Increasing demand for voice assistant systems in smart home solutions
- Voice controlled devices use voice recognition technology to identify and convert human voice into system language which can be understood by devices.
- Voice controlled devices allow interaction between humans and machines to improve home automation systems.
- The adoption of voice controlled devices are increasing in residential and industrial sectors to improve the work process with voice control systems without any human interaction. Voice recognition systems analyze the voice of a particular person and subsequently approve or deny access to the system.
- Smart voice controlled devices are also used to unlock electronic devices, send text messages, emails, and for initiating phone calls. Several manufacturers are expected to introduce voice recognition systems in smart kitchen appliances, and banking & financial sectors to assist and control different processes such as transaction and customer data mining.
- The adoption of voice controlled devices is expected to increase in the manufacturing industry and in the residential sector.
- These devices are also beneficial for physically handicapped people to control multiple devices by voice commands.
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Key Drivers of the Voice Controlled Devices Market
- Growing demand for smart home solutions and smart voice assistants is expected to increase the demand for voice controlled devices in the forthcoming years. Continuous development in smart home network solutions is expected to drive the growth of the voice controlled devices market.
- The automotive sector has been rising adoption of voice controlled devices. Voice controlled devices are being used to provide driving assistance, which is expected to enhance the driver’s experience. This factor is expected to fuel the demand for voice controlled devices during the forecast period.
- The above mentioned factors are expected to create new revenue opportunities for voice controlled device providers
Increasing threat of cyber security and privacy issues expected to hinder the growth of the voice controlled devices market
- One of the most important factors expected to create hindrance in the market growth is threat of cyber security.
- In smart homes, the devices are interconnected through cloud, for communication. The usage of cloud services increases the threat of cyber security, where unauthorized users can access the personal devices through their system.
- Voice controlled devices are facing system integration issues with the user’s system or devices which is expected to restrain the market growth of voice controlled devices.
North America to hold major share of the global voice controlled devices market
- North America is expected to hold a prominent share of the voice controlled devices market. Significant presence of key market players in voice controlled devices and smart home solutions is expected to fuel the market during the forecast period.
- The voice controlled devices market in Asia Pacific is projected to expand at a prominent CAGR during the forecast period due to increasing demand for virtual voice assistant devices in residential and commercial sectors.
Global Voice Controlled Devices Market – Competitive Landscape
- In May 2019, Amazon.com, Inc. introduced advanced “Echo Show 5” with compact design and enhanced sound experience, and built in camera shutter. The voice assistant in “Echo Show 5” shows the visuals in every room of the house and office.
- In May 2019, Meredith Corporation launched a new voice activated device “Balance by Health,” to provide information about daily meals, and eating and cooking instructions specially designed for women.
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Key players operating in the global voice-controlled devices market
- Google LLC
Google LLC is a global provider of internet-related services and products. The company offers services such as advertising tools, cloud computing, search engine, web-based search, hardware, and software. The company also develops voice control devices primarily used in smart home automation.
- Microsoft Corporation
Microsoft Corporation manufactures, licenses, develops, sells, and supports software products. The company provides smart home, security, and Wi-Fi services for commercial and residential sectors. It also provides software solutions for voice-controlled devices.
- Samsung Electronics Co Ltd
Samsung Electronics Co. Ltd. is a global manufacturer of consumer and industrial products such as a personal computer, semiconductors, televisions, monitors, and smart home appliances. The company provides telecommunication equipment and internet access network systems.
Key players operating in the global voice-controlled devices market include Apple Inc., Fitbit, Inc., Nuance Communications, Inc., Sony Corporation, Xiaomi Corporation, LG Electronics Inc., and Panasonic Corporation.
Global Voice Controlled Devices Market: Research Scope
Global Voice Controlled Devices Market, by Type
- Hardware
- Software
Global Voice Controlled Devices Market, by Application
- Automotive
- Transportation
- Industrial
- Education
- BFSI
- Hotels
- Retail
- Healthcare
Global Voice Controlled Devices Market Segmentation, by Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Russia
- Italy
- Spain
- Nordics
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- Singapore
- Malaysia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
Alternate Keywords
- Smart Devices
- Voice Interface Devices
- Speech Recognition System
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
