Voice User Interface Industry

Surge in voice biometric security applications and the rise in penetration of Internet of Things propel the growth of the global voice user interface market.

PORTLAND, PORTLAND, OR, UNITED STATES, February 9, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, 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.

A voice user interface (VUI) is a deliberate approach enabling users to interact with their smart devices through speech recognition technology, facilitating access to various functionalities. This interface utilizes speech recognition to understand verbal commands, thereby enhancing the integration of voice within Internet of Things applications.

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Furthermore, advancements in consumer electronics, graphics processing, and cloud computing have spurred the adoption of artificial intelligence, machine learning, and speech recognition technologies within the consumer electronics sector, unlocking the potential of VUI-based digital applications. Additionally, next-generation VUIs like Alexa, Siri, and Google Assistant represent an evolution in voice interfaces, transforming spoken commands into digital data. Moreover, the increasing integration of virtual assistants into automotive vehicles serves as a significant driver, fueling the demand for voice user interfaces.

Additionally, the backend infrastructure, including artificial intelligence technologies utilized for creating speech components in in-voice user interfaces, is often distributed across both private and cloud environments where user speech is processed. Furthermore, rapid automation within the residential and automotive sectors stands out as a significant trend in the voice user interface market.

The expansion of the global voice user interface market is primarily fueled by the increasing penetration of Internet of Things-based digital home applications and a high demand for self-service applications. However, concerns surrounding data or information privacy associated with voice user interface-enabled devices pose a significant challenge to market growth. Conversely, advancements in artificial intelligence technology and the growing demand for voice user interface-based navigation systems in the automotive sector present promising opportunities for the industry during the forecast period.

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In 2020, the solution segment was the largest contributor to the market, with the consumer electronics and automotive & transportation industries collectively accounting for approximately 63.0% of the market share. The surge in adoption of cloud-computing technology applications across enterprises in the consumer electronics and automotive sectors has been instrumental in driving the growth of the solution segment.

The outbreak of COVID-19 has had a significant impact on the voice user interface market. Delays in construction projects due to partial or complete lockdowns in various regions have notably reduced the demand for voice user interface-based digital applications during the pandemic. However, there has been an increase in demand from the residential sector, driven by a surge in demand for digital applications and the implementation of work-from-home policies by several governments, leading to prominent growth in the residential sector for voice user interfaces. Furthermore, the consumer electronics sector has experienced significant growth during and after the pandemic in the voice user interface market.

Regionally, North America held a significant share of the voice user interface market in 2020. The adoption of smart speakers and voice assistant solutions at both residential and commercial levels is expected to drive market growth in this region. Additionally, the increasing demand for voice assistant and speech recognition technologies across retail & consumer and BFSI sectors in North America is anticipated to further boost market growth in the region.

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Impact of Covid-19 Voice User Interface Market-

• The outbreak of covid-19 has increased the demand for voice assistant solutions to for upcoming uncertainties. In addition, the demand for voice-controlled device has also increased along with interactive voice response applications in residential, BFSI, and commercial sectors.

• Moreover, the demand is expected to remain constant post-pandemic as well.

Leading market players

• Baidu, Inc.
• BioTrust ID B.V.
• CastleOS Software, LLC
• Facebook
• Google
• Microsoft Corporation
• Advanced Voice Recognition Systems, Inc.
• Agnitio S.L.
• Apple, Inc.
• Amazon, Inc.

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