What Fueled The Previous Growth In The Voice User Interface Market?
The voice user interface market has seen considerable growth due to a variety of factors.
• There has been a significant increase in the size of the voice user interface market in recent times. It is predicted to surge from $25.25 billion in 2024 to $30.46 billion in 2025, reflecting a compound annual growth rate (CAGR) of 20.6%. Factors such as the widespread use of smart devices, accessibility and inclusivity, consumer inclination for contactless interaction, enhanced speech recognition precision, and enterprise adoption for enhancing productivity have contributed to the growth witnessed in the historic period.
What Can Be Expected from the Voice User Interface Market Size In The Coming Years?
The Voice User Interface market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of voice user interface is expected to experience a significant surge, anticipated to reach $68.74 billion by 2029 with a Compound annual growth rate (CAGR) of 22.6%.
This projected growth could be due to factors such as the continuous expansion of the smart speaker market, globalization and language support capabilities, an increase in medical uses, and the customization and personalization options it provides. Other contributing factors might include the rise of voice-activated gaming. Additionally, its integration into consumer electronics and IoT devices, advancements in NLP, multimodal interfaces, and voice-enabled screens, voice-controlled commerce and online shopping, voice-based authentication and security and its incorporation in education and e-learning could be some of the significant trends for the forecasted period.
What Are the Critical Driver Fuelling The Voice User Interface Market's Growth?
The surge in artificial intelligence utilization is anticipated to fuel the growth of the voice user interface (VUI) market. Artificial intelligence is the replication of human intelligence by machines. VUI applies AI technology allowing interaction with various devices. The trend of voice AI is increasing in popularity owing to several third-party platforms, as it provides a superior customer experience. Consequently, a growing number of businesses are integrating the use of AI technology into their expansion plans, thereby boosting the VUI market. For example, the Global AI Adoption Index 2022 survey, published by the US-based technology firm IBM, involved 7,500 global businesses. It found that 13% of organizations are expected to have adopted AI globally in 2022, while 35% of companies revealed they utilize AI in their business operations, marking a four-point climb from the previous year. Hence, the burgeoning use of artificial intelligence is accelerating the expansion of the voice user interface (VUI) market.
How Is The Voice User Interface Market segmented?
The voice user interface market covered in this report is segmented –
1) By Product: Solution, Service
2) By Technology: AI-Based, Non-AI Based
3) By Application: Smart Speakers, Interactive Voice Response, On-Premise Solutions, Cloud Solutions, Voice-Controlled Devices, Smartphones And Tablets, Other Applications
4) By Industry Vertical: BFSI, Retail And Ecommerce, Consumer Electronic, Automotive And Transportation, Healthcare And Life Science, Travel And Hospitality, Government And Defense Sector, Other Industry Verticals
Subsegments:
1) By Solution: Voice Recognition Software, Natural Language Processing (NLP) Tools, Speech-To-Text Systems, Voice-Activated Control Systems, Voice Analytics Platforms
2) By Service: Voice Interface Design Services, Integration Services, Maintenance And Support Services, Consulting Services
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What New Trends Are Influencing The Voice User Interface Market?
The voice user interface market is experiencing a surge in interest due to technological advancements. Major players in the market are concentrating on the innovation of new products like the Logitech VoiceMouse m380 wireless mouse, which features speech recognition technology. To illustrate, in March 2024, Nvidia Healthcare, a healthcare and life science industry based in the US, introduced microservices. These include optimized NVIDIA NIM AI models and workflows with established industry APIs, intended to act as foundational elements for the development and implementation of cloud-native applications. These services encompass advanced imaging, natural language and speech recognition, and the creation, prediction, and simulation of digital biology.
Who Are the Key Players In The Voice User Interface Market?
Major companies operating in the voice user interface market include:
• 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
• Renesas Electronics Corporation
• Charles River Analytics Inc.
• Kasisto Inc.
• Kardome Ltd.
• Fluent.ai Inc.
• Voxable Inc.
• Sensory Inc.
• iFlytek Co. Ltd.
• HARMAN International
• ClearOne
• Crestron Electronics Inc.
• Shure Incorporated
• Zoom Video Communications Inc.
What Is The Most Dominant Region In The Voice User Interface Market?
North America was the largest region in the voice user interface market in 2024. 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.
