The speech recognition market for automotive is proliferating globally. Market growth attributes to the surging demand for infotainment systems and VR Evolution integrated with assistant systems. Besides, the rising uptake of infotainment systems in high-end cars boosts the market demand. The proliferation of on-the-go entertainment channels increases the market size.
Moreover, the rapidly growing awareness for safety and increasing demand for safety features in automobiles led by stringent government norms drive market growth. AI and social media recommendations inside vehicles are natural extensions of automotive voice recognition capabilities. Increasing spending on personalized comfort features escalates the growth of the market.
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In its recently published research report, Market Research Future (MRFR) asserts that the global speech recognition market for automotive would garner exponential traction by 2023, growing at an impressive CAGR during the review period (2018-2023). Impressive machine learning capabilities have brought immense improvements in voice tracking and recognition system. Similarly, AI capabilities have impacted the adoption trends.
Major AI trends expected to emerge in 2021 and beyond include payment-by-vehicle, auto-retail partnerships, brand-specific AI systems, voice engine optimization, and advancements in privacy security. Additionally, technological advances in motion and speech-recognition sensors functions and integration from human-to-machine and machine-to-human would foster market growth.
The automotive speech recognition market is assessed to witness tremendous demand in the recent future due to emerging trends such as driverless or autonomous cars. Advanced artificial intelligence-powered voice-recognition systems are used to operate multiple features, including navigation control, phone calls, calendar, media control, weather information, climate control, and holiday ticketing information, all through voice commands.
speech recognition Market for Automotive – Segments
The automotive speech recognition market is segmented into vehicle type, technology, application, and regions. The vehicle type segment is divided into passenger and commercial vehicles. The technology segment is sub-segmented into embedded and hybrid. The application segment is divided into AI and non-AI. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
speech recognition Market for Automotive – Regional Analysis
North America leads the global speech recognition market for automotive. Factors such as the increase in demand for commercial vehicles with advanced speech recognitions attributes to the largest market share. Besides, the strong presence of major system manufacturers and high spending on automotive systems increase the adoption of voice recognition and subsequently market sales.
Asia Pacific is another lucrative market for speech recognitions. The market has been experiencing rapid growth due to the rising sales of passenger cars in rapidly developing countries, including India, Japan, China, and South Korea. Additionally, rising numbers of global automakers and technological advancements influence the growth of the regional market.
The speech recognition market for automotive in Europe is garnering a substantial share. There is a significant influx of technology in the region. Factors such as the presence of large and advanced automobile industries in Germany, France, and Sweden positively impact regional market growth. Moreover, Italy's luxury car industry provides an additional impetus to the growth of the regional market.
Automotive speech recognition Market – Competitive Landscape
Highly competitive, the automotive speech recognition market appears fragmented with the presence of several well-established players. These players incorporate strategic approaches such as mergers acquisitions, collaboration, expansion, and product/technology launch to gain a larger competitive share.
They make substantial investments to drive RD activities and expansion plans. The market is projected to witness relentless innovations and new products, eventually intensifying competition among manufacturers.
Major Players:
Players leading the global automotive speech recognition market include Microsoft (US), Alphabet (US), Nuance (US), Apple (US), BMW (Germany), Harman (US), Daimler (Germany), and Ford (US), among others.
Industry/ Innovation/ Related News:
March 1, 2021 ---- Hyundai announced the development of a dynamic speech recognition for selected models of the 2021 -Elantra and Elantra Hybrid in North America. The new automotive speech recognition is powered by Houndify, a leading global voice AI and conversational intelligence technologies innovator.
The dynamic speech recognition makes the driving experience safer, easier and more convenient, providing cloud-based information from various knowledge domains.
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