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Voice Power: Exploring the Future of Voice User Interfaces
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According to The Business Research Company's, The voice user interface market size has grown exponentially in recent years. It will grow from $21.16 billion in 2023 to $25.78 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to proliferation of smart devices, accessibility and inclusivity, consumer preference for hands-free interaction, improved speech recognition accuracy, enterprise adoption for productivity.
The voice user interface market size is expected to see exponential growth in the next few years. It will grow to $55.86 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to continued growth in smart speaker market, globalization and language support, increasing in healthcare applications, customization and personalization,rise of voice-enabled gaming. Major trends in the forecast period include integration into consumer electronics and iot devices, advancements in natural language processing (nlp), multimodal interfaces and voice-enabled screens, voice commerce and shopping, voice authentication and security, education and e-learning integration.
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Market Drivers and Trends:
The growing popularity of smart homes is expected to propel the growth of the voice user interface market going forward. Smart homes refer to residences equipped with connected devices and systems that can be controlled remotely and automated to enhance the comfort, security, energy efficiency, and overall management of the home. Smart homes utilize voice user interfaces to enable residents to interact with and control various connected devices and systems using voice commands and integration with virtual assistants, enhancing safety and security. For instance, in 2023, according to reports published by Smarthomlady.com, a US-based provider of smarthome technology information, it is estimated that there will be 68.6% of active smart home device users in the US, marking a 56.6% increase compared to 2022. And by 2023, it is anticipated that 53.9% of US residences will be automated by the smart home sector. Therefore, the growing popularity of smart homes is driving the growth of the voice user interface market.
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 VoiceMouse 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.
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Major Key Players of the Market:
Apple Inc., Advanced Voice Recognition Systems Inc., Amazon.com Inc., Baidu Inc., Meta Platforms Inc., Google LLC, Microsoft Corporation, Nuance Communication, Samsung Electronics Co. Ltd., SoundHound Inc., CastleOS LLC, Speechly Oy, Zaion SAS, Vilmate LLC, Renesas Electronics Corporation, Apexon Inc., Charles River Analytics Inc., Kasisto Inc., Kardome Ltd., Kili Technology Corporation, Fluent.ai Inc., Vesper Technologies Inc., Voxable Inc., Sensory Inc., iFlytek Co. Ltd., HARMAN International, ClearOne, Crestron Electronics Inc., Extron Electronics, Shure Incorporated, Zoom Video Communications Inc.
Voice User Interface Market 2024 Key Insights:
• The voice user interface market size is expected to see exponential growth in the next few years. It will grow to $55.86 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%.
• Artificial Intelligence Fuels The Surge In Voice User Interface (VUI) Market
• Logitech's Voicemouse M380 Paves The Way For Technological Advancements In The Voice User Interface Market
• North America was the largest region in the voice user interface market in 2023
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