Voice User Interface Market Expected to Reach USD 95,416 Million by 2030|Top Players such as - Agnitio, Apple and Amazon

According to the report published by Allied Market Research "The Voice User Interface Market Expected to Reach USD 95,416 Million by 2030|Top Players such as - Agnitio, Apple and Amazon." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

Surge in voice biometric security applications, rise in penetration of Internet of Things, and growth in demand for self-service applications propel the growth of the global voice user interface market. However, increase in concerns regarding data privacy from voice-enabled smart devices hinder the market growth. On the other hand, the advancement in AI technology presents new opportunities in the coming years.

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Based on application, the smart speakers segment held the largest market share in 2020, contributing to more than one-fourth of the global voice user interface market in 2020, and is estimated to maintain its lead position by 2030. Rise in the adoption of smart speakers in the residential industry, due to the offer of control over smart home application solution through voice recognition drives the growth of the segment. However, the smartphones and tablets segment are projected to witness the highest CAGR of 23.9 % from 2021 to 2030.

Based on offering, the solution segment accounted for nearly two-fifths of the global voice user interface market in 2020 and is projected to maintain its leadership status during the forecast period. This is due to various benefits of the voice user interface solutions, such as flexibility, multitasking, accessibility, and privacy. However, the service segment is expected to manifest the highest CAGR of 22.90% from 2021 to 2030.

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Based on region, North America accounted for the highest market share in 2020, holding more than one-third of the global voice user interface market, and is expected to continue its dominance in terms of revenue by 2030. This is owing to the availability of prime players such as Apple, Amazon, Google, and Facebook and availability of rapidly developing advanced voice assistant solutions. However, Asia-Pacific is expected to witness the fastest CAGR of 23.30% from 2021 to 2030. This is attributed to rise in awareness about cloud computing technology and artificial intelligence applications to enhance resource utilization and various benefits from the voice assistant services.

SThe key players profiled in the global voice user interface market analysis include Advanced Voice Recognition Systems, Inc., Agnitio S.L, Apple, Inc., Amazon, Inc., Baidu, Inc., BioTrust ID B.V., CastleOS Software, LLC, Facebook, Google, Microsoft Corporation. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the voice user interface market.

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Impact of Covid-19 Voice User Interface Market-

● The outbreak of covid-19 has increased the demand for voice assistant solutions to upcoming uncertainties. In addition, the demand for voice-controlled devices has also increased along with interactive voice response applications in residential, BFSI, and commercial sectors.

● Moreover, the demand is expected to remain constant post pandemic as well.

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