Voice User Interface Market
The global voice user interface market in 2020 is estimated for more than US$ 14.6 Bn and expected to reach a value of US$ 53.3 Bn by 2028 with a significant CAGR of 17.6%
Meridian Market Consultants (MMC) has published a new report titled, “Voice User Interface Market: Opportunity Analysis and Future Assessment 2020 to 2028”
Global Voice User Interface Market, by Technology (AI-Based & Non-AI Based) by Industry (Automotive, BFSI, Consumer, Education, Enterprise, Government, Healthcare, Legal, Military, Retail, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
As per the report, rapid technological changes along with quick adoption of new technologies is attributed to the growth of the voice user interface market. From punch cards to keyboards, from mouse to touch screens, technologies have transformed the way humans can interact with the machine. Interaction is the first revolution that occurred in the development of the human-machine interface. The Voice user interface is one the big step towards the second revolution in the human-machine interface.
Voice enables a convenient integration. It is hands-free, keyboard-free, and eyes-free. Talking is natural and does not require the user to learn new skills. Hence the learning curve in the voice-user interface is low. Also, voice interaction can be quickly adopted by today’s generations, disabled and elderly people, etc.
Hence, the voice user interface is witnessing quick adoption in the global market. Voice interaction can be easily used in situations where other interactions can’t be used for instance while driving and walking, in dark, etc. These advantages are making the voice user interface increasingly popular media for human-machine interaction.
Furthermore, Meridian Market Consultants (MMC) Study identifies that the voice user interface market is expected to experience an unprecedented growth rate during the forecast period. Voice recognition was first introduced in the 1920s when a toy dog "Radio Rex" could come when his name was called. Voice user interface was also used in vehicles.
However, poor recognition accuracy and bad user experiences restricted it from going further. Machine learning significantly improved the accuracy of voice recognition in the 2010s. For instance, in 2016, Microsoft reported significant improvement in voice recognition, and in 2017 Google reported 95% accuracy in voice recognition. The technology improvement indicates that machines can be as good as human beings in terms of "hearing" and now voice recognition has become a commodity.
However, speech is language-dependent and this makes the global market more complicated and segmented. Generally, the global market is focused on English-centric interactions. All five big technology companies such as Apple, Google, Microsoft, Amazon, Facebook have developed voice-enabled AI assistants. One such AI assistance Siri is helping over 40 million people per month. According to ComScore, one in ten households in the U.S. own a smart speaker.
MMC Study identifies some of the key participating players in the voice user interface market globally are Agnitio S.L., Advanced Voice Recognition Systems, Inc., Apple, Inc., Baidu, Inc., Amazon, Inc., BioTrust ID B.V., CastleOS Software, LLC, Facebook, Inc., Google, Inc. and Microsoft Corporation, among others.
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