COVID-19 Impact: Global Automotive Voice Command System Market to Hit a Revenue of $4,985.8 Million at a CAGR of 19.4% during the Forecast Period, 2019-2026 - Exclusive Business Opportunity Report by Research Dive
Global automotive voice command system market is expected to witness a noteworthy growth during the forecast period, 2019-2026. In technology segment, embedded sub-segment is expected to be the most lucrative. In application segment, AI sub-segment and passenger vehicle sub-segments in vehicle type segment is expected to be the most profitable ones. By region, North America is expected to lead the market.
New York, USA, Oct. 14, 2021 (GLOBE NEWSWIRE) -- According to a report by Research Dive, the global automotive voice command system market is expected to garner a revenue of $4,985.8 million at a CAGR of 19.4% by the end of 2026, increasing from $1,208.6 million in 2018.
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The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Automotive Voice Command System Market
Drivers: The main driving factor of the global automotive voice command system market is the popularity and convenience of automotive voice recognition techniques. Rising demand of voice recognition system by the e-commerce is expected to fuel the growth of the market during the forecast period.
Restraint: Dual voice and poor software quality are some of the drawback of the voice command system which is expected to hinder the market growth in upcoming years.
Opportunity: New innovations such as motor-cycle intelligent biometric voice command system is expected to create many opportunities for the market during the analysis period.
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Key Segments of the Automotive Voice Command System Market
The report has divided the market into different segments based on technology, application, vehicle type, and regional analysis.
Technology: Embedded Technology Sub-Segment Expected to be the Most Lucrative
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Application: AI Sub-Segment Expected to Earn the Highest Market Share
The AI sub-segment of the automotive voice command system market is predicted to garner the maximum revenue of $2,413.1million by 2026. AI is an indispensable component of electric vehicles as it ensures the safety of the passengers. AI offers hassle-free experience to the vehicle owners by automatically responding to the embedded voice command system. This is the main factor behind the market growth.
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Vehicle Type: Passenger Vehicle Sub-Segment Expected to be the Most Profitable
Passenger vehicle sub-segment is forecasted to generate a revenue of $2,587.6 million by the end of 2026. Rising adoption of automated features by the car-making industries to provide convenient features is expected to enhance the growth of the market segment.
Regional Insight: North America Expected to Dominate the Market
The North America automotive voice command system market is predicted to generate a revenue of $1,635.3 million by the end of 2026. The leading players of the industry have their presence in the North American countries and they are investing a huge amount of time and energy as well as money in the research and development of the market. This is the main factor enhancing the growth of the market during the forecast period.
Leading Players & Innovative Strategies
• Nuance Communications, Inc.
• Microsoft
• Alphabet,
• Amazon.com, Inc.
• Apple Inc.
• BMW AG
• Daimler AG.
• Ford Motor Company
• LumenVox.
• Sensory Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Recent development
In July 2021, Nuance Communications, Inc., a software technology company based out of America, stated that Wings Financial Credit Union, the largest credit union of Minnesota has integrated its Intelligent Engagement platform as well as Gatekeeper voice biometrics solution to offer greater custom-made and more secure experiences to their members. Wings Financial has solidified its capability to deliver outstanding service across all channels and added cutting-edge protection against fraud coercions.
These players are currently focusing on R&D activities, mergers, acquisitions, partnerships and collaborations to sustain the growth of the market. The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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