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.
COVID-19 Impact Analysis
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.
Market Growth Factors:
Growing trends of technologies, digitalization and Automation
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.
Increasing popularity of Social media platforms
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.
Market Restraining Factor:
Lack of accuracy in processing the voice output
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.
Vertical Outlook
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.
Offerings Outlook
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.
Application Outlook
Based on Application, the market is segmented into Smart Speakers, Interactive Voice Response, Voice Controlled Devices, Smartphone & Tablets and Others. The smartphones and tablets is expected to 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.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC is expected to 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.
Cardinal Matrix - Voice User Interface Market Competition Analysis
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.
Recent Strategies Deployed in Voice User Interface Market
Partnerships, Collaborations and Agreements:
- Nov-2021: SoundHound joined hands with Oracle Cloud Infrastructure (OCI), cloud services that enable you to build and run a wide range of applications and services. Under this collaboration, OCI is expected to support the voice AI platform of SoundHound as it manages a large number of queries and scales to support booming growth and global expansion.
- Apr-2021: Baidu Brain formed a partnership with Logitech. Following the partnership, the companies rolled out the latest Logitech Voice M380 Wireless Mouse inbuilt with speech input in China. Moreover, the new product is developed particularly for the individuals who generate bulk content and enable a person to dictate with his voice, developing content two or three times faster than typing.
- Jan-2021: Microsoft teamed up with Yellow Messenger, the world’s leading conversational AI platform. The collaboration aimed to bring transformation in its voice automation solution with the help of Azure AI Speech Services and Natural Language Processing (NLP) tools. Following the collaboration, the companies is expected to build a voice assisting platform with human-like understanding and responding on the basis of dialect, sentiment, and workflow of the user.
- Nov-2020: SoundHound formed a partnership with Hyundai, a South Korean multinational automotive manufacturer. Under this partnership, the Houndify Voice AI platform is expected to be integrated into Hyundai’s new 2021 Elantra and Elantra Hybrid with select models. Through this partnership, Soundhound aimed to expand its rapid and precise voice AI technology to integrate into upcoming vehicles in the North American market.
- Sep-2020: SoundHound partnered with Wcities, a travel and entertainment content publisher specializing in city guides and event aggregators. This partnership aimed to provide location-based events information to the Houndify voice AI platform. In addition, the partnership is expected to help developers using Houndify with information about above 3 million events happening across the world to include voice-enabled apps and services through Wcities’ eventseeker API.
Acquisitions and Mergers:
- Nov-2021: SoundHound entered into a definitive merger agreement with Archimedes Tech SPAC to form SoundHound AI. Following this merger, SoundHound AI is expected to expedite the vision of a voice-enable environment with conversational intelligence.
- Apr-2020: Apple took over Voysis, a conversational artificial intelligence platform based in Dublin. Following this acquisition, the company is expected to become empowered to include enhancements in Siri, its virtual assistant.
Product Launches and Product Expansions:
- Mar-2021: Apple introduced two new voices to Siri’s English offerings, a virtual voice assistant of Apple. Moreover, the company eliminated the default female voice selection in the new beta version of iOS. Through this, the company offered freedom to users to choose their own languages. With two new voices, the company aimed to add a new variety to the voices of Siri, providing more diversity in speech sound and pattern to a user.
- Jan-2021: Amazon unveiled Alexa Custom Assistant. Through this launch, the company aimed to provide the complete solution to the makers and service providers to develop intelligent assistants customized to the tone of their brand and customer needs. The new assistant is based on Alexa technology, offering organizations thee access to best-in-breed voice AI technology, tailored with an exclusive wake word, skills, voice, and capabilities.
- Nov-2020: Amazon introduced language support in Amazon Lex and Amazon Polly. Through this, the company is expected to enable its customers to leverage AI in the domain of voice AI and conversational interfaces.
- Mar-2020: Amazon rolled outs Voice in its shopping app in India. Through this launch, the company aimed to find innovative ways to interact with the customers. With the help of this feature, customers who are utilizing the Amazon Shopping app can browse products and include selected products to the cart.
Scope of the Study
Market Segments Covered in the Report:
By Vertical
- Consumer Electronic
- Smart Speakers & E-commerce
- Automotive & Transportation
- Government & Defense Sector
- Healthcare & Life Science
- BFSI
- Travel & Hospitality and
- Others
By Offering
- Solution
- Service
By Application
- Smart Speakers
- Interactive Voice Response
- Voice Controlled Devices
- Smartphone & Tablets
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Microsoft Corporation
- Amazon.com, Inc.
- Apple, Inc.
- Google LLC
- Baidu, Inc.
- Meta Platforms, Inc.
- Advanced Voice Recognition Systems, Inc.
- SoundHound, Inc.
Unique Offerings from the Publisher
- Exhaustive coverage
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Table of Contents
Companies Mentioned
- Microsoft Corporation
- Amazon.com, Inc.
- Apple, Inc.
- Google LLC
- Baidu, Inc.
- Meta Platforms, Inc.
- Advanced Voice Recognition Systems, Inc.
- SoundHound, Inc.
Methodology
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