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2021

Voice User Interface Market

Voice User Interface Market Size, Share, Competitive Landscape and Trend Analysis Report by Offering, Application, Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2021-2030

IC : Software and Services

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Author's: Pramod Borasi| Himanshu Jangra | Onkar Sumant
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Voice User Interface Market Statistics: 2030

Global voice user interface market size was valued at $13.65 billion in 2020, and is projected to reach $95.41 billion by 2030, registering a CAGR of 21.5% from 2021 to 2030.

The primary advantage of voice user interface technology is to allow users a hands-free, eyes-free way to interact with a digital application while focusing their interest elsewhere. In addition, the modern user interface has empowered users to gain better control over their homes, businesses, and phones. 

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A voice user interface (VUI) is a designed practice that allows users to interact with a system using speech recognition capabilities to assist users to access their smart device. This interface uses speech recognition to perceive spoken commands and improves the integration of voice into the Internet of Things applications. Furthermore, technological advancement in consumer electronics, graphics processing, and cloud computing has propelled the adoption of artificial intelligence, machine learning, and speech recognition-based technology in consumer electronic sector that help to reveal the potential of voice user interface-based digital application technology.

Moreover, second generation VUIs such as Alexa, Siri, and Google Assistant are a new generation voice user interface used to convert speech recognition software analog into a digital format. In addition, rise in incorporation of virtual assistant into automotive vehicles in acting as a prime driver results in growing demand for the voice user interface. 

The voice user interface market is expected to witness notable growth during the forecast period, owing to rise in adoption of Internet of Tings-based smart home applications. Furthermore, increase in voice user interface-based biometric security applications has driven the growth of the market. Moreover, high demand for self-service applications and surge in demand for voice-driven navigation system in the automotive sector are expected to propel the voice user interface market opportunity.

However, increase in concerns related to data privacy from voice-enabled smart devices and complexity in integrating multiple languages restrain the market growth. On the contrary, advancements in the artificial intelligence technology are expected to provide lucrative opportunities for the voice user interface market growth during the forecast period.

The outbreak of COVID-19 has the declined growth rate of the voice user interface market in 2020, and is expected to witness relatively slow growth by the end of 2021. Furthermore, the market was principally hit by several obstacles created amid the COVID-19 pandemic by the manufacturing and consumer electronics industry, such as lack of availability of resources & raw materials, unavailability of skilled workforce, contractual obligations, project delays, and cancellations. Subsequently, the market witnessed decreased demand for voice user interface-based applications.

Voice User Interface Market
By Offering
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Solution is projected as one of the most lucrative segments.

The global voice user interface market is segmented into offering, application, IVR deployment mode, and industry vertical. On the basis of offering, the market is bifurcated into solution and service. The solution segment dominated the voice user interface market share, in terms of revenue, in 2020, and is expected to follow the same trend during the forecast period. The applications covered in the study include smart speaker, interactive voice response, voice controlled devices, smartphone & tablets, and others.

The smart speakers segment was the highest revenue contributor in 2020, and is anticipated to garner significant market share during the forecast period. By IVR deployment mode, the market is categorized into on-premises and cloud. The on-premise segment acquired the largest share in 2020, and is expected to grow at a high CAGR from 2021 to 2030. By industry vertical, the market is fragmented into BFSI, retail & e-commerce, consumer electronics, automotive & transportation, healthcare & life science, travel & hospitality, government & defense, and others. Consumer electronics was the dominant segment, in terms of revenue, in 2020, and is anticipated to witness significant growth during the forecast period. 

Region wise, the voice user interface market trends are analyzed across North America (the U.S. and Canada), Europe (the UK, Germany, France, Italy, Spain, Netherland, and rest of the Europe), Asia-Pacific (China,  India, Japan, South Korea, Australia, and rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America, specifically the U.S., remains a significant participant in the global voice user interface market. Major organizations and government institutions in the country are intensely putting resources into the technology.

For instance, in March 2021, the U.S. President, Joe Biden announced a massive plan to modernize the U.S. infrastructure with an estimated budget of over $2.25 trillion, which is anticipated to offer remunerative opportunities for the manufacturers of voice user interface technology across the region. 

