PUBLISHER: The Business Research Company | PRODUCT CODE: 1425922
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425922
Voice User Interface Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on voice user interface market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for voice user interface? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The voice user interface market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A voice user interface (VUI) refers to a technology in speech recognition that allows users to control computers, smartphones, or other devices through voice instructions.
The primary products associated with the voice user interface are solutions and services. Solutions involve the integration of individuals, groups, systems, and technologies to support specific business or technical capabilities addressing various challenges. AI-based and non-AI-based technologies are applied in the development of voice user interfaces, including smart speakers, interactive voice response systems, on-premise solutions, cloud solutions, and voice-controlled devices like smartphones and tablets. These technologies find application across diverse industry verticals, such as BFSI, retail and e-commerce, consumer electronics, automotive and transportation, healthcare, life sciences, travel and hospitality, government and defense, as well as other sectors like media and entertainment, IT and telecom, and the commercial industry.
The voice user interface market research report is one of a series of new reports from The Business Research Company that provides voice user interface market statistics, including voice user interface industry global market size, regional shares, competitors with a voice user interface market share, detailed voice user interface market segments, market trends and opportunities, and any further data you may need to thrive in the voice user interface industry. This voice user interface market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The voice user interface market size has grown exponentially in recent years. It will grow from $21.16 billion in 2023 to $25.78 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth observed in the historical period can be attributed to several factors, including the proliferation of smart devices, a focus on accessibility and inclusivity, consumer preference for hands-free interaction with technology, advancements leading to improved speech recognition accuracy, and increased enterprise adoption of voice user interfaces for enhanced productivity. These factors collectively contributed to the expansion of voice user interface technology during the historical period.
The voice user interface market size is expected to see exponential growth in the next few years. It will grow to $55.86 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The anticipated growth in the forecast period can be attributed to several factors, including the sustained expansion of the smart speaker market, globalization efforts with increased language support, growing applications in healthcare, emphasis on customization and personalization, and the rise of voice-enabled gaming. Major trends expected in the forecast period include the integration of voice user interfaces into consumer electronics and IoT devices, advancements in natural language processing (NLP), the development of multimodal interfaces and voice-enabled screens, the growing influence of voice in commerce and shopping experiences, increased focus on voice authentication and security measures, and the integration of voice user interfaces into education and e-learning platforms. These trends signify the evolving landscape of voice user interfaces, encompassing various industries and technological advancements to meet diverse user needs.
The ascent in artificial intelligence (AI) adoption is poised to drive the Voice User Interface (VUI) market in the coming years. AI, emulating human intelligence in machines, serves as the cornerstone for VUI technology, facilitating seamless communication between users and diverse devices. The increasing trend of integrating voice AI into third-party platforms significantly enhances the customer experience, prompting more companies to incorporate AI technology as part of their growth strategy. As per the Global AI Adoption Index 2022 survey by IBM, involving 7.5k global businesses, there's a notable uptick in AI adoption, with 35% of companies utilizing AI in their operations, marking a four-point surge from 2021. This surge in AI usage is a key driver fueling the growth of the Voice User Interface market.
The burgeoning preference for smart homes is anticipated to fuel the expansion of the Voice User Interface market in the foreseeable future. Smart homes, featuring interconnected devices and systems for remote control and automation, leverage Voice User Interfaces to enable seamless interaction and management through voice commands and virtual assistant integration. The anticipated rise, as reported by Smarthomlady.com, projects a substantial increase in active smart home device users in the US by 2023, reaching 68.6%, along with an estimation of 53.9% of US households being automated through smart home solutions. This surge in smart home adoption directly contributes to the growth of the Voice User Interface market.
Technological advancements are at the forefront of the Voice User Interface market's growth trajectory. Leading market players are actively innovating novel products, exemplified by Logitech's collaboration with Baidu to introduce the Logitech VoiceMouse m380 wireless mouse featuring speech recognition technology. Launched in April 2021, this product harnesses Baidu's AI-driven speech technology, Baidu Brain, enabling faster Chinese text dictation, surpassing typing speeds by 2-3 times. Additionally, the product offers language translation capabilities, showcasing the continuous evolution of Voice User Interface technology to enhance user experiences worldwide.
Prominent entities in the voice user interface sector are driving innovation by introducing groundbreaking products like the Alexa Custom Assistant, aimed at broadening Alexa's scope and meeting the demands of developers. This comprehensive solution, introduced by Amazon.com Inc. in January 2021, empowers device manufacturers and service providers to fashion intelligent assistants tailored to their brand identity and specific customer requisites. The Alexa Custom Assistant offers developers the opportunity to craft personalized voice assistants, facilitating brand-specific interactions and addressing diverse user needs. Positioned as a robust tool, the Alexa Custom Assistant allows companies to create bespoke voice assistants aligned with their unique requirements and applications. Leveraging this solution enables firms to bolster brand distinctiveness, elevate customer engagement, extend market outreach, and streamline development processes, thereby curtailing both time and expenses.
In a strategic move during November 2021, Mountain Leverage, a US-based logistics solutions provider, executed the acquisition of Speech Interface Design, a US-based voice solution company, for an undisclosed sum. This acquisition serves to bolster Mountain Leverage's capabilities, particularly within warehouse operations, by leveraging Speech Interface Design's profound insights and expertise in voice-based solutions. The integration of Speech Interface Design's resources and knowledge base equips Mountain Leverage with enhanced capabilities to provide customers with more comprehensive and refined solutions catering to the intricacies of warehouse operations and beyond.
Major companies operating in the voice user interface market report are Apple Inc., Advanced Voice Recognition Systems Inc., Amazon.com Inc., Baidu Inc., Meta Platforms Inc., Google LLC, Microsoft Corporation, Nuance Communication, Samsung Electronics Co. Ltd., SoundHound Inc., CastleOS LLC, Speechly Oy, Zaion SAS, Vilmate LLC, Renesas Electronics Corporation, Apexon Inc., Charles River Analytics Inc., Kasisto Inc., Kardome Ltd., Kili Technology Corporation, Fluent.ai Inc., Vesper Technologies Inc., Voxable Inc., Sensory Inc., iFlytek Co. Ltd., HARMAN International, ClearOne, Crestron Electronics Inc., Extron Electronics, Shure Incorporated, Zoom Video Communications Inc.
North America was the largest region in the voice user interface market in 2023. Asia-Pacific is expected to be the fastest-growing region in the voice user interface market report during the forecast period. The regions covered in the voice user interface market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the voice user interface market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The voice user interface (VUI) market consists of revenues earned by entities through voice assistants and speech recognition devices. The market value includes the value of related goods sold by the service provider or included within the service offering. The voice user interface market also includes sales of hardware and sensors. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.