VUI Market to Reach $95.4 Billion by 2030
Allied Market Research valued the voice user interface market at $13.65 billion in 2020 and projects it to reach at $95.41 billion by 2030, growing at a compound annual rate of 21.5 percent.
The firm defines a voice user interface as an advanced artificial intelligence-based technology able to make spoken human interaction with digital or computer applications using speech recognition software, named entity recognition, and speech synthesis.
The firm attributes the growth of the global voice user interface market to rising penetration of Internet of Things-based digital home applications and high demand for self-service applications. At the same time, rising data privacy concerns are hampering the global market.
The consumer electronics and automotive industries collectively accounted for around 63 percent of market share in 2020, according to the research, which also found a surge in the adoption of cloud-computing across the consumer electronics and automotive sectors as key contributors to the growth of the solution segment. In 2020, the solution segment accounted for most of the revenue, and AMR projects to to grow at a CAGR of 21.1 percent through 2030.
And while the biggest growth has been seen in the consumer electronics and automotive sectors, the healthcare andf life science segment is projected to grow at a CAGR of 24.3 percent through 2030. Strong growth is also projected for the retail and financial services industries.
The COVID-19 pandemic significantly impacted the growth of the voice user interface market. Lockdowns initially reduced the demand for voice user interface-based digital applications but created more demand from the residential sector, AMR found.
Regionally, North America held a 37.7 percent share of the global voice user interface market share in 2020. The adoption of smart speaker and voice assistant solutions at the residential and commercial level is expected to propel growth in this region.
AMR identifies Advanced Voice Recognition Systems, Agnitio, Apple, Amazon, Baidu, BioTrust ID, CastleOS Software, Facebook, Google, and Microsoft as the key market players.