Voice UI Market To Reach $ 95.41 Billion Globally By 2030 At 21.5% CAGR: Allied Market Research
PORTLAND, Ore., August 3, 2021 / PRNewswire / – Allied Market Research published a report titled, “Voice UI market by offering (solution and service), application (smart speakers, interactive voice response, voice activated devices, smartphones and tablets and others), vertical (BFSI, retail and e-commerce, large electronics public, automotive and transportation, Health and life sciences, Travel and hospitality, and Government and defense, and others): Global opportunity analysis and industry forecast, 2021-2030. “ According to the report, the global voice user interface industry has generated $ 13.65 billion in 2020, and should collect $ 95.41 billion by 2030, representing a CAGR of 21.5% from 2021 to 2030.
Main determinants of growth
The rise of voice biometric security applications, increasing penetration of Internet of Things, and growing demand for self-service applications are propelling the growth of the global voice user interfaces market. However, increasing concerns about data privacy of voice activated smart devices is hampering market growth. On the other hand, advances in AI technology present new opportunities in the years to come.
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Covid-19 Voice User Interface Market Impact
- The covid-19 epidemic has increased the demand for voice assistant solutions for the uncertainties ahead. In addition, the demand for voice-activated devices has also increased, as have interactive voice response applications in the residential, BFSI and commercial sectors.
- In addition, demand is also expected to remain constant after the pandemic.
Get a detailed analysis of the impact of COVID-19 on the voice user interfaces market
The solutions segment to maintain its leading status during the forecast period
Based on supply, the solutions segment accounted for nearly two-fifths of the global voice user interface market in 2020 and is expected to maintain its leading status during the forecast period. This is due to the various advantages of voice user interface solutions, such as flexibility, multitasking, accessibility, and privacy. However, the service segment is expected to have the highest CAGR of 22.90% from 2021 to 2030. Voice UI service is a specialized artificial intelligence technology solution that allows users to interact with devices controlled by computer to provide hands-free access, information, and answers. This factor is the driving force behind the growth of the segment.
The smart speaker segment will maintain its leading position by 2030
On the basis of applications, the smart speaker segment held the largest market share in 2020, contributing over a quarter of the global voice user interface market in 2020, and is expected to maintain its leadership position by 2020. 2030. Increase in the adoption of smart speakers in the residential sector, due to the offer of control over the smart home application solution through voice recognition, is driving the growth of the segment. However, the smartphone and tablet segment is expected to experience the highest CAGR of 23.9% from 2021 to 2030. The fact that the voice assistant solution based on the voice user interface is widely used in IT applications for smartphones and tablets to provide flexible voice recognition solutions and hands-free interaction are driving the growth of the segment.
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North America to continue to dominate in terms of turnover by 2030
Depending on the region, North America accounted for the highest market share in 2020, holding more than a third of the global voice user interface market, and is expected to continue to dominate in terms of revenue by 2030. This is due to the availability of leading players plan such as Apple, Amazon, Google and Facebook and availability of rapidly developing advanced voice assistant solutions. However, Asia Pacific is expected to experience the fastest CAGR of 23.30% from 2021 to 2030. This is attributed to the awareness of cloud computing technology and artificial intelligence applications to improve resource utilization and various benefits of services voice assistant.
The main market players
- Baidu, Inc.
- BioTrust ID BV
- CastleOS Software, LLC
- Microsoft Corporation
- Advanced Voice Recognition Systems, Inc.
- Agniio SL
- Apple Inc.
- Amazon, Inc.
Official press release: https://www.alliedmarketresearch.com/press-release/voice-user-interface-market.html
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Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 verticals including life sciences, consumer goods, materials and chemicals, construction and manufacturing, food and beverage, energy and power, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense and BFSI.
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