Global Voice Recognition Market in Automotive Research Report and Forecast 2027

1. Global Voice Recognition Market in Automotive

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3. Global Voice Recognition Market in Automotive The voice recognition market for automotive is to grow to USD 4.12 billion by 2027, at a CAGR of 20.18% during the forecast period 2021-2027. Voice recognition in automotive helps in reducing driver disruption and provides safety and comfort level in the vehicle. The increasing trend towards connected vehicles, rise in the level of autonomous driving, and comprehensive adoption of smartphone environment in cars are the key factors driving the global voice recognition market in automotive. Furthermore, an increase in disposable income, integrating technology to support centralized function, are the other drivers for the growth of the market. Voice recognition systems can expand to an integrated personal assistant system, innovation of connected cars, driverless cars, and electric vehicles in the auto industry and novel prospects for data-driven services are also facilitating the growth for the voice recognition market in automotive.

4. Global Voice Recognition Market in Automotive Globally industry players are leveraging market growth by product launch. However, the high level of capital requirement poses a major threat for the entry of new players. This offers an edge to the established players in the industry competition. Geographically, Asia-Pacific is observed to witness the highest growth in the voice recognition market in automotive owing to the increase in the sale of passenger cars, emerging economies, shifting of industry participants, technological development.

5. Global Voice Recognition Market in Automotive BMW and Microsoft collaborated to develop an improved in-car voice recognition system. Using the enhanced techniques of machine learning and artificial intelligence. SoundHound, an audio and speech recognition company collaborated with Hyundai, an automotive company, to introduce Houndify, a voice-enabled AI platform, to the Hyundai Venue SUV. This smart and voice-enabled SUV has been launched in India also. Nuance, Vocalzoom, Sensory, Apple, Alphabet, Inago, LumenVox, Microsoft, Daimer AG, and Ford Motor Company are the key players offering voice recognition systems in the automotive industry.

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