Automotive Voice and Speech Recognition Market Analysis & Forecast 2024-2030

Global Automotive Voice and Speech Recognition Market is expected to reach USD 11216.86 million by 2030 with CAGR of 18.3% between 2024 and 2030

Overview

Automotive voice and speech recognition feature is widely being used in vehicles to control vehicle systems letting drivers play audio; operate GPS, controlling the air conditioner with no hassles by connecting Bluetooth devices and mobile phones. The rising popularity of speech recognition in controlling devices and functions in the systems has been a key driver for the growth of the Automotive Voice and Speech Recognition Market.  

In addition, new product offering from auto manufactures and OEM’s, growing automation in the automotive industry is stimulating the growth of the market. However, contradictions over the safety and effectiveness of speech recognition systems are hampering the growth of the market. The emergence of 5G technology, developments in voice recognition models will foster the growth of the Automotive Voice and Speech Recognition Market in the forecast period 2022-2028.  

Technology types & Competitive analysis

Based on technology type, the market is segmented into embedded and hybrid. Embedded technology led the market and accounted for the major revenue share in 2023. The growth was primarily driven by a wide application base in passenger cars and commercial vehicles. Nowadays the Embedded technology-based sensors and systems are placed inside vehicles with several features such as speed control, automatic collision notification which help in getting the high-quality performance and enhanced vehicle safety. Several players in the automotive industry are adopting such systems in the vehicles, with rising technological advancements in the precision rate and accuracy in speech recognition the market is expected to witness strong growth in the forecast period.  

Competitive analysis included in research study helps users to understand key players market positioning and marketing strategies. New product launches and development of the new products and systems are key strategies of key players in the Global Automotive Voice and Speech Recognition Market. Companies are focused on offering best in class products to the market to attract more buyers and increase market share. For instance, Blue&Me integrated an in-vehicle infotainment system offered by Fiat which allows the driver to control different features by voice commands. It has several applications in navigation, entertainment, and driver assistance.  

Also, Ford Sync offers in-vehicle communication and an enhanced entertainment system that lets users make calls, control music, and execute other functions with voice commands. Companies are offering integrated voice and speech recognition assistant systems, cloud-based systems that offer real-time automotive telematics usage, and virtual space cubes to remove noise and make systems more effective.  

Several manufacturers are using approaches such as the acquisition of significant players, strategic collaborations, partnerships, and capital investments in new technologies and services to maintain their presence in developing markets. For instance, in January 2021, Amazon leading company in speech recognition technology announced that it is letting other companies use the building blocks of the Alexa digital assistant for their own automated versions and embed the company's voice software into other devices. Fiat Chrysler Automobiles NV is going to be the first company to use Amazon’s Alexa Custom Assistant to offer customer’s speech recognition based in-car tools.  

Application & Regional analysis

On the basis of applications, the market is segmented into passenger cars and commercial vehicles. The passenger cars segment dominated the market accounting largest revenue share in the year 2023. The growth was attributed to the growing integration of speech recognition technology-based systems in passenger cars, growth in the sale of passenger cars across the world, and the growing interest of consumers in new technologies.  

According to the statistics revealed from Organisation Internationale des Constructeurs d'Automobiles (OICA) the in the year 2019, 64,341,693 Units of passenger cars were sold worldwide. The commercial vehicles segment was the fastest-growing segment and is anticipated to offer strong growth in the foreseeable future through emerging applications of speech recognition in navigation, safety features, and driver assistance to improve driving performance and decrease workload.  

Regional outlook of research study is based on analysis of market in North America, Europe, Asia Pacific, Middle East, South America, and Africa & Rest of the World. Europe dominated the Global Automotive Voice and Speech Recognition Market and is projected to maintain its dominance in the forecast period 2024-2030. The growth in the region was attributed to the presence of the advanced automotive industry embracing new technologies to offer best in class vehicles to the consumer.  

The presence of major OEM manufacturers and the region is one of the largest producers of automotive vehicles in the world. North America was the second in terms of revenue generation in 2023 followed by the Asia Pacific. The growth in the region was attributed to the growing adoption of voice recognition-based vehicle systems and the presence of prominent players in voice recognition such as Apple, Amazon, Google, and IBM.  

The Asia Pacific was the fastest-growing region and is projected to show robust growth over the forecast period due to the rapidly developing automotive industry in China and India. The region has acquired the attention of several key stakeholders and is pouring in several capital investments since the last decade. The rising popularity of voice recognition features in vehicles, improving the standard of living, increasing disposable incomes are supplementing the growth of the Automotive Voice and Speech Recognition Market in the Asia Pacific region.  

Global Automotive Voice and Speech Recognition Market : Technology types

• Embedded
• Hybrid

Global Automotive Voice and Speech Recognition Market : Applications Insight

• Passenger Vehicles
• Commercial Vehicles

Global Automotive Voice and Speech Recognition Market : Competitive Analysis

Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study constitutes of following key players in Global Automotive Voice and Speech Recognition Market :

• Microsoft
• Apple
• Alphabet
• Voiceitt
• Speechmatics
• Acapela Group

Geographical analysis of Global Automotive Voice and Speech Recognition Market :

• North America
  • U.S.A
  • Canada
• Europe
  • France
  • Germany
  • Spain
  • UK
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South East Asia
• Latin America
  • Brazil
• Middle East and Africa

Global Automotive Voice and Speech Recognition Market Report delivers a comprehensive analysis of the following parameters:

• Market Forecast for 2024-2030
• Market growth drivers
• Challenges and Opportunities
• Emerging and Current market trends
• Market player Capacity, Production, Revenue (Value)
• Supply (Production), Consumption, Export, Import analysis
• End user/application Analysis

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