Global Voice Recognition Vehicle Access Market – Industry Trends and Forecast to 2029

Market Analysis and Size

The global voice recognition vehicle access market is mainly driven by increasing demand for high security and authentication, which is driving the market toward voice recognition vehicle access system adoption. Voice recognition vehicle systems are progressively being used in the car security systems because of their high accuracy property. Another crucial factor driving the adoption of voice recognition vehicle access is the significant insurance discounts offered to vehicles installed in the system. The use of voice recognition vehicle access applications will increase the market's growth prospects during the mentioned forecast period.

Data Bridge Market Research analyses that the voice recognition vehicle access market was valued at USD 1.67 billion in 2021 and is expected to reach USD 7.39 billion by 2029, registering a CAGR of 20.44 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.     

Report Scope and Market Segmentation

Market Definition

In voice recognition vehicle access systems goal to eliminate the distraction of looking down at the mobile phone while the person drive. So, in vehicle, a heads-up display allows drivers to keep their eyes on the path and their mind on safety. The number of techniques and provisions safeguards the voice recognition vehicle access systems namely multimodal systems, data-hiding techniques, template-on-token, match-on-token and cancellable systems.

Voice Recognition Vehicle Access Market Dynamics

Drivers

• Rising demand for the safety and privacy purpose

Privacy is the major concern among consumers, resulting in the rising demand for authentication. Vehicle theft is one of the major problems which has faced by the customers because of lack of safety and security systems in the vehicles. Thus, growing risk of vehicle stealing is resulting in rising the demand for the voice recognition authentication solutions in vehicles, this is a safer security solution. This is the major which are expected to positively influence the growth of the voice recognition vehicle access market over the forecast period.

• Rise in demand in due to unique features

Voice recognition vehicle access is high in demand due to its high uniqueness and reliability, the Voice recognition system is projected to account for the major share of voice recognition vehicle access system market. Voice are unique for every individual consumer, as it can be illustrious everyone. Thus, the possibilities of fraudulence in the voice recognition system is much less than other recognition, which is anticipated to considerably increase the use of voice recognition systems in vehicles.

Opportunities

• Rising Awareness and Advent of Technologies

Moreover, the increasing consumer awareness about the profits and convenience which has offered by these voice recognition vehicle access in the automotive sector will further create the profitable opportunities for the growth of the voice recognition vehicle access during forecast period of 2022 to 2029.

Also, growing preferences towards convenience and safety features, increasing demand of concept cars and electric vehicle will further create several opportunities for the growth of the voice recognition vehicle access market during mentioned forecast period.

Restraints/ Challenges

• High cost

The high cost of the product and the high cost for the installation of the system are acting as market restraints and obstruct the growth rate of the voice recognition vehicle access in the above mentioned forecasted period.

• Threat of Hackers

The risk of cyber-attacks and hackers also hampers the consumers' perception of the dependability of voice recognition vehicle access system which are expected to the major factor for challenging the voice recognition vehicle access growth rate

This voice recognition  vehicle access market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the voice recognition vehicle access market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In April 2021, Verint launched Verint Virtual Assistant (IVA), a low-code conversational AI offering that can rapidly change the existing conversation information into automated self-service experiences. This allows the business specialists to rapidly arrange a production-ready chatbot to deflect calls and support customers. Verint IVA enables businesses to increase their capabilities across the enterprise with boundless intelligence for both digital and voice.
• In September 2020, Nuance communications and Microsoft launched Nuance Dragon Ambient eXperience (DAX), an ambient clinical intelligence (ACI) solution. Microsoft Teams to largely scale virtual consults targeted at growing providing better patient health outcomes and physician wellness.

Global Voice Recognition Vehicle Access Market Scope

The voice recognition vehicle access market is segmented on the basis technology, vehicle type, mode of delivery, deployment mode and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Voice Recognition
• Speech Recognition                

Vehicle Type

• Passenger Car
• Battery Electric Vehicle

Mode of Delivery

• Artificial Intelligence (AI) Based
• Non-Artificial Intelligence Based)

Deployment Mode

• On Cloud
• On-Premises/Embedded

 End User

• FSR
• QSR
• Institutional
• Others

 Voice Recognition Vehicle Access Market Regional Analysis/Insights

The voice recognition vehicle access market is analysed and market size insights and trends are provided by country, technology, vehicle type, mode of delivery, deployment mode and end user as referenced above.

The countries covered in the voice recognition  vehicle access market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.

Asia Pacific dominates the voice recognition vehicle access market in terms of market share and revenue during the forecast period of 2022-2029. This is owing to growing sales of passenger cars, shifting of major key players, emerging economies and technological advancements in this region

North America is projected to be the fastest developing regions due to upsurge in demand for automobiles in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Voice Recognition Vehicle Access Market Share Analysis

The voice recognition vehicle access market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to voice recognition vehicle access market.

Some of the major players operating in the voice recognition vehicle access market are:

• [24]7.ai, Inc (U.S.)
• 3M (U.S.)
• Acapela Group
• Advanced Voice Recognition Systems, Inc. (U.S.)
• Apple, Inc. (U.S.)
• Genesta Property Nordic AB (Sweden)
• Genesys (U.S.)
• Google (U.S.)
• Honeywell International, Inc. (U.S.)
• IBM (U.S.)
• LumenVox (U.S.)
• Microsoft (U.S.)
• Nuance Communications, Inc. (U.S.)
• Open Text Corporation (Canada)
• Sensory, Inc. (U.S.)
• SESTEK (Turkey)
• Voxware, (U.S.)
• Wizzard Speech LLC (Germany)

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