Automotive Speech Market to Hit $4 Billion by 2030
Research firm Facts and Factors valued the global automotive voice recognition system market at $2.09 billion in 2022 and expects it to reach $4.02 billion by 2030, growing at a compound annual rate of 8.09 percent.
The report found that automotive voice technology is gaining traction among consumers across the globe, noting that the distraction level of drivers was comparatively much higher when people were using touch screen elements and lower when people adopted voice command recognition systems.
Youth today, it said further, are more willing to buy vehicles that have high connectivity features because of the need for convenience and comfort more than the torque or power figures.
High installation cost is likely to restrain the growth of the market, though.
People registered concerns about the dialect (21.2 percent) and accent (30.4 percent), making the ability to handle different languages one of the major challenges in the growth of the automotive voice recognition industry, the report said.
The report identified Nuance Communications, Sensory, Alphabet (Google), VoiceBox, Microsoft, Apple, Harman, JStar, IBM, BioTrust ID, Anhui USTC iFlytek, and Agnitio as key players in the automotive voice recognition systems market.