$18.3 Billion Global Voice Recognition System Market 2017-2023 with Nuance Communications, Microsoft Corp, and Alphabet Inc. Dominating

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11 Jan, 2018, 19:45 GMT

DUBLIN, Jan. 11, 2018 /PRNewswire/ --

The "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" report has been added to ResearchAndMarkets.com's offering.

The majority of consumers are now demanding advanced comfort and convenience features, which largely influence their purchase decisions. The rising trend of premium vehicles equipped with advanced convenience features is also an important factor to be considered for the growth of voice recognition system market. However, the high cost of high-end voice recognition system is expected to inhibit the growth of the market.

The hybrid technology is estimated to be the largest growing segment, by volume, of the voice recognition system market for automotive from 2017 to 2025. The growth of this segment can be attributed to the rise in trend of integrating technology to support centralized function in vehicles.

The BEV segment is estimated to be the fastest growing segment, by volume as well as value, of the voice recognition system market during the forecast period. The growing environmental concerns, rising fossil fuel prices, and stringent government regulations for emission have accelerated the growth of the BEV market.

The market players such as Tesla (US), Waymo (US), BMW (Germany), Volvo (Sweden), GM (US), Toyota (Japan), and Renault-Nissan Corporation (The Netherlands) have already introduced various BEVs in the market and are consistently improving their technology with strong focus on R&D.

Asia Pacific is projected to be the largest market for voice recognition system market for automotive by 2025. Increase in disposable income in developing countries such as India and China and rising demand for premium cars as well as comfort features in the vehicles are the key growth factors for the market in this region.

Currently, North American region is estimated to be the largest market for voice recognition system. With one of the largest markets for premium segment vehicles, North America is expected to dominate the voice recognition system market in 2017. Also, the demand for additional safety and convenience features in mid variant vehicles is increasing exponentially in the region. These factors are expected to fuel the growth of the voice recognition system market in the North American region.

In March 2016, Nuance Communications, Inc. signed an agreement with TalkTalk Communications Ltd. to access Nuance's voice biometrics technology and improve customer experience in the automated phone system. This innovative authentication solution is being integrated with TalkTalk's intuitive interactive voice response (IVR) system, which uses Nuance's natural language understanding (NLU) technology to allow customers to speak naturally instead of having to navigate through a phone menu.

Market Dynamics

Drivers

  • Extended Use of Smartphone Environment in Cars
  • Rise in Trend of Connected Vehicles And Level of Autonomous Driving
  • Integration of Technology to Support Centralized Function

Restraints

  • High Cost of High-End Voice Recognition System
  • Oligopoly in the Development of Voice Recognition Technology Using Neural Network Restricting Its Usage for Cloud-Based Services

Opportunities

  • Voice Recognition System Can Extend to Integrated Personal Assistant System
  • Advent of Concept Cars And Electric Vehicles in the Auto Industry
  • High Growth Potential in Emerging Markets
  • New Prospect for Data-Driven Services

Challenges

  • Data Security Concerns
  • Designing a User-Friendly System to Mitigate the Driver Distraction Factor
  • Language And Vernacular Translation Issues

Companies Mentioned

  • Alphabet
  • Apple
  • Harman
  • Inago
  • Lumenvox
  • Microsoft
  • Nuance
  • Sensory
  • Vocalzoom
  • Voicebox

For more information about this report visit https://www.researchandmarkets.com/research/rg892v/18_3_billion?w=5

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