MarketResearchReports.Biz has announced addition of new report “Global Digital Manufacturing Market 2016-2020”.
Albany, NY -- (SBWIRE) -- 09/15/2016 -- The report provides an in-depth analysis on the market for automotive voice and speech recognition systems. It presents the forecast of the market in terms of application and geography.
It also encapsulates comprehensive information on the key factors influencing the development of the market. These factors are the drivers, restraints, opportunities, and threats. For analyzing the opportunities in this market, the fastest growing segments of the market have been presented. The global automotive voice and speech recognition system market is predicted to rise at a 4.31% CAGR from 2016 to 2020.
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The first part of the report is a market overview providing information about the value chain analysis and the regulatory framework of the market. Automotive voice and speech recognition systems are manufactured for pairing mobile devices with the control and display units of vehicles. Audio devices, telephony, and destination inputs for navigation can be carried on by voice with the help of voice and speech recognition systems. These systems have helped reduce the number of traffic violation tickets given to drivers and the number of accidents caused due to distraction.
In the next section of the report, the prime market dynamics shaping the growth of this market have been presented. Automotive voice and speech recognition systems are likely to become the sub-modules of integrated assistant systems in the coming years. This is a key trend seen in the market. In addition, a number of technological developments taking place in these systems will also drive the growth of the market. However, local noise interference in these systems may negatively impact the growth of this market. This has resulted in a number of research and development activities by key players for enhancing the efficiency of these systems.
The segmentation of the market comes next in the report. On the basis of end use, the report segments the market into replacements, OEM, and upgrades. Amongst these, the OEM voice and speech recognition system market is poised to expand at a 16.0% CAGR from 2016 to 2020.
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Geographically, the report segments the market into Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), Latin America, and North America. Among these, the North America automotive voice and speech recognition system market represented the highest share of around 50% in 2015. This is owing to the increasing consumer confidence and the rising government support within this region. In addition, Mexico emerging as a chief hub for tire suppliers and automakers will also provide impetus to the growth of the market in North America.
In the last section of the report, the competitive landscape of the market has been described. This section encapsulates the operations of the dominant players operating in the market. The key players in the global automotive voice and speech recognition systems market are Apple, Ford, Harman, Mercedes-Benz, Nuance Communications, VocalZoom, Voicebox Technologies, and Microsoft, among others.
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