Global Automotive Voice Command System Market Expected to Surpass $8,681.8 Million and Grow at 20.25% CAGR in the 2022-2031 Timeframe [250-Pages] | Interpreted by Research Dive
The global automotive voice command system market is expected to grow by 2031 due growing adoption of digital technologies in automotive sector. ICE sub-segment is expected to be the most dominant. Market in the North America region to be highly lucrative.
NEW YORK, March 2, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Automotive Voice Command System Market by Technology (Embedded and Others), Application (AI and Non-AI), Vehicle Type (ICE and BEV), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031".
According to the report, the global automotive voice command system market is predicted to register a revenue of $8,681.8 million by 2031, growing at a healthy CAGR of 20.25% during the forecast period 2022-2031.
Dynamics of the Market
Drivers: The automotive voice command system market is expected to flourish in the forecast period on account of the growing adoption of digital technologies in automotive sector. Along with this, growing demand for vehicles across the globe is predicted to push the market forward in the forecast period.
Opportunities: A motor-cycle intelligent biometric voice command system is expected to offer numerous growth opportunities to the market. Along with this, increase in innovations in helmets consisting of a voice module is predicted to take the market higher.
Restraints: According to market analysts, high cost of automotive voice command system, however, may become a challenge in the growth trajectory of the automotive voice command system market.
Access to the Complete PDF Sample of the Automotive Voice Command System Market
Covid-19 Impact on the Market
Since the outbreak of Covid-19 pandemic, strict lockdowns and travel restrictions were put in place by various governments across the world. This negatively impacted several industries and businesses causing disruptions in supply chains and manufacturing processes. These factors played a major role in the decline in the growth of the automobile manufacturing market. This decline, in turn, affected the automotive voice command system market which, too, faced a similar situation.
Segments of the Market
The report has fragmented the automotive voice command system market into a few segments based on technology, application, vehicle type, and regional analysis.
- By technology, the others sub-segment of the global market is anticipated to have the fastest growth rate by 2031. Growth in the number of connected devices is predicted to boost the growth of this sub-segment in the forecast period.
- By application, the AI sub-segment is predicted to garner the highest revenue by 2031. The augmentation of virtual voice assistants such as Apple Siri, Amazon Alexa, Google Assistant, etc. and their ability to carry out voice commands in real-time is anticipated to push the growth rate of this sub-segment higher.
- By vehicle type, the ICE sub-segment is anticipated to have a dominant market share by 2031. Increase in sales, production, and adoption of ICE vehicles in different countries across the globe is projected to augment the growth rate of this sub-segment in the forecast period.
- By regional analysis, automotive voice command system market in the North America region is estimated to be the most dominant. An increase in demand for personal vehicles due to increase in disposable incomes and growing demand for luxury products is estimated to help the market grow substantially in this region.
Prominent Market Players
Some prominent players of the automotive voice command system market are
- Nuance Communications Inc.
- Apple Inc.
- Ford Motor Company
- Microsoft Corporation
- BMW AG
- LumenVox
- Alphabet
- Daimler AG
- Sensory Inc.
- Amazon.com Inc.
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth.
For example, in June 2022, DMI, a digital technology services provider, announced that it was partnering with Sound Hound, a leading artificial intelligence (AI) company. This collaboration is aimed at developing an advanced voice recognition AI for various automobiles. This partnership is expected to help both the companies to integrate their resources in order to achieve their goal in a quicker timeframe.
The report also sums up various crucial facets including financial performance of the market players, SWOT analysis, product portfolio, and the latest strategic developments.
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