The voice recognition system market for automotive was valued at USD 876.1 Million in 2016 and is projected to reach USD 3,890.3 Million by 2025, at a CAGR of 19.41% during the forecast period.
Northbrook, IL -- (SBWIRE) -- 01/03/2018 -- The report "Voice Recognition System Market for Automotive by Technology (Embedded and Hybrid), Application (AI and Non-AI), End-User (Eco, Mid, and Luxury), Fuel Type (ICE and BEV), Level of Autonomous Driving, and Region - Global Forecast to 2025", The voice recognition system market for automotive is estimated to be USD 941.0 Million in 2017 and is projected to reach a market size of USD 3,890.3 Million by 2025, growing at a CAGR of 19.41% during the forecast period.
Browse 86 market data Tables and 44 Figures spread through 148 Pages and in-depth TOC on "Voice Recognition System Market for Automotive - Global Forecast to 2025"
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The market is driven by factors such as rise in trend of connected vehicles and level of autonomous driving and integration of technology to support centralized function.
The embedded technology segment is estimated to be the fastest growing market in the voice recognition system market for automotive during the forecast period, by technology
The embedded technology segment is estimated to witness fastest growth in the voice recognition system market because of the rise in trend of connected vehicles and the growth of semi-autonomous and autonomous vehicles. The rising demand for advanced comfort and convenience features along with the advancement of in-vehicle infotainment systems has fueled the growth of voice recognition system market for automotive. Voice-enabled automotive functions help in reducing the driver distraction and enhances the comfort level in the vehicle. Voice-based features help to meet the elevated convenience standards, thereby governing the growth of voice recognition system market.
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The ICE segment is estimated to be the largest market in the voice recognition system market for automotive during the forecast period, by fuel type
The ICE vehicle segment is estimated to be the largest market segment, by volume as well as value, of the voice recognition system market for automotive during the forecast period. The ICE segment is followed by others (hybrid) and BEV segment during the forecast period. The slow infrastructural development for EVs and hybrid vehicles in emerging countries has restricted the growth of these types of vehicles and has led to the largest market share for the ICE vehicle segment.
Asia Pacific to be the fastest growing regional market for voice recognition system market for automotive
Asia Pacific is projected to be the fastest growing market for voice recognition system market for automotive by 2025. The market growth in the region can be attributed to the rapidly growing automotive sector in countries such as China, Japan, South Korea, and India. Moreover, the improving lifestyle of consumers and rapid urbanization have boosted the demand for passenger vehicles. These factors are expected to trigger the growth of the voice recognition system market in the region.
The key players in the voice recognition system market for automotive include Nuance (US), Microsoft (US), Alphabet (US), Apple (US), Harman (US), Sensory (US), VoiceBox (US), LumenVox (US), iNAGO (Japan), and VocalZoom (Israel).
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