Increasing technology advancements, rising demand for connected vehicle features and growing sale of high end passenger cars to drive global automotive voice recognition market through 2024
According to TechSci Research report, “ Global Automotive Voice Recognition System Market By Vehicle Type, Internal Combustion Engine, By End-User, By Region, Competition, Forecast & Opportunities, 2024”, the global automotive voice recognition system market is forecast to witness a CAGR of 20% during 2019-2024, predominantly owing to increasing demand for connected automobiles. Moreover, integration of technologies and rise in demand for enhanced comfort & convenience features is driving the automotive voice recognition system market during the forecast period.
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Global automotive voice recognition system market can be segmented based on vehicle type, end user and by technology. Mid-price vehicle is the dominant segment in the voice recognition system market, owing to their high sales volume. In terms of vehicle type, the market is segmented into Internal Combustion Engine (ICE), (Battery Electric Vehicle (BEV) and Hybrid Vehicles, of which, the ICE segment dominates the market and the trend is likely to continue during the forecast period.
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Nuance Communications, Sound Hound, Harman, Inago, Vocalzoom, etc., are the leading players operating in the global automotive voice recognition market. Companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their market penetration. “Surging popularity of connected vehicles is pushing the companies to focus on improving the functionality of vehicles, which is positively influencing the global automotive voice recognition market. The market is dominated by North America and the region is expected to lead the pack in the coming years as well. Nevertheless, APAC is forecast to witness robust growth in adoption of automotive voice recognition systems through 2024 ”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Automotive Voice Recognition System Market By Vehicle Type, Internal Combustion Engine, By End-User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of automotive voice recognition system market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global automotive voice recognition system market.
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