New York, Aug. 11, 2021 (GLOBE NEWSWIRE) — Automotive Voice Recognition System Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Voice Recognition System Market Research Report, Technology, End Market, Application, Vehicle type and Region – Forecast till 2027” the market Size is projected to be worth USD 4.87 Billion by 2027, registering a CAGR of 22.48% during the forecast period (2021 – 2027), The market was valued at USD 1.39 Billion in 2020.
The automotive voice recognition system market is garnering significant traction. Factors such as the surging demand for infotainment systems and VR evolutions integrated with assistant systems drive the market growth. Besides, the rising uptake of infotainment systems in high-end cars boosts the voice recognition system market size. The rapidly growing awareness for vehicle safety features influences the market rise.
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Additional factors bolstering the market growth include increasing spending on personalized comfort features and stringent government norms for safety features in automobiles. AI and social media recommendations inside vehicles are natural extensions of automotive voice recognition capabilities. Impressive machine learning capabilities have brought immense improvements in voice tracking and recognition system. Similarly, AI capabilities have impacted the adoption trends.
Competitive Analysis:
List of the Key Companies Profiled in the Automotive Voice Recognition System Market Research Report are:
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Microsoft (US)
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Alphabet (US)
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Nuance (US)
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Apple (US)
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BMW (Germany)
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Harman (US)
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Daimler (Germany)
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Ford (US)
Highly competitive, the automotive voice recognition system 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 R&D activities and expansion plans. The market is likely to witness relentless innovations and new products, eventually intensifying competition among manufacturers.
For instance, on Mar.01, 2021, Hyundai announced the development of a dynamic voice recognition system for selected models of the 2021 -Elantra and Elantra Hybrid in North America. The new automotive voice recognition system is powered by Houndify, a leading global voice AI and conversational intelligence technologies innovator. The dynamic voice recognition system makes the driving experience safer, easier and more convenient, providing cloud-based information from various knowledge domains.
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