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The voice controlled devices market size is estimated to grow at a CAGR of 23.07% between 2023 and 2028. The market size is forecast to increase by USD 10.51 billion. The growth of the market depends on several factors, including convenience and improved user experience, the rise in digital transformation initiatives, and the rising tendency to use smart controlled devices. A voice-controlled device is an electronic device that can respond to and execute commands that are given verbally. These devices utilize speech recognition technology to comprehend and interpret human speech, convert it into written language, and then carry out various tasks or activities in response to voice commands.
The report includes a comprehensive outlook on the Voice Controlled Devices Market, offering forecasts for the industry segmented by Component , which comprises hardware and software. Additionally, it categorizes Distribution Channel into offline and online, and covers Geography regions, including North America, APAC, Europe, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Convenience and improved user experience is the key factor driving market growth. Voice-controlled devices provide users with the ability to interact with technology with ease, allowing them to carry out their daily activities conveniently and efficiently. Through voice control, users can execute commands without the need to navigate complicated environments or