Published Date: 24-Jan-2022
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According to a new report Global Voice User Interface Market, published by KBV research, 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.
The Consumer Electronic market dominated the Global Voice User Interface Market by Vertical 2020 thereby growing at a CAGR of 21.3% during the forecast period. This is due to the higher trust of consumers on voice-based technologies. In addition, speech adoption in consumer electronics would grow even more as more voice-enabled devices are getting launched and many electronics manufacturers have started to integrate voice feature into the prevailing products and services.
The Solution market dominated the Global Voice User Interface Market by Offering 2020 thereby, growing at a CAGR of 22.5% during the forecast period. The increased growth of this segment is attributed to the advantages of the Voice user interface solution like multitasking, flexibility, privacy, and accessibility etc. In addition, these solutions offered by the Voice user interface are simplifying the daily tasks of the users along with offering a new level of the comfort to them.
The Smart Speakers market dominated the Global Voice User Interface Market by Application 2020, thereby growing at a CAGR of 22.1% during the forecast period. These smart speakers are majorly being used in the residential sector. Smart speakers such as Alexa, google nest, and amazon echo are highly being adopted across the residential sector and allow the user to operate the entire home through voice commands.
The North America market dominated the Global Voice User Interface Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $16.45 billion by 2027. The Europe market is estimated to witness a CAGR of 22.5% during (2021 - 2027). Additionally, The Asia Pacific market would experience a CAGR of 25.6% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Microsoft Corporation, Amazon.com, Inc., Apple, Inc., Google LLC, Baidu, Inc., Meta Platforms, Inc., Advanced Voice Recognition Systems, Inc., and SoundHound, Inc.
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