Automotive Virtual Assistant Market (Technology - Text-to-speech, Gesture Recognition, and Speech Recognition; Vehicle Type - Passenger Vehicle, and Commercial Vehicle; Application - Navigation Control, Entertainment, Online Shopping, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

A recent report published by Infinium Global Research on the automotive virtual assistant market provides an in-depth analysis of segments and sub-segments in the global as well as the regional automotive virtual assistant market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional automotive virtual assistant market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global automotive virtual assistant market. According to the report, the global automotive virtual assistant market is projected to grow at a CAGR of 36.5% over the forecast period of 2020-2026.

Market Insight

The demand for improved safety, assistance in navigation, and other technical functions has increased in the automotive sector, in order to reduce the risk of a human mistake while driving. The development of an infotainment system with a virtual assistant is expected to address all such consumer demands. A virtual assistant in a car uses artificial intelligence (AI) to carry certain functions such as picking up calls, texting, or searching for petrol stations without distracting the drivers. Moreover, the OEMs and component suppliers are investing heavily in the integration of AI and machine learning technologies in enhancing digital assistant functions and capabilities. This, in turn, results in enhanced safety and contributes to the development of an automotive connectivity ecosystem.

The rising implementation of connected vehicles is majorly driving the growth of the market. Several connected vehicles are equipped with a virtual assistant that helps the driver to operate infotainment and other functions in the car without getting distracted. Furthermore, the integration of AI with a virtual assistant is anticipated to support market growth. A virtual assistant in combination with AI technology in a vehicle work with an ADAS system to support the driver in difficult driving conditions. However, the concern over cybersecurity due to vehicle telematics and internet connectivity is anticipated to hamper the market growth. On the other hand, the advancements in 5G technology are expected to augment the market growth over the forecast period.

In terms of geography, Europe generated the highest revenue in the global automotive virtual assistant market. The large automotive industry in countries such as Germany, France, and Italy is majorly driving the demand for automotive augmented reality in Europe. Moreover, the growing investment in AI and machine learning technologies by the major automotive companies including Daimler and BMW is anticipated to drive the growth of the automotive virtual assistant market in Europe. On the other hand, Asia-Pacific is estimated to be the fastest-growing region in the global automotive virtual assistant market. The sale of vehicles in the Asia Pacific is growing due to improving economic conditions and developing infrastructure, thus boosting the growth of the automotive virtual assistant market in the Asia-Pacific region.

Segment Covered

The report on global automotive virtual assistant market covers segments such as technology, vehicle type, and application. On the basis of technology, the sub-markets include text-to-speech, gesture recognition, speech recognition, text-to-speech, gesture recognition, and speech recognition. On the basis of vehicle type, the sub-markets include passenger vehicle, commercial vehicle, passenger vehicle, and commercial vehicle. On the basis of application, the sub-markets include navigation control, entertainment, online shopping, others, navigation control, entertainment, online shopping, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Artificial Solutions Ltd., Apple Inc., Bittium Corporation, BorgWarner Inc., Google Inc., Cerence Inc., Microsoft Corporation, Nuance Communications, Inc., Next IT Corporation, and Speaktoit, Inc.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the automotive virtual assistant market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.