Automotive voice and speech recognition system: Key market research findings
- Electrification of automotive mechanics drives market growth
- North America dominates the market geographically
- Key vendors – Apple, Mercedes-Benz, Ford, Harman, Nuance Communications, Microsoft, VocalZoom, and Voicebox Technologies
Technavio’s market research analysts predict the global automotive voice and speech recognition system market to grow at a CAGR of more than 11% between 2016 and 2020. The demand for automotive voice and speech recognition systems is triggered by the electrification of automotive mechanics. Modern vehicles are equipped with high-end electronics that are used in advanced technologies such as automotive sensors, collision avoidance systems, infotainment, connected systems, and drive-by-wire technologies. Most mechanical functions of a vehicle are either controlled by electronics or transformed to electronic functionality. During 2015, North America led the global automotive voice and speech recognition system market by accounting for around 50% of the overall market share. Improving economic environments, government support that stimulates growth, and rising consumer confidence are factors that will contribute to the growth of the automotive voice and speech recognition system market in North America during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the automotive voice and speech recognition system systems based on the end-user.
“Cloud-based voice recognition (VR) systems are expected to gain prominence in the automaker’s development plans in the coming years. The off-board systems, which primarily utilize cloud facilities to provide VR services to the users, will likely witness the fastest evolutionary curve among the three types of VR systems. Dedicated on-board and off-board telematics development are expected to broaden the telematics universe, leading to the evolution of cloud-based VR systems,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research.
The OEM segment is likely to continue its dominance as the key revenue generator in the market by growing at a CAGR of almost 17% over the next four years. The OEM VR systems market comprises of VR systems markets in the ultra-luxury (UL) and RL sub-segments. Factors such as renewed interest in the VR systems after current consumer dissatisfaction sentiment-driven technological improvements are expected to contribute to the growth of this segment during the forecast period.
The key vendors in the automotive voice and speech recognition system market include Apple, Mercedes-Benz, Ford, Harman, Nuance Communications, Microsoft, VocalZoom, and Voicebox Technologies. This market is competitive and is dominated by key players who account for a major chunk of the overall market share. The vendors that have access to extensive financial resources and R&D funds are anticipated to gain a competitive edge over their peers.
A more detailed analysis is available in the Technavio report, Global Automotive Voice and Speech recognition System Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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