New York, USA, May 24, 2021 (GLOBE NEWSWIRE) -- According to a new report examined by the Research Dive’s analysts, the global automotive voice command system market is estimated to garner a revenue of $4,985.8 million by 2026, rising from a market size of $1,208.6 million in 2018, at a notable CAGR of 19.4% during the 2019-2026 timeframe. This report elucidates the ongoing situation and market surge in the future years. Moreover, the market report is devised by experts after examining all the crucial facets that are impacting the forthcoming and present market growth.
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Factors Affecting the Market Growth
The global automotive voice command system market is expected to enhance in the forecasted years due to the technological evolutions and popularity of automotive voice techniques worldwide. Furthermore, the influence of the e-commerce sector in the automotive industry is speculated to boost the global market in the analyzed timeframe. However, demerits of automotive voice command such as poor software usage and dual voice are expected to restrain the market growth. Also, limited usage of keywords, vocabulary, and grammar is projected to hinder the market growth. On the other hand, motorcycle intelligent biometric voice recognition feature is estimated to create opportunities in the global market in the future years.
The market report is classified into segments based on technology, application, vehicle type, and regional outlook.
The Embedded Technology Sub-Segment to be the Most Profitable
From the technology segment, the embedded technology sub-segment is predicted to gain $2,557.7 million by the end of 2026, rising from a market size of $709.4 million in 2018. Comfortable experience of the car cockpit, assurance of car control to the driver, and parking of vehicle are some of the advantages of the embedded technology that are estimated to bolster the growth of the sub-segment market in the forecasted years.
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The AI Sub-Segment to be the Fastest Growing
From the application segment, the AI sub-segment is expected to cross $2,413.1 million by 2026, from a market share of $530.6 million in the year 2018. Natural language processing and machine learning fields in AI that respond to voice commands are estimated to boost the sub-segment market growth in the forecasted years.
Passenger Vehicles Sub-Segment to Growth Exponentially
From the vehicle type segment, the passenger vehicle sub-segment is projected to garner $2,587.6 million by 2026. The rise in the demand for safety and comfort along with the integration of technology is projected to fuel the growth of the sub-segment market during the forecasted years.
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Regional Outlook
The Asia-Pacific regional market is estimated to reach $1,171.7 million by the end of 2026, at a significant CAGR of 19.9% during the forecasted period. An increase in disposable income, growth in the sales of passenger cars, and adoption of technological inventions are projected to surge the regional market growth in the forthcoming years.
Key Market Players and Developments
The prominent players of the global automotive voice command system market are
- LumenVox.
- Microsoft
- Alphabet
- Amazon.com, Inc.
- Nuance Communications, Inc.
- Apple Inc.
- Daimler AG.
- BMW AG
- Ford Motor Company
- Sensory Inc.
These market players are concentrating on planning and strategizing of new product designs, improving SWOT scrutiny, building robust portfolios, mergers & acquisitions of promising companies, and research & development projects. For instance, in July 2019, 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 in 2019 itself.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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