The Global Voice User Interface Market size is expected to reach $45.94 billion by 2027, rising at a market growth of 23.4% CAGR during the forecast period.
In the era of rapid advancement of technologies along with increasing adoption of modernization, the Voice user interface emerged as a really useful technology for convenience and comfort of the consumers. It also comprises the function of text to speech which allows the user to listen a text. It turns the text into speech through the help of machine learning. The Voice user interface market is rapidly growing and is expected to grow more in upcoming years.
The advanced Voice user interface technology comprises speaker-independent capabilities which allow integrated devices to respond to the multiple voices. This technology can be incorporate with multiple voices irrespective of the accent of the user.
The Covid-19 has become a recurring deadly and infectious virus which is restraining the growth of various economies across the world. However, the economy is steadily recovering from the impact of the lethal pandemic, but the damage it has done to the industries cannot be reversed. The Covid-19 also hindered the Voice user interface market. In 2020, the Voice user interface market faced a major loss due to the Covid-19 pandemic. As per the guidelines served by the government during the pandemic, manufacturing units of all the products, all over the world were shut including digital devices.
Due to the lack of demand for Voice user interface technology, the development and deployment of these technologies was on hold. However, a lot of people demanded the technology due to its feature of allowing them to run their appliances through commands, eliminating the need of touching any surface.
With the advancement of technology, there is a rise in the number of people using artificial intelligence and robotics in all aspects of their life. Voice user interfaces increase productivity by allowing the user to perform multiple tasks simultaneously. For instance, with the help of the Voice user interface, the user can cook and write an email at the same time. Furthermore, a large number of geriatric population find Voice user interface more helpful as it makes typing easier as their visual and motor abilities make reading and typing on smart devices difficult.
In the modern era, a variety of new and interesting technologies has emerged. With the integration of numerous technologies with each other, these technologies have facilitated a lot of tasks for human. Likely, the integration of Voice user interface has ease-up the operation of social media platforms for users. Social media is a rapidly growing trend across the world as it allows various artists to showcase their talent to audience across the world. Moreover, social media platforms such as Linkedin, is enabling people to build a significant number of links through internet.
Though the Voice user interface is facilitating the daily life of its users by offering interaction with machines and devices, the technology lacks complete accuracy in proceeding voice inputs. The Voice user interface is based on artificial intelligence which works on an allotted dictionary. That dictionary comprises a lot of words with resembling pronunciation. The machine, in some cases, confuses the words with each other causing error in response of the user’s output. The lack of accuracy in the Voice user interface causes grammatical errors and spelling mistakes in the output.
Based on Vertical, the market is segmented into Consumer Electronic, Smart Speakers & E-commerce, Automotive & Transportation, Government & Defense Sector, Healthcare & Life Science, BFSI, Travel & Hospitality and Others. The government and defense is gradually adopting the Voice user interface. The Voice user interface is being integrated in a variety of government applications to facilitate the operation of the apps to users.
Based on Offering, the market is segmented into Solution and Service. The service segment is expected to showcase the highest growth rate of the Voice user interface market in forecasting years. The Voice user interface service is a specially designed technology based on artificial intelligence technology and enables smooth communication between the users and smart digital devices and offers them a hand-and eye-free access to their devices.
Based on Application, the market is segmented into Smart Speakers, Interactive Voice Response, Voice Controlled Devices, Smartphone & Tablets and Others. The smartphones and tablets would exhibit the highest growth rate during the forecasting period. This is the most affordable segment of the Voice user interface. In the current era, almost everyone owns a smartphone or tablet or both in some cases.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 10.5 Billion |
| Market size forecast in 2027 | USD 45.94 billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 23.4% from 2021 to 2027 |
| Number of Pages | 261 |
| Number of Tables | 411 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Vertical, Offering, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC would display the fastest growth rate in the market during the forecasting period. The presence of the developing countries like China and India is a key reason behind the speedy adoption of the Voice user interface technologies across the region.
Free Valuable Insights: Global Voice User Interface Market size to reach USD 45.94 billion by 2027
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Apple, Inc. are the forerunners in the Voice User Interface Market. Companies such as Amazon.com, Inc., SoundHound, Inc., and Baidu, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Amazon.com, Inc., Apple, Inc., Google LLC, Baidu, Inc., Meta Platforms, Inc., Advanced Voice Recognition Systems, Inc., and SoundHound, Inc.
By Vertical
By Offering
By Application
By Geography
The voice user interface market size is projected to reach USD 45.94 billion by 2027.
Growing trends of technologies, digitalization and Automation are driving the market in coming years, however, lack of accuracy in processing the voice output limited the growth of the market.
Microsoft Corporation, Amazon.com, Inc., Apple, Inc., Google LLC, Baidu, Inc., Meta Platforms, Inc., Advanced Voice Recognition Systems, Inc., and SoundHound, Inc.
The expected CAGR of the voice user interface market is 23.4% from 2021 to 2027.
The Consumer Electronic market dominated the Global Voice User Interface Market by Vertical 2020 thereby growing at a CAGR of 21.3% during the forecast period.
The North America market dominated the Global Voice User Interface Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $16.45 billion by 2027.
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