Dublin, March 28, 2022 (GLOBE NEWSWIRE) — The “Global Voice User Interface Market by Vertical, By Offer, By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” report has been added to from ResearchAndMarkets.com offer.
The global voice user interface market size is expected to reach USD 45.94 billion by 2027, growing the market at 23.4% CAGR during the forecast period.
In the era of rapid advancements in technologies and increasing adoption of modernization, voice user interface has become a truly useful technology for the convenience and comfort of consumers. It also includes the text-to-speech function which allows the user to listen to a text. It turns text into speech with the help of machine learning. The voice UI market is growing rapidly and is expected to grow further in the coming years.
Advanced voice user interface technology includes speaker-independent capabilities that allow embedded devices to respond to multiple voices. This technology can be integrated with multiple voices regardless of the user’s accent.
COVID-19 Impact Analysis
Covid-19 has become a recurring deadly and infectious virus that is stunting the growth of various economies around the world. However, the economy is steadily recovering from the impact of the deadly pandemic, but the damage it has caused to industries is irreversible. Covid-19 has also hampered the voice user interface market. In 2020, the voice UI market faced a major loss due to the Covid-19 pandemic. In line with government guidelines during the pandemic, manufacturing units for all products, worldwide, have been closed, including digital devices.
Due to the lack of demand for voice user interface technology, the development and deployment of these technologies have been put on hold. However, many people have requested the technology because of its functionality allowing them to operate their devices via commands, eliminating the need to touch any surface.
Market Growth Factors:
Growing trends in technologies, digitalization and automation
With advances in technology, the number of people using artificial intelligence and robotics in all aspects of their lives is increasing. Voice user interfaces increase productivity by allowing the user to perform multiple tasks simultaneously. For example, with the help of Voice UI, the user can cook and write an email at the same time. Also, a lot of geriatric people find the voice user interface more useful as it makes typing easier, as their visual and motor skills make it difficult to read and type on smart devices.
Growing Popularity of Social Media Platforms
In the modern era, a variety of new and interesting technologies have emerged. With the integration of many technologies with each other, these technologies have facilitated many tasks for humans. Probably, the integration of voice user interface has made it easier for users to operate social media platforms. Social media is a rapidly growing trend across the world as it allows various artists to showcase their talent to audiences around the world. Moreover, social media platforms such as Linkedin allow people to create a significant number of links through the Internet.
Market Restraint Factor:
Lack of precision in voice output processing
Although the voice user interface facilitates the daily life of its users by providing interaction with machines and devices, the technology lacks complete precision in voice inputs. The Voice UI is based on artificial intelligence that works on an assigned dictionary. This dictionary includes many words with a similar pronunciation. The machine, in some cases, confuses the words with each other, causing an error in the user’s output response. The lack of precision in the voice user interface leads to grammatical errors and spelling mistakes in the output.
Based on the vertical, the market is segmented into consumer electronics, smart speakers and e-commerce, automotive and transportation, government and defense sector, healthcare and life sciences, BFSI, travel and hospitality and others. Government and Defense are gradually adopting the Voice user interface. The Voice UI is integrated into a variety of government applications to make it easier for users to operate the applications.
On the basis of supply, the market is segmented into solution and service. The service segment is expected to show the highest growth rate in the voice user interface market over the forecast years. The Voice UI service is a specially designed technology based on artificial intelligence technology and enables smooth communication between users and smart digital devices and provides them with hands and eyes free access to their devices.
Based on application, the market is segmented into smart speakers, interactive voice response, voice-enabled devices, smartphones & tablets and others. Smartphones and tablets are expected to show the highest growth rate during the forecast period. This is the most affordable segment of voice user interface. In today’s era, almost everyone owns a smartphone or a tablet or both in some cases.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific and Latin America, Middle East & Africa. APAC is expected to show the fastest growth rate in the market over the forecast period. The presence of developing countries like China and India is one of the major reasons for the rapid adoption of voice user interface technologies in the region.
