DUBLIN--(BUSINESS WIRE)--The "Voice Recognition System Market for Automotive by Technology (Embedded and Hybrid), Application (AI and Non-AI), End-User (Eco, Mid, and Luxury), Fuel Type (ICE and BEV), Level of Autonomous Driving, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The speech and voice recognition market is expected to be valued at USD 6.19 Billion in 2017 and is likely to reach USD 18.30 Billion by 2023, at a CAGR of 19.80%,
The increased demand for speech-based biometric systems for multifactor authentication is a driving factor for this market.
The market for voice recognition is expected to grow at a higher CAGR during the forecast period. The need for biometrics authentication leads to the growing integration of voice authentication in mobile banking and creates a growing demand for multifactor authentication in enterprises and industries.
The market in APAC is expected to grow at the highest CAGR during the forecast period. The increasing awareness among masses and lowered costs of biometric devices drive the growth of the speech and voice recognition market in countries such as India, China, and Japan.
The major restraint for the recognition market is the lack of accuracy in speech and voice recognition systems in noisy and harsh working environments. The performance of speech recognition systems degrades drastically in noisy and reverberant environments. This is especially true when the background noise is itself speech. The effect worsens as the distance between the talker and the microphone increases.
The key players in this market focus on strategic partnerships and collaborations, acquisitions, agreements, contracts, and product launches to increase revenue. Nuance Communications, Inc. (US) is a leading player in the speech and voice recognition market, followed by Microsoft Corporation (US) and Alphabet Inc. (US).
Market Dynamics
Drivers
- Extended Use of Smartphone Environment in Cars
- Rise in Trend of Connected Vehicles And Level of Autonomous Driving
- Integration of Technology to Support Centralized Function
Restraints
- High Cost of High-End Voice Recognition System
- Oligopoly in the Development of Voice Recognition Technology Using Neural Network Restricting Its Usage for Cloud-Based Services
Opportunities
- Voice Recognition System Can Extend to Integrated Personal Assistant System
- Advent of Concept Cars And Electric Vehicles in the Auto Industry
- High Growth Potential in Emerging Markets
- New Prospect for Data-Driven Services
Challenges
- Data Security Concerns
- Designing a User-Friendly System to Mitigate the Driver Distraction Factor
- Language And Vernacular Translation Issues
Companies Mentioned
- Alphabet
- Apple
- Harman
- Inago
- Lumenvox
- Microsoft
- Nuance
- Sensory
- Vocalzoom
- Voicebox
For more information about this report visit https://www.researchandmarkets.com/research/lfwgvq/global_voice?w=4
