PUBLISHER: Grand View Research | PRODUCT CODE: 1363484
PUBLISHER: Grand View Research | PRODUCT CODE: 1363484
The global voice user interface market size is anticipated to reach USD 92.4 billion by 2030, registering a CAGR of 21.3% from 2023 to 2030, according to a new report by Grand View Research, Inc.. The market has been experiencing significant growth in recent years due to the increasing number of voice assistants and smart speakers popular among consumers. The convenience of hands-free interactions and the growing ecosystem of compatible devices contributed to the continued adoption of voice user interfaces (VUIs).
The rise of smart speakers like Amazon Echo (Alexa), Google Home (Google Assistant), and Apple HomePod (Siri) has been a major growth driver for the VUI market. Consumers found voice-activated devices convenient for tasks like playing music, controlling smart home devices, setting reminders, and answering queries. Moreover, voice user interfaces were being integrated into an ever-expanding range of devices and applications, including smartphones, smart TVs, cars, wearables, and home appliances. This trend was fueled by the desire to create more natural and hands-free interactions with technology.
Advances in artificial intelligence (AI) and natural language processing (NLP) technologies have driven market growth. These technological improvements have significantly enhanced voice-based systems' capabilities and user experience, making them more accurate, efficient, and user-friendly. For example, AI-powered speech recognition algorithms have become increasingly sophisticated, enabling VUIs to understand and interpret spoken language more accurately. As a result, users experience fewer errors and frustrations during interactions, leading to higher satisfaction and increased usage.
Enterprises have increasingly explored using voice user interfaces for various business applications. Adopting VUIs in the business world offers several advantages, including improved efficiency, enhanced user experience, and increased productivity. For example, voice user interfaces are employed in customer support and service applications to handle common customer queries, provide self-service options, and offer real-time assistance. This reduces the need for human intervention in routine inquiries, leading to cost savings and faster response times. Moreover, voice user interfaces equipped with advanced NLP capabilities are being used for data analysis and generating business insights. By interacting with VUIs, decision-makers can receive natural language summaries of complex data and obtain valuable insights to support strategic decision-making.