Dublin, March 28, 2022 (GLOBE NEWSWIRE) -- The "Global Voice User Interface Market By Vertical, By Offering, By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Voice User Interface Market size is expected to reach $45.94 billion by 2027, rising at a market growth of 23.4% CAGR during the forecast period.
In the era of rapid advancement of technologies along with increasing adoption of modernization, the Voice user interface emerged as a really useful technology for convenience and comfort of the consumers. It also comprises the function of text to speech which allows the user to listen a text. It turns the text into speech through the help of machine learning. The Voice user interface market is rapidly growing and is expected to grow more in upcoming years.
The advanced Voice user interface technology comprises speaker-independent capabilities which allow integrated devices to respond to the multiple voices. This technology can be incorporate with multiple voices irrespective of the accent of the user.
COVID-19 Impact Analysis
The Covid-19 has become a recurring deadly and infectious virus which is restraining the growth of various economies across the world. However, the economy is steadily recovering from the impact of the lethal pandemic, but the damage it has done to the industries cannot be reversed. The Covid-19 also hindered the Voice user interface market. In 2020, the Voice user interface market faced a major loss due to the Covid-19 pandemic. As per the guidelines served by the government during the pandemic, manufacturing units of all the products, all over the world were shut including digital devices.
Due to the lack of demand for Voice user interface technology, the development and deployment of these technologies was on hold. However, a lot of people demanded the technology due to its feature of allowing them to run their appliances through commands, eliminating the need of touching any surface.
Market Growth Factors:
Growing trends of technologies, digitalization and Automation
With the advancement of technology, there is a rise in the number of people using artificial intelligence and robotics in all aspects of their life. Voice user interfaces increase productivity by allowing the user to perform multiple tasks simultaneously. For instance, with the help of the Voice user interface, the user can cook and write an email at the same time. Furthermore, a large number of geriatric population find Voice user interface more helpful as it makes typing easier as their visual and motor abilities make reading and typing on smart devices difficult.
Increasing popularity of Social media platforms
In the modern era, a variety of new and interesting technologies has emerged. With the integration of numerous technologies with each other, these technologies have facilitated a lot of tasks for human. Likely, the integration of Voice user interface has ease-up the operation of social media platforms for users. Social media is a rapidly growing trend across the world as it allows various artists to showcase their talent to audience across the world. Moreover, social media platforms such as Linkedin, is enabling people to build a significant number of links through internet.
Market Restraining Factor:
Lack of accuracy in processing the voice output
Though the Voice user interface is facilitating the daily life of its users by offering interaction with machines and devices, the technology lacks complete accuracy in proceeding voice inputs. The Voice user interface is based on artificial intelligence which works on an allotted dictionary. That dictionary comprises a lot of words with resembling pronunciation. The machine, in some cases, confuses the words with each other causing error in response of the user's output. The lack of accuracy in the Voice user interface causes grammatical errors and spelling mistakes in the output.
Vertical Outlook
Based on Vertical, the market is segmented into Consumer Electronic, Smart Speakers & E-commerce, Automotive & Transportation, Government & Defense Sector, Healthcare & Life Science, BFSI, Travel & Hospitality and Others. The government and defense is gradually adopting the Voice user interface. The Voice user interface is being integrated in a variety of government applications to facilitate the operation of the apps to users.
Offerings Outlook
Based on Offering, the market is segmented into Solution and Service. The service segment is expected to showcase the highest growth rate of the Voice user interface market in forecasting years. The Voice user interface service is a specially designed technology based on artificial intelligence technology and enables smooth communication between the users and smart digital devices and offers them a hand-and eye-free access to their devices.
Application Outlook
Based on Application, the market is segmented into Smart Speakers, Interactive Voice Response, Voice Controlled Devices, Smartphone & Tablets and Others. The smartphones and tablets is expected to exhibit the highest growth rate during the forecasting period. This is the most affordable segment of the Voice user interface. In the current era, almost everyone owns a smartphone or tablet or both in some cases.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC is expected to display the fastest growth rate in the market during the forecasting period. The presence of the developing countries like China and India is a key reason behind the speedy adoption of the Voice user interface technologies across the region.
Cardinal Matrix - Voice User Interface Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Apple, Inc. are the forerunners in the Voice User Interface Market. Companies such as Amazon.com, Inc., SoundHound, Inc., and Baidu, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Amazon.com, Inc., Apple, Inc., Google LLC, Baidu, Inc., Meta Platforms, Inc., Advanced Voice Recognition Systems, Inc., and SoundHound, Inc.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2017, Jan - 2021, Nov) Leading Players
Chapter 4. Global Voice User Interface Market by Vertical
4.1 Global Consumer Electronic Market by Region
4.2 Global Smart Speakers & E-commerce Market by Region
4.3 Global Automotive & Transportation Market by Region
4.4 Global Government & Defense Sector Market by Region
4.5 Global Healthcare & Life Science Market by Region
4.6 Global BFSI by Region
4.7 Global Travel & Hospitality Market by Region
4.8 Global Other Verticals Market by Region
Chapter 5. Global Voice User Interface Market by Offering
5.1 Global Solution Market by Region
5.2 Global Service Market by Region
Chapter 6. Global Voice User Interface Market by Application
6.1 Global Smart Speakers Market by Region
6.2 Global Interactive Voice Response Market by Region
6.3 Global Voice Controlled Devices Market by Region
6.4 Global Smartphone & Tablets Market by Region
6.5 Global Others Market by Region
Chapter 7. Global Voice User Interface Market by Region
Chapter 8. Company Profiles
8.1 Microsoft Corporation
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Segmental and Regional Analysis
8.1.4 Research & Development Expenses
8.1.1 Recent strategies and developments:
8.1.1.1 Partnerships, Collaborations & Agreements:
8.1.2 SWOT Analysis
8.2 Amazon.com, Inc.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Recent strategies and developments:
8.2.4.1 Product Launches and Product Expansions:
8.2.5 SWOT Analysis
8.3 Apple, Inc.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Product and Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
8.3.5.1 Acquisition and Mergers:
8.3.5.2 Product Launches and Product Expansions:
8.3.6 SWOT Analysis
8.4 Google LLC
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expense
8.4.5 SWOT Analysis
8.5 Baidu, Inc.
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental Analysis
8.5.4 Research & Development Expenses
8.5.5 Recent strategies and developments:
8.5.5.1 Partnerships, Collaborations & Agreements:
8.5.5.2 Product Launches and Product Expansions:
8.5.6 SWOT Analysis
8.6 Meta Platforms, Inc.
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Regional Analysis
8.6.4 Research & Development Expense
8.6.5 SWOT Analysis
8.7 Advanced Voice Recognition Systems, Inc.
8.7.1 Company Overview
8.8 SoundHound, Inc.
8.8.1 Company Overview
8.8.2 Recent strategies and developments:
8.8.2.1 Partnerships, Collaborations & Agreements:
8.8.2.2 Acquisition and Mergers:
For more information about this report visit https://www.researchandmarkets.com/r/gfj49y
