Published on : Jul 25, 2016
ALBANY, New York, July 25, 2016: ResearchMoz.us has added a new report, titled “Global Automotive Voice and Speech Recognition System Market 2016-2020,” to its offering. This report presents a detailed understanding of the global automotive voice and speech recognition system market. The study encapsulates industry-validated data as well as thoughtful insights into the market provided by top industry specialists.
The predicted growth of this market by the end of the forecast period and its current size have also been presented through this study. The market for automotive voice and speech recognition systems is anticipated to expand at a 4.31% CAGR between 2016 and 2020. In addition, the issues faced by the key players dominant in the market and the steps taken by them to overcome these issues have also been encapsulated in this study.
The report starts by presenting a snapshot of the global automotive voice and speech recognition system market. Automotive voice and speech recognition systems are employed for controlling audio devices, providing destination inputs for enabling navigation in automobiles, etc. As per the report, speech recognition systems with cutting-edge features are currently being introduced by the prime manufacturers operating in the market.
Mercedes-Benz was the first company to utilize these systems, after which these systems were installed by Honda in the Honda Acura RL. The voice and speech recognition system launched by Honda were based on the IBM-embedded ViaVoice software and covered over 700 commands as well as millions of street and city names.
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Moving further, the chief trends, drivers, challenges, and opportunities in the market have been analyzed. As per the report, a number of legal and regulatory factors will fuel the growth of the market for automotive voice and speech recognition systems. In addition, the introduction of technologically advanced automotive voice and speech recognition systems will also provide impetus to the development of the market. On the other hand, the decreasing consumer confidence in these systems may inhibit the development of the market in forthcoming years.
In the following section of the report, the market segmentation has been presented. In terms of end use, the market is categorized into upgrades, OEM, and replacements. Of these, the OEM voice and speech recognition system market is anticipated to rise at a CAGR of 16.0% between 2016 and 2020. By geography, the report segments the global automotive voice and speech recognition system market into North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America.
Amongst these, in 2015, the region of North America led the market with a share of about 50%. The emergence of Mexico as a prime hub for automakers and tire suppliers is a chief factor stimulating the growth of the market in this region. In addition, the increasing support from governments in a number of nations in North America will also augment the growth of the automotive voice and speech recognition system market in this region.
Apple, Harman International, Ford Motors, Mercedes-Benz, Nuance Communications, Microsoft, Voicebox Technologies, and VocalZoom, among others, are the key players dominant in this market, as stated in this study.
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