Global Voice User Interface Market to 2027 - Growing Trends of Technologies, Digitalization and Automation are Driving the Industry - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--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.

Market Segments Covered in the Report:

By Vertical

• Consumer Electronic
• Smart Speakers & E-commerce
• Automotive & Transportation
• Government & Defense Sector
• Healthcare & Life Science
• BFSI
• Travel & Hospitality and
• Others

By Offering

• Solution
• Service

By Application

• Smart Speakers
• Interactive Voice Response
• Voice Controlled Devices
• Smartphone & Tablets
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Key Market Players

• Microsoft Corporation
• Amazon.com, Inc.
• Apple, Inc.
• Google LLC
• Baidu, Inc.
• Meta Platforms, Inc.
• Advanced Voice Recognition Systems, Inc.
• SoundHound, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/eu6qdr.