analysis timeframe.
Restraints: However, dual voice and poor software are the main hindrances of the automotive voice command system market.
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Segments of the Automotive Voice Command System Market
According to the report, the market has been divided into multiple segments based on technology, application, vehicle type, and regional analysis.
Technology: Embedded Technology Sub-segment to Have the Highest Market Value
The embedded technology sub-segment is projected to hold the highest market value and register a revenue of $2,557.7 million by 2026 due to its continuous improvements for car cockpit experience. In addition, drivers’ growing demand for convenience and control over the car via voice commands along with safety are some other factors expected to bolster the sub-segment’s growth during the forecast period.
Application: AI Sub-segment to Have the Fastest Growth Rate
The AI sub-segment of the automotive voice command system market is estimated to have the highest growth rate and generate a revenue of $2,413.1 million during the analysis years. AI has a significant use in self-driving automobiles and provides enhanced safety and convenience for passengers as well as the drivers. Moreover, machine learning and natural language processing (NLP) also respond to driver’s voice commands and can take actions without human intervention. These factors are anticipated to propel the sub-segment’s growth by 2026.
Vehicle Type: Passenger Vehicles Sub-segment to be Highly Lucrative
The passenger vehicles sub-segment is predicted to have a significant growth rate and garner a revenue of $2,587.6 million during the 2019-2026 forecast period. This immense market value is attributed to the growing demand for fully automated cars that work on driver’s voice commands. Furthermore, the increasing penetration of technology and advancements in the same along with people’s inclination towards automotive convenience features are some factors projected to uplift the sub-segment’s growth by 2026.
Region: Market in the Asia-Pacific Region to be Highly Beneficial
The automotive voice command system market in the Asia-Pacific region is estimated to witness better growth opportunities by 2026 and grow at 19.9% CAGR due to rising sales of passenger cars, better disposable income, and continuous technological advancements in China, India, Japan, and South Korea. Additionally, heavy investments by leading market players to support Asian startups is also anticipated to augment the market development in the Asia-Pacific region.
Prominent Automotive Voice Command System Market Players
Some prominent market players include
- LumenVox.
- BMW AG
- Amazon.com, Inc.
- Microsoft
- Ford Motor Company
- Apple Inc.
- Daimler AG.
- Sensory Inc.
- Nuance Communications, Inc.
- Alphabet
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in June 2022, SoundHound, a renowned leader in voice artificial intelligence, announced its partnership with DMI, a digital transformation services provider, to offer superior driving experience by integrating SoundHound’s voice AI platform with the latter’s cloud-based solutions. This strategic partnership will also bring conversational AI and voice recognition into the automotive industry.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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