Voice User Interface Market
By Application
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Smart Speakers is projected as one of the most lucrative segments.

Top Impacting Factors

Significant factors that impact the growth of the global voice user interface industry include surge in voice user interface-based biometric security applications and rise in penetration of Internet of Things-based digital home applications. However, increase in concerns regarding data privacy from voice-enabled digital devices is acting as a prime barrier for early adoption, which hampers the growth of the voice user interface market. On the contrary, rise in demand for the voice-driven navigation system in the automotive sector and advancements in artificial intelligence technology are expected to offer potential growth opportunity for the voice user interface industry during the forecast period.

Competition Analysis

Competitive analysis and profiles of the major voice user interface market players such as Advanced Voice Recognition Systems, Inc., Agnitio S.L., Apple, Inc., Amazon, Inc., Baidu, Inc., BioTrust ID B.V., CastleOS Software, LLC, Facebook, Google, and Microsoft Corporation are provided in this report. 

Voice User Interface Market
By Region
2030
North America 
Europe
Asia-Pacific
LAMEA

Asia-Pacific would exhibit the highest CAGR of 23.3% during 2021-2030.

Key Benefits for Stakeholders

  • This study comprises analytical depiction of the voice user interface market size along with the current trends and future estimations to depict the imminent investment pockets.
  • The overall voice user interface market analysis is determined to understand the profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
  • The current voice user interface market forecast is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
  • The report includes the market share of key vendors and voice user interface market trends.

Voice User Interface Market Report Highlights

Aspects Details
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By Offering
  • Solution
  • Service
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By Application
  • Smart Speakers
  • Interactive Voice Response
    • On-premise
    • Cloud
  • Voice-controlled devices
  • Smartphones & tablets
  • Others
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By Industry Vertical
  • BFSI
  • Retail & E-commerce
  • Consumer Electronic
  • Automotive & Transportation
  • Healthcare & Life Science
  • Travel & Hospitality
  • Government & Defense Sector
  • Others (Media &entertainment, IT & Telecommunication, and Commercial Sector)
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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Key Market Players

Apple, Inc., Amazon, Inc., Microsoft Corporation, CastleOS Software, LLC, Baidu, Inc., Google, SoundHound Inc., Facebook, .Agnitio S.L., Advanced Voice Recognition Systems, Inc.

Analyst Review

Voice user interface (VUI) technology has gained high traction in the recent years. Virtual assistants such as Siri, Alexa, and Google Assistant have brought voice user interface technology into the mainstream. Voice user interface employs speech recognition technology, which enables users to interact with computer applications through voice instructions. Furthermore, the virtual user interface allows users hands-free, efficient interactions to control smart home applications such as lights, switches, outlets, and thermostats. In addition, rise in demand for self-service applications is expected to offer profitable opportunities for the voice user interface market.

The technology is becoming popular for its usage in the consumer electronics and automotive sector, owing to surge in the adoption of smart voice-operated applications across residential and automotive vehicles. Moreover, voice user interface applications or virtual assistants such as Siri, Google Assistant, and Alexa have advanced features such as natural language understanding and dialog management techniques to accomplish a high degree of automation without forgoing precision, which is anticipated to provide lucrative opportunities for the market growth.

Globally, various key players are investing in voice user interface application to make them compatible with various industrial platforms. In 2018, the tech giant, Google announced its expanding services across the Netherlands by launching Google Assistant services in the Dutch language that offers significant growth opportunities for market expansion for the voice user interfaces. Moreover, in early 2021, the tech giant, Amazon planned to offer companies the ability to build voice assistants on Alexa for its automated versions. The key players profiled in the report include Advanced Voice Recognition Systems, Inc., Agnitio S.L, Apple, Inc., Amazon, Inc., Baidu, Inc., BioTrust ID B.V., CastleOS Software, LLC, Facebook, Google, and Microsoft Corporation.

Author Name(s) : Pramod Borasi| Himanshu Jangra | Onkar Sumant

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Voice User Interface Market

Global Opportunity Analysis and Industry Forecast, 2021-2030