Global Automotive Virtual Assistant Market-Trends, Top Manufactures, Market Demands, Industry Growth Forecast: 2026

Infinium Global Research’s recent report on the “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)”Automotive virtual assistant market to grow with a CAGR of 35.1% over the period of 2020 to 2026

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Virtual Assistants are Been Widely Used on Smartphones and Computers

Virtual assistants are been widely used on smartphones and computers. While its application in automotive sector is been realized by the major OEMs across the industry. Today, automotive virtual assistants have evolved from infotainment application to real-time driver and vehicle safety application. The growing sale of connected vehicles is a major driver for the growth of the market. Many of the commercially available connected cars are equipped with virtual assistant.

Moreover, the rising investment in AI and machine learning by OEMs and component suppliers is expected to augment the growth of the global automotive virtual assistant market. Automakers including BMW and Daimler are investing heavily on such advanced technologies to develop comprehensive virtual assistant for their next-generation connected vehicles. In addition, advent of 5G technology in several developed and developing economies is anticipated to further augment the growth of the market over the forecast period.

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Furthermore, the concerns over the spread of coronavirus had a severe effect on the automotive virtual assistant market. The production of vehicles stopped during the pandemic due to the safety concerns of the employees and government regulations. The pandemic also created unprecedented demand and supply disruptions due to shortage of raw materials imported from USA and China, as these countries went into strict lockdown. Moreover, job losses and pay cuts resulted changed the consumer behavior during the pandemic period.

This had a serious impact on the purchase decisions of customers over a short period. However, as economies recover, the sales of commercial vehicles will see a gradual rise. Infinium Global Research’s recent report on the “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” provides a comprehensive outline of the factors responsible for the growth of the market.

Growing Demand for Voice Command Feature in the Modern Cars is Majorly Driving the Growth Speech Recognition Segment in the Market

In terms of technology, the global automotive virtual assistant market is segmented into text-to-speech, gesture recognition, and speech recognition. The speech recognitionsegment generated the highest revenue in the global automotive virtual assistantmarket, in 2019. With the help of speech recognition, the driver can use their cellphones, find their destination using maps just by speech activated commands.Moreover, several automakers and technology providers are partnering to offer voice command solutions to control various functions in the car. For instance, Apple collaborated with Peugeot to provide its CarPlay® solution on all PEUGEOT passenger cars with a touchscreen. Such partnerships are anticipated to consolidate the share of speech recognition in the market.

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The Automotive Virtual Assistant Market is Anticipated to Witness Several Product Launches and Collaborations Over the Forecast Period

The key players in the automotive virtual assistant market are Artificial Solutions Ltd., Apple Inc., Bittium Corporation, BorgWarner Inc., Google Inc., Cerence Inc., Microsoft Corporation, Nuance Communications, Inc., Next IT Corporation, and Speakto it, Inc. The companies are collaborating with the major automotive manufacturers to develop and integrate customized virtual assistant for their future cars. For instance, in February 2021Ford Motors entered into 6 year partnership with Google to use their cloud computing solutions to power in-car services and factory-floor efficiencies. The partnership is anticipated to consolidate Googles share in the market and provide advanced features for the vehicles.

Additionally, companies are launching new products in the market. For instance, in January 2021Cerence launched its new Drive 2.0 solution for deploying virtual assistant and AI technology within cars. With this product, Cerence is expanding its portfolio to strengthen their market share.Infinium Global Research’s recent report on the global automotive virtual assistantmarket is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact ofproduct innovations, similar to that of the aforementioned product on the global market.

Europe Region to Generate the Largest Revenue in the Automotive Virtual Assistant Market

Geographically, Europe generated the largest revenue in the global automotive virtual assistant market. The large automotive industry in Europe coupled with higher investment on AI technology by the key auto maker sare majorly driving the growth of the automotive virtual assistant market in the region. Moreover, the rise in the sale of connected vehicles is likely to augment the growth of the market. Furthermore, the growing number of smart city projects in Europe is anticipated to support the sale of automotive virtual assistants in the region. On the other hand, the Asia Pacific automotive virtual assistant market is estimated to grow with the highest rate among other regions. The increasing sale of vehicles due to improving economic conditions and developing infrastructure are driving the growth of automotive virtual assistant market in Asia Pacific.

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