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 2019 and 2027.

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As per the report, rapid technological changes along with quick adoption of new technologies is attributed to growth of 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 human-machine interface. Voice user interface is one the big step towards second revolution in human machine interface. Voice enables a convenient integration. It is hands-free, keyboard-free and eyes-free. Talking is natural and does not require user to learn new skills. Hence the learning curve in voice-user interface is low. Also, voice interaction can be quickly adopted by today’s generations, disabled and elderly people etc. Hence, 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 is making voice user interface increasingly popular media for human machine interaction.

Furthermore, Meridian Market Consultants (MMC) Study identifies that, voice user interface market is expected to experience unprecedented growth rate during forecast period. Voice recognition was first introduced in 1920s when a toy dog "Radio Rex" could come when his name was called. Voice user interface was also used in vehicles. However, the poor recognition accuracy and bad user experiences restricted it from going further. Machine learning significantly improved the accuracy of voice recognition in 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 household in the U.S. own smart speaker.

MMC Study identifies some of the key participating players in 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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