Voice Controlled Devices Market size to grow by USD 10.51 billion from 2023 to 2028; Growth Driven by Convenience and improved user experience - Technavio

NEW YORK, Dec. 13, 2023 /PRNewswire/ -- The voice controlled devices market by component (hardware and software), distribution channel (offline and online), and geography (North America, APAC, Europe, South America, and Middle East and Africa) - Forecast and Analysis 2024-2028" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the voice controlled devices market between 2023 and 2028 is USD 10.51 billion. Convenience and improved user experience is the key factor driving market growth. To facilitate the user's interaction with technology, voice-controlled devices allow for a convenient and effective use of their everyday activities. Furthermore, enabling a more natural and easier user interface for voice control will improve the user experience. Hands-free control will be enabled through devices such as smartphones, Bluetooth speakers and Smart Home appliances that allow you to do multiple tasks simultaneously. Voice assistants that are capable of understanding and responding to human speech, providing personalized assistance and information for their users such as Siri, Alexa, or Google Assistant. Hence, these factors are expected to drive market growth during the forecast period.

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In the ever-evolving landscape of technology, virtual assistants, such as Amazon Alexa, are revolutionizing daily life and e-commerce. Integrating interactive voice response and biometrics, these assistants provide secure authentication for tasks ranging from home automation to healthcare management. As the Internet of Things expands, speaker recognition and unified payment interfaces enhance the economy, making contactless payments seamless. Amidst global concerns like cyberattacks and pandemic-induced remote work, innovative solutions like Baidu and Apple Inc.'s HomePod redefine the virtual workplace. The convergence of financial transactions, health informatics, and supply chain management underscores the critical role virtual assistants play in shaping a connected, efficient, and secure future.

Market Challenge

The issues related to user privacy and cybersecurity threats are significant challenges restricting market growth. The use of voice-based user interfaces for mobile and cloud networks can result in security or data breaches as a result of more information sharing within the network. Moreover, since they are controlled by machine intelligence and sensors that connect to the Internet, voice control devices may be a potential target for hackers. Hence, these factors are expected to restrict market growth during the forecast period.

In the rapidly evolving landscape of e-commerce and home automation, virtual assistants powered by interactive voice response and IoT technologies have become indispensable. From secure authentication through biometrics to managing electronic health records, these AI-driven solutions enhance efficiency. However, concerns over user privacy and the looming threat of cyberattacks are challenges affecting widespread adoption. Companies like Amazon, Baidu, and Alibaba are pioneering innovations like Amazon Alexa, furthering the economy's shift towards automation. As the world grapples with the COVID-19 pandemic, the demand for virtual workplace solutions and contactless payments underscores the pivotal role these assistants play in reshaping industries and safeguarding personal data.

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The voice controlled devices market has been segmented by component (hardware and software), distribution channel (offline and online), and geography (North America, APAC, Europe, South America, and Middle East and Africa). 

• The market share growth by the hardware segment will be significant during the forecast period. Advanced technology to integrate voice recognition and natural language processing is used in Voice-enabled devices. The microphones, speakers, processors, memory modules, and connections are some of the hardware components for voice control devices. For instance, microphones are needed to interpret the voice commands and respond in a manner that is as precise as possible with such user inputs. In addition, it ensures that the voice control device has enough memory to operate smoothly and is more easily accessible to store data to improve user experience.
• The forecast period promises significant market share growth for the hardware segment, driven by the surge in innovative technologies. Virtual assistants, key players in this evolution, are revolutionizing sectors like e-commerce and healthcare. With applications in interactive voice response, biometrics, and speaker recognition, they enhance authentication and bolster security. The Internet of Things (IoT) amplifies their impact, connecting home automation devices for seamless control. Amid remote work trends, virtual assistants like Amazon Alexa redefine the virtual workplace, ensuring efficient communication. In finance, Unified Payments Interface and contactless payments advance alongside Baidu and Alibaba Group's innovations. However, the landscape also faces challenges, notably cyberattacks and dark web threats, emphasizing the need for robust security measures in this era of economic growth.
  
  
• North America is estimated to contribute 34% to the growth of the global market during the forecast period.
  
  
• The exponential growth of the Virtual Assistant market in North America during the forecast period is driven by a convergence of cutting-edge technologies. E-commerce thrives with contactless payments, driven by Unified Payments Interface innovations. Interactive voice response and speaker recognition redefine customer service in call centers, enhancing the user experience. Home automation and IoT, fortified by Baidu and Amazon Alexa, integrate seamlessly, optimizing daily tasks. Biometrics and authentication protocols ensure secure transactions, battling cyberattacks and securing personal data. Amid the COVID-19 pandemic, remote work surges, emphasizing the importance of Virtual Assistants in the virtual workplace. This dynamic landscape reflects an era where innovation, automation, and economic growth converge in the service sector, reshaping industries.

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Key Companies in the voice controlled devices market:

ABB Ltd., Alphabet Inc., Amazon.com Inc., Digi International Inc., Microsoft Corp., Samsung Electronics Co. Ltd., Sony Group Corp., STMicroelectronics International N.V., Xiaomi Communications Co. Ltd., and Pebble

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The global hearing amplifiers market size is estimated to grow by USD 28.29 billion at a CAGR of 5.66% between 2023 and 2028. 

The Voice User Interfaces (VUI) Market size is estimated to grow at a CAGR of 23.39% between 2023 and 2028. The market size is forecast to increase by USD 50,731.16 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Distribution Channel 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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