Bharat Book Bureau Provides the Trending Market Research Report on “Global Voice Recognition System Market Forecast to 2025” under Industry & Mfg. The report provides information on industry overview, market size, latest developments, industry trends, Key players, global presence, and their future prospects.
Extended use of smartphones environment in cars and rise in trend of connected vehicles are likely to fuel the demand for voice recognition system
The voice recognition system market for automotive is estimated to be USD 941.0 million in 2017 and is projected to grow at a CAGR of 19.41% during the forecast period to reach a market size of USD 3,890.3 million by 2025. The majority of consumers are now demanding advanced comfort and convenience features, which largely influence their purchase decisions. The rising trend of premium vehicles equipped with advanced convenience features is also an important factor to be considered for the growth of voice recognition system market. However, the high cost of high-end voice recognition system is expected to inhibit the growth of the market.
The hybrid technology is estimated to be the largest growing segment of the voice recognition system market in terms of volume
The hybrid technology is estimated to be the largest growing segment, by volume, of the voice recognition system market for automotive from 2017 to 2025. The growth of this segment can be attributed to the rise in trend of integrating technology to support centralized function in vehicles.
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The voice recognition system helps in accessing infotainment features such as navigation, music, and can link smartphones to the central function of the vehicle. Thus, the advancement of infotainment functions is expected to fuel the growth of voice recognition system market. The emerging markets such as India and China are expected to witness steady growth of voice recognition system market due to gradual progress of automotive industry.
The Battery Electric Vehicles is the fastest growing segment of voice recognition system market
The BEV segment is estimated to be the fastest growing segment, by volume as well as value, of the voice recognition system market during the forecast period. The growing environmental concerns, rising fossil fuel prices, and stringent government regulations for emission have accelerated the growth of the BEV market. The market players such as Tesla (US), Waymo (US), BMW (Germany), Volvo (Sweden), GM (US), Toyota (Japan), and Renault-Nissan Corporation (The Netherlands) have already introduced various BEVs in the market and are consistently improving their technology with strong focus on R&D.
Asia Pacific is projected to be the largest voice recognition system market for automotive in terms of volume and value by 2025
Asia Pacific is projected to be the largest market for voice recognition system market for automotive by 2025. Increase in disposable income in developing countries such as India and China and rising demand for premium cars as well as comfort features in the vehicles are the key growth factors for the market in this region. Currently, North American region is estimated to be the largest market for voice recognition system. With one of the largest markets for premium segment vehicles, North America is expected to dominate the voice recognition system market in 2017. Also, the demand for additional safety and convenience features in mid variant vehicles is increasing exponentially in the region. These factors are expected to fuel the growth of the voice recognition system market in the North American region.
BREAKDOWN OF PRIMARIES
The study contains insights provided by various industry experts, ranging from voice recognition software providers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type: Tier-1–40%, Tier-2–38%, and Tier 3–22%
- By Designation: C level–43%, D level–26%, Others–31%
- By Region: North America–41%, Europe–31%, Asia Pacific–21%, RoW–7%
The report provides detailed profiles of the following companies:
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