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 2024 to 2032.
Factors such as change in lifestyle, increase in disposable income, adoption of technology ensure market growth. An estimate of passenger vehicles sales revenues reached US $1.6 billion in 2020. Some of the key trends in the market are adoption of cloud based data storage, hybrid solutions, 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.
Browse the full report at https://www.acutemarketreports.com/report/passenger-vehicle-voice-recognition-market
There are about 30-60 new launches in the U.S. automobile industry each year. New launch 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 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 enterprise level. With respect to technology 5G and IoT deployment have been the maximum. The car sales was around 4.7 million units in in 2019 fell to 3.4 million units in 2020 in the U.S. The growth of automobile industry was hampered as some of the leading companies just managed to sustain the business due to pandemic led lockdowns.
The North America accounted for the largest share of 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.
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 stake holders to leverage competitive benefits.
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