Cardinal Matrix – Voice User Interface Market Competitive Analysis
The major strategies followed by market players 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 among the leading market innovators.
The market research report covers the analysis of major market players. Key companies featured 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.
Main topics covered:
Chapter 1. Market Scope and Methodology
Chapter 2. Market Overview
126.96.36.199 Market composition and scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market constraints
Chapter 3. Competitive Analysis – Global
3.1 Cardinal matrix
3.2 Recent Industry-Wide Strategic Developments
3.2.1 Partnerships, collaborations and agreements
3.2.2 Product launches and product extensions
3.2.3 Acquisitions and mergers
3.3 Main winning strategies
3.3.1 Key Primary Strategies: Percentage Breakdown (2017-2021)
3.3.2 Key Strategic Movement: (Partnerships, Collaborations and Agreements: 2017, January – 2021, November) Key Players
Chapter 4. Global Voice User Interface Market by Vertical
4.1 Global Consumer Electronics Market by Region
4.2 Global Smart Speakers and e-Commerce Market by Region
4.3 Global Automotive and Transportation Market by Region
4.4 Global Government and Defense Sector Market by Region
4.5 Global Healthcare & Life Sciences Market by Region
4.6 Global BFSI by Region
4.7 Global Travel and Hospitality Market by Region
4.8 Global Other Verticals Market by Region
Chapter 5. Global Voice User Interface Market by Offer
5.1 Global Solutions Market by Region
5.2 Global Services Market by Region
Chapter 6. Global Voice User Interface Market by Application
6.1 Global Smart Speakers Market by Region
6.2 Global Interactive Voice Response Market by Region
6.3 Global Voice-Enabled Devices Market by Region
6.4 Global Smartphone and Tablet Market by Region
6.5 Global Others Market by Region
Chapter 7. Global Voice User Interface Market by Region
Chapter 8. Business Profiles
8.1 Microsoft Corporation
8.1.1 Company Overview
8.1.2 Financial analysis
8.1.3 Sectoral and regional analysis
8.1.4 Research & Development expenses
8.1.1 Strategies and recent developments:
188.8.131.52 Partnerships, collaborations and agreements:
8.1.2 SWOT Analysis
8.2 Amazon.com, Inc.
8.2.1 Company overview
8.2.2 Financial analysis
8.2.3 Sectoral and regional analysis
8.2.4 Strategies and recent developments:
184.108.40.206 Product launches and product extensions:
8.2.5 SWOT analysis
8.3 Apple, Inc.
8.3.1 Company Overview
8.3.2 Financial analysis
8.3.3 Product and Regional Analysis
8.3.4 Research and development costs
8.3.5 Strategies and recent developments:
220.127.116.11 Acquisition and merger:
18.104.22.168 Product launches and product extensions:
8.3.6 SWOT Analysis
8.4 Google LLC
8.4.1 Company Overview
8.4.2 Financial analysis
8.4.3 Sectoral and regional analysis
8.4.4 Research and development costs
8.4.5 SWOT Analysis
8.5 Baidu, Inc.
8.5.1 Company Overview
8.5.2 Financial analysis
8.5.3 Segmental analysis
8.5.4 Research and development costs
8.5.5 Strategies and recent developments:
22.214.171.124 Partnerships, collaborations and agreements:
126.96.36.199 Product launches and product extensions:
8.5.6 SWOT Analysis
8.6 Meta Platforms, Inc.
8.6.1 Company Overview
8.6.2 Financial analysis
8.6.3 Regional Analysis
8.6.4 Research and development costs
8.6.5 SWOT Analysis
8.7 Advanced Speech Recognition Systems, Inc.
8.7.1 Company Overview
8.8 SoundHound, Inc.
8.8.1 Company Overview
8.8.2 Strategies and recent developments:
188.8.131.52 Partnerships, collaborations and agreements:
184.108.40.206 Acquisition and merger:
For more information on this report, visit https://www.researchandmarkets.com/r/gfj49y