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According to the market analysts at Technavio, the global automotive voice and speech recognition system market will grow at a steady CAGR of more than 11% by 2020. The National Highway Traffic Safety Administration (NHTSA) guidelines on driver distraction will encourage the adoption of VR systems. The NHTSA guidelines on driver distraction show the necessity of having VR systems in light vehicles. Without this system, the driver will not be able to make a call while driving on the road. According to the NHTSA, VR systems are engineered to pair mobile devices with the vehicle’s displays and controls. As a result, drivers will be able to drive and use their phones simultaneously. This, in turn, will naturally bring down the instances of driver distraction and reduce the number of traffic violation tickets for the drivers.
The evolution of VR systems to integrated assistant systems is a key factor that is anticipated to aid in this market’s growth over the coming years. Recently, it has been observed that many automakers have started supplying fully integrated suites like Ford's SYNC and Fiat's Blue&Me, which controls the connected system of the car through a set of commands. The suites of electronic control systems were developed at a much earlier stage compared to the VR system. As a result, these systems were swiftly incorporated by their respective automakers into their existing platforms as soon as the VR technology was available.
According to this market analysis, the OEM VR market is expected to grow at a CAGR of more than 16% by 2020. The OEM VR systems market consist of the VR systems markets in the ultra-luxury (UL) and rest-of-luxury (RL) sub-segments. The UL segment basically consists of the C, CL and S-classes of the luxury carmakers worldwide and are the flagship vehicles of carmakers. The growth of the OEM VR systems is due to technological improvements in the VR system that hit the markets.
The automotive voice and speech recognition system in North America accounted for approximately 50% of the total market share during 2015. Factors such as increasing government support and rising consumer confidence are estimated to stimulate the growth of this market in the region. Apart from these factors, the emergence of Mexico as a manufacturing hub for automakers and tire suppliers will also aid in the strong growth of the market in this region.
This market is competitive and is dominated by key players who account for a major chunk of the overall market share. The vendors that have access to extensive financial resources and R&D funds are anticipated to gain a competitive edge over their peers.
Key vendors in the market are -
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Speech recognition refers to the capability of a machine or program to receive, understand, and execute spoken commands. This technology combines know-how and research of various fields including linguistics, computer science, and electrical engineering to develop methodologies and technologies that enable the recognition and translation of spoken language into text by computers and computerized systems. The size of a voice-recognition system’s vocabulary database is directly related to the RAM capacity of the computer it is installed within. A speech-recognition program runs many folds faster if the entire vocabulary is uploaded onto RAM, as compared to searching the hard drive for appropriate matches.
The report, global automotive voice and speech recognition system market, is part of Technavio’s automotive research portfolio. This portfolio provides a comprehensive market analysis along with the market share, market sizing, and market segmentations covering areas such as auto accessories, automotive components, automotive electronics, automotive manufacturing, automotive services, powertrain, and wheels and tires. These market research reports provide a perspective on the various market opportunities and market threats along with the key trends that would influence the market growth during the forecast period. It presents insights into the changing competitive landscape and a detailed profiling and market analysis of the vendors. Also covered in the research are the key regions or countries that would have an impact on the market during the assessment years.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market trends
PART 07: Market drivers
PART 08: Market challenges
PART 09: Market segmentation by geography
PART 10: Market segmentation by end-user
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
PART 14: Explore Technavio
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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