According to a market report by Lucintel, the future of the automotive voice recognition system market looks promising with opportunities in the passenger car, light commercial vehicle, and electric vehicle markets. The automotive voice recognition system market is expected to grow with a CAGR of 19% from 2019 to 2024. The major drivers for this market are growing demand of connected and autonomous cars, increasing use of smartphone-enabled functions, and increasing demand for data-driven services within the vehicles.
In this market, embedded and hybrid are the major technology segments. Embedded is the largest technology segment.
North America will remain the largest region over the forecast period due to the rise in vehicle production and increasing use of advanced technologies within vehicle electronics.
Agnitio, Amazon, Apple, Anhui USTC IFlytek; Baidu, Bio Trust ID, Castle OS Software, Facebook, Google; International Business Machines Corporation, JStar, Lumen ox, M2SYSLLC; Microsoft Corporation, MModal, Nortek Holdings, Nuance Communications, Raytheon Company, SemVox, Sensory, Valid Soft U.K. Limited; Voice Box Technologies Corporation, and Voice Vault are among the major manufacturers of voice recognition system.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the automotive voice recognition system market by technology, by application, by end-user, and by region. Lucintel has prepared a comprehensive research report titled " Automotive Voice Recognition System Market 2019-2024: Trends, Forecast, and Opportunity Analysis". This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the automotive voice recognition system market by technology, by application, by end-use, and by region as follows:
By Technology [$M shipment analysis for 2013 – 2024]
• Embedded
• Hybrid
By Application [$M shipment analysis for 2013 – 2024]
• Artificial Intelligence (AI)
• Non-Artificial Intelligence (Non-AI)
By End-Use [$M shipment analysis for 2013 – 2024]
• Passenger Car
o Small cars
o Compact cars
o Mid-Sized cars
o Luxury cars
o SUVs & Crossovers
• Light Commercial Vehicle
• Electric Vehicles
By Region [$M shipment analysis for 2013 – 2024]
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o Russia
o France
o United Kingdom
o Italy
• Asia Pacific
o China
o Japan
o India
o South Korea
o Indonesia
• The Rest of the World
o Brazil
o Turkey

This report answers following 11 key questions:

Q.1 What are some of the most promising potential, high-growth opportunities for the automotive voice recognition system market by application (AI, non-AI), by technology (embedded, hybrid), by end-user (passenger car, light commercial vehicles, and electric vehicles), and by region (North America, Europe, Asia-Pacific, ROW)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the automotive voice recognition system market?
Q.5 What are the business risks and threats to the automotive voice recognition system market?
Q.6 What are emerging trends in this automotive voice recognition system market and the reasons behind them?
Q.7 What are some changing demands of customers in the automotive voice recognition system market?
Q.8 What are the new developments in the automotive voice recognition system market? Which companies are leading these developments?
Q.9 Who are the major players in this automotive voice recognition system market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this voice recognition system area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this, automotive voice recognition system market?