Voice User Interface Global Market Report 2023: Rising use of Artificial Intelligence Drives Growth

DUBLIN, May 2, 2023 /PRNewswire/ — The “Voice User Interface Global Market Report 2023” report has been added to ¬†ResearchAndMarkets.com’s offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global voice user interface market is expected to grow from $17.32 billion in 2022 to $20.99 billion in 2023 at a compound annual growth rate (CAGR) of 21.2%. The voice user interface market is expected to grow to $45.56 billion in 2027 at a CAGR of 21.4%.

Major players in the voice user interface market are Apple Inc., Advanced Voice Recognition Systems Inc., Amazon.com Inc., Baidu Inc., Meta Platforms Inc., SoundHound Inc., CastleOS, Alphabet Inc., International Business Machines Corporation, Samsung Electronics Co. Ltd., Sonos, Speechly, Zaion SAS, Vilmate LLC, Renesas Electronics Corporation, and Apexon.

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The main products of the voice user interface are solutions and services. Solution refers to the integration of individuals, groups, systems, and technologies to support a set of business or technical capabilities that address one or more business challenges.

The various AI-based and non-AI-based technologies are applied in smart speakers, interactive voice response, on-premise solutions, cloud solutions, voice-controlled devices, smartphones, tablets, and others and are used by various industry verticals such as BFSI, retail and e-Commerce, consumer electronics, automotive and transportation, healthcare, and life science, travel and hospitality, government and defense sector, and others including media and entertainment, IT and telecom and commercial sector.

Technological advancement is gaining popularity in the voice user interface market. Major companies operating in the market are focused on innovating new products, such as the Logitech voice m380 wireless mouse with speech recognition technology.

For instance, in April 2021, Logitech, a Switzerland-based computer peripherals and software company, partnered with Baidu a China-based technology company, to launch the Logitech voice m380 wireless mouse, a product that involved the use of intelligent Baidu speech technology called Baidu Brain. The artificial intelligence-based Baidu Brain offers speech input for Chinese, for which dictating text is 2-3 times faster than typing. The product also offers translation capability for a few other languages.

In November 2021, Mountain Leverage, a a US-based logistics solutions company, acquired Speech Interface Design for an undisclosed amount. Through this acquisition, Mountain Leverage will be able to provide customers with deeper solution insights due to Speech Interface Design’s warehouse operations. Speech Interface Design is a a US-based voice solution company.

North America was the largest region in the voice user interface market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the Voice User Interface market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The rise in the usage of artificial intelligence is expected to propel the voice user interface (VUI) market going forward. Artificial intelligence describes how machines mimic human intelligence. The VUI uses AI technology to enable users to communicate with various devices.

The voice AI trend is gaining popularity due to various third-party platforms as it offers an improved customer experience, as a result, more companies include the use of AI technology as part of their growth strategy, and this is in turn, driving the voice user interface market.

For instance, according to the Global AI Adoption Index 2022 survey comprising participation of 7.5k businesses around the world published by IBM, a a US-based technology company, 13% of organizations are more likely to have adopted AI in 2022 globally, 35% of companies reporting the use of AI in their business, a four-point increase from 2021. Therefore, the rise in the usage of artificial intelligence is driving the growth of the voice user interface (VUI) market.

The voice user interface (VUI) market consists of revenues earned by entities by voice assistants and speech recognition devices. The market value includes the value of related goods sold by the service provider or included within the service offering. The voice user interface market also includes sales of hardware and sensors.

Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Key Topics Covered:

1. Executive Summary

2. Voice User Interface Market Characteristics

3. Voice User Interface Market Trends And Strategies

4. Voice User Interface Market – Macro Economic Scenario
4.1. COVID-19 Impact On Voice User Interface Market
4.2. Ukraine-Russia War Impact On Voice User Interface Market
4.3. Impact Of High Inflation On Voice User Interface Market

5. Voice User Interface Market Size And Growth
5.1. Global Voice User Interface Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Voice User Interface Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Voice User Interface Market Segmentation
6.1. Global Voice User Interface Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Solution
  • Service

6.2. Global Voice User Interface Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • AI-Based
  • Non-AI Based

6.3. Global Voice User Interface Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Smart Speakers
  • Interactive Voice Response
  • On-Premise Solutions
  • Cloud Solutions
  • Voice-Controlled Devices
  • Smartphones And Tablets
  • Other Applications

6.4. Global Voice User Interface Market, Segmentation By Industry Vertical, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • BFSI
  • Retail And Ecommerce
  • Consumer Electronic
  • Automotive And Transportation
  • Healthcare And Life Science
  • Travel And Hospitality
  • Government And Defense Sector
  • Other Industry Verticals

7. Voice User Interface Market Regional And Country Analysis
7.1. Global Voice User Interface Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Voice User Interface Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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

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