Passenger Vehicle Voice Recognition Market Size, Share, Trends And Forecast To 2031

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Passenger Vehicle Voice Recognition Market Size, Share, Trends And Forecast To 2031
Passenger Vehicle Voice Recognition Market by Technology (Embedded, Hybrid), by Language (Single, Multi-lingual), by Application Area (Economy vehicle, Mid-price vehicle, Luxury vehicle), by Covid-19 impact (Pre Covid-19 situation, Post Covid-19 situation) – Growth, Share, Opportunities and Competitive Analysis, 2023 – 2031

According to the latest report published by Acute Market Reports “Passenger Vehicle Voice Recognition Market” – Growth, Future Prospects, and Competitive Analysis, 2023-2031,” the global Passenger Vehicle Voice Recognition Market is expected to expand at a CAGR of 20 % from 2023 to 2031.

Factors such as changes in lifestyle, increase in disposable income, and adoption of technology ensure market growth. An estimate of passenger vehicle sales revenues reached US $1.6 billion in 2020. Some of the key trends in the market are the adoption of cloud-based data storage, hybrid solutions, and the demand for safety.  The application of car voice recognition includes navigation, access to media, voice search and use for commands. The technology ensures safety along with easy access to devices.

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There are about 30-60 new launches in the U.S. automobile industry each year. New launches include sophisticated technologies such as cloud storage, AI assistant, and so on. Key stakeholders such as mobile virtual network operators (MVNO) are significantly active in this segment as it promises emerging opportunities in the vehicle voice recognition market. MVNOs are actively collaborating with feasible partners to leverage the infrastructure and technical expertise. This also signifies the rising demand of various technological solutions at an enterprise level. With respect to technology, 5G and IoT deployment have been the maximum. Car sales was around 4.7 million units in 2019 fell to 3.4 million units in 2020 in the U.S. The growth of the automobile industry was hampered as some of the leading companies just managed to sustain the business due to pandemic-led lockdowns.

North America accounted for the largest share of the passenger vehicle voice recognition market which reached US $590 million in 2020, due to increased innovation and adoption of technology and significant sales of high-end vehicles.  Asia Pacific is an emerging market and is expected to grow at a CAGR of 24% during the forecast period. However, software lag and slow processing time are the biggest hindrances, additionally accessibility to internet services in remote areas in still a challenge in many geographies. Key market players are focusing on mitigating these market challenges through technological innovation. For instance, background noise reduction filters are expected to increase the call clarity in in-vehicle audio and video conferencing while in driving.

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Key players in this market include Cerence, LumenVox, Microsoft, Alphabet, Amazon.com, Nuance Communications, Apple Inc, Daimler AG, BMW AG, Ford Motor Company, Sensory Inc, Harman, Inago, Vocalzoom. The key strategies of these companies include research and innovation, through effective collaboration with different stakeholders to leverage competitive benefits.

Key Market Movements:

  • Passenger Vehicle Voice Recognition market is developing significantly with an expected CAGR of 20.0% from 2023 – 2031.
  • Key trends in the market are adoption of cloud-based data storage, hybrid solutions, and an increase in demand for safety.
  • Key Issues include software lag and slow processing time.
  • The pandemic had an adverse impact on the market.
  • North America has the largest market, Asia Pacific has significant growth in the market and is expected to rise in future.
  • Key players in this market include Cerence, LumenVox, Microsoft, Alphabet, Amazon.com, Nuance Communications, Apple Inc, Daimler AG, BMW AG, Ford Motor Company, Sensory Inc, Harman, Inago, Vocalzoom.
  • The key strategies of these companies include research and innovation, through effective collaboration with different stakeholders to leverage competitive benefits.

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