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The Voice User Interfaces Market size is forecast to increase by USD 50.73 billion, at a CAGR of 23.39% between 2023 and 2028. Market growth relies on various factors, notably the surging digital transformation, widespread adoption of technology in healthcare, and increasing uptake of technologically advanced mobile devices. These elements collectively drive market expansion, reflecting a broader trend toward digitalization and innovation across industries. The accelerated pace of digital transformation revolutionizes business operations and consumer interactions, fostering market opportunities and efficiency gains. Furthermore, the integration of technology in the healthcare sector enhances patient care delivery, streamlines administrative processes, and drives medical advancements, propelling market growth. Additionally, the rising prevalence of advanced mobile devices underscores changing consumer behaviors and preferences, shaping market dynamics and driving demand for mobile-centric products and services. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 to 2022.
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The market is witnessing rapid growth, driven by the proliferation of smart device and the demand for seamless voice interaction experiences. With incar voice control becoming increasingly prevalent, automotive infotainment systems are integrating advanced voice control functionalities for enhanced user experience. This market extends beyond hardware to encompass voice analytics and services segment, offering insights into user behavior and preferences. Innovations in automatic speech recognition and dialog management contribute to biometric security and infrastructure modernization. Platforms like Alexa Store and services like streaming music and managing alarms underscore the versatility of voice interfaces in daily life. As user research and touchpoint drive conversation design, the Voice User Interface market continues to evolve, shaping the future of human-computer interaction.
The increasing adoption of technology in healthcare sector is the key factor driving the growth of the market. There has been raised use of mobile devices such as smartphones, tablets, and personal digital assistants (PDAs) in the healthcare sector. This has led to the development of different apps. These mobile apps are integrated with voice biometrics to avoid unauthorized access to patient records. Voice biometrics enhances customer service with the implementation of voice e-signatures for confidential data.
For instance, Nuance Communications provides several applications in the healthcare sector for contact center security, access to patient information, and password reset. The company's VocalPassword is used by hospitals for the verification of callers when a call center agent responds to requests for patient information and services. Hence, such factors will fuel the growth of the market during the forecast period.
The increasing popularity of voice commerce is the primary trend shaping the growth of the market. Voice commerce is a technology that provides an alternative to using a keyboard and mouse or smartphone for ordering and purchasing products online. Consumers can give voice commands to smart speakers integrated with virtual assistants such as Google Assistant or Amazon Alexa for searching and buying products online. With the benefit of voice commerce, completing a purchase becomes fast and convenient.
Moreover, in the case of Amazon, customers can use an Alexa-enabled smart speaker to search, order, and buy products from Amazon using voice commands. In addition, online purchases are made easy with innovative options present in smart speakers. Thus, the growing popularity of voice commerce will be a significant trend driving the demand for voice user interfaces, and, in turn, the growth of the market during the forecast period.
Threat from fake setup apps and counterfeit products is a challenge that affects market growth. The fake setup apps can impact consumer trust and brand reputation, which can affect the tangible and intangible assets of companies. There have been other instances where counterfeit products imitating the original products sold by the global voice user interfaces (VUI) market players were sold through unauthenticated third-party sources.
For instance, in November 2020, Xiaomi India reported that over 3,000 products consisting of smart speakers, mobile back cases, headphones, power banks, chargers, and earphones were being sold by unauthorized authorities in India under the company's brand name. Thus, such factors are expected to hinder the growth of the market during the forecast period.
The market share growth by the smart speakers segment will be significant during the forecast period. Smart speakers use wireless connectivity through Bluetooth or Wi-Fi or wireless protocols and connect to smart homes and other devices such as smartphones and televisions. They are powered by virtual assistants, which are driven by artificial intelligence (AI). These speakers perform tasks like playing the music of choice in music streaming apps and ordering the food in food cart apps.
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The smart speakers segment showed a gradual increase in the market share of USD 3.81 billion in 2018. Smart speakers also perform other activities such as providing weather updates and the latest news, listing day-to-day activities, and integrating with smart home appliances. These multiple features provide an edge to the smart speakers segment over other products and services. The increasing number of home renovation projects, the growing popularity of digital streaming and OTT platforms, and easy integration with other smart home devices are fueling the demand for smart speakers. Hence, the smart speakers segment is expected to grow significantly in the voice user interfaces market during the forecast period.
The solution segment growth is mainly driven by rising market penetration of connected devices and digital transformation. The voice user interface gives end-users the increased ability to multitask, as users can focus on another task without getting distracted. Moreover, the growing competition between startups and established players is leading to the development of new AI-based voice user interface products that run deep learning programs and algorithms. In addition, established players like Amazon, Google LLC, and Apple Inc. are forming partnerships and organizing frequent product launches to gain a competitive edge. Hence, such developments will strengthen the market presence of established players, thus driving the segment growth in the voice user interfaces market during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US and Canada are the key revenue contributors to the voice user interfaces market in the region. End-user industries in the region, such as automotive, retail, healthcare, media and entertainment, hospitality, and BFSI, are adopting voice user interfaces in their operations to gain a competitive edge in the market and improve the performance of their operations.
Moreover, the presence of a large market players base, such as Amazon, Google LLC, and Apple Inc., in North America, especially in the US, and the innovative and customized offerings provided by them for various end-user industries such as BFSI are propelling the growth of the voice user interfaces market in the region. Thus, such factors will drive the growth of the market in the region during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is expanding rapidly, driven by the integration of voice assistants across various consumer electronics and smart device, including automotive vehicles. With platforms like ComScore providing insights into user behavior, managing alarm functions and adjusting lights or temperature in a sitting room are seamlessly executed through voice commands. Interviewing and competitor analysis inform design specs and scenarios for optimal voice interface development. In cities like Amsterdam, where utterance and variation in intent are crucial, voice assistant offer efficient channel management and touchpoint for users to interact with devices. From controlling home appliances to hear music, the versatility of voice interfaces continues to evolve, shaping the future of human-machine interaction.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.39% |
Market growth 2024-2028 |
USD 50.73 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
22.4 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, China, South Korea, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advanced Voice Recognition Systems Inc., Alan AI Inc., Alphabet Inc., Amazon.com Inc., Apple Inc., Baidu Inc., CastleOS Software LLC, International Business Machines Corp., Microsoft Corp., Picovoice Inc., Samsung Electronics Co. Ltd., Sonos Inc., SoundHound AI Inc., Speechly, Whatfix Pvt. Ltd., and Zaion SAS |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
[06-06 10:12 am] Saket Bahuguna
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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