Speak, Listen, Adapt: A Report on the Voice User Interface Market 2030

According to a new report published by Allied Market Research, titled, "Voice User Interface Market by Offering, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030," the voice user interface market size was valued at $13.65 billion in 2020, and is projected to reach at $95.41 billion by 2030, growing at a CAGR of 21.5% from 2021 to 2030.

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A voice user interface is an advanced artificial intelligence-based technology able to make spoken human interaction with digital or computer applications using speech recognition software to understand and answer spoken commands. A sequence of artificial intelligence technologies is intended to build virtual user interfaces such as automatic speech recognition, named entity recognition, and speech synthesis.

Furthermore, the backend infrastructure such as artificial intelligence technologies used to create in-voice user interface speech components are often stored across private and cloud where user speech is processed. Moreover, rapid automation across residential and automotive sectors is considered as one of the major voice user interface market trends.

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The growth of the global voice user interface is majorly driven by surge in penetration of Internet of Things-based digital home applications and high demand for self-service applications. However, rise in concerns regarding data or information privacy related to voice user interface-enabled devices is acting as a prime restraint of the global market. On the contrary, development in artificial intelligence technology and surge in demand for voice user interface-based navigation system technology in the automotive sector are anticipated to provide lucrative opportunities for the voice user interface industry during the forecast period.

Based on offering, the solution segment accounted for nearly two-fifths of the global voice user interface market in 2020, and is projected to maintain its leadership status during the forecast period. This is due to various benefits of the voice user interface solutions, such as flexibility, multitasking, accessibility, and privacy. However, the service segment is expected to manifest the highest CAGR of 22.90% from 2021 to 2030. Voice user interface service is a specialized artificial intelligence technology solution that allows users to interact with computer-operated devices to provide hand-free access, information, and answers. This factor drives the growth of the segment.

Based on application, the smart speakers segment held the largest market share in 2020, contributing to more than one-fourth of the global voice user interface market in 2020, and is estimated to maintain its lead position by 2030. Rise in the adoption of smart speakers in the residential industry, due to the offer of control over smart home application solution through voice recognition drives the growth of the segment. However, the smartphones and tablets segment is projected to witness the highest CAGR of 23.9 % from 2021 to 2030. The fact that voice user interface-based voice assistant solution is widely used in computer-operated applications for smartphones and tablets to offer flexible speech recognition solutions and hand-free interaction propel the segment growth.

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Based on region, North America accounted for the highest market share in 2020, holding more than one-third of the global voice user interface market, and is expected to continue its dominance in terms of revenue by 2030. This is owing to the availability of prime players such as Apple, Amazon, Google, and Facebook and availability of rapidly developing advanced voice assistant solutions. However, Asia-Pacific is expected to witness the fastest CAGR of 23.30% from 2021 to 2030. This is attributed to rise in awareness about cloud computing technology and artificial intelligence applications to enhance resource utilization and various benefit from the voice assistant services.

Impact of Covid-19 Voice User Interface Market

The COVID-19 pandemic has accelerated the adoption and evolution of Voice User Interfaces across various sectors. The need for contactless interactions, remote work solutions, e-commerce trends, healthcare applications, and IoT integration has all contributed to the growing demand for VUI technologies. However, challenges in production and supply chains have also been notable during this period.

1. Increased Demand for Contactless Interfaces: With the need for reduced physical contact and increased hygiene measures, there has been a surge in demand for touchless and contactless interfaces. Voice User Interfaces offer a hands-free way to interact with devices, which has become particularly appealing during the pandemic.

2. Rise in Remote Work and Virtual Assistants: The pandemic accelerated the shift to remote work for many businesses. This led to an increased reliance on virtual assistants and voice-activated technologies to facilitate communication and streamline tasks. Voice assistants like Amazon Alexa, Google Assistant, and Microsoft Cortana have seen increased adoption both in homes and workplaces.

3. E-commerce and Shopping Trends: The pandemic caused a significant increase in online shopping and e-commerce activities. Voice shopping through devices like smart speakers and virtual assistants has gained popularity as consumers seek convenient and efficient ways to make purchases from the safety of their homes.

4. Healthcare Applications: Voice User Interfaces have been increasingly used in healthcare settings, allowing for hands-free communication between healthcare professionals and patients. This has been especially useful in situations where direct contact may pose a risk of transmission.

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The key players profiled in the global voice user interface market analysis include Advanced Voice Recognition Systems, Inc., Agnitio S.L, Apple, Inc., Amazon, Inc., Baidu, Inc., BioTrust ID B.V., CastleOS Software, LLC, Facebook, Google, Microsoft Corporation. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the voice user interface market.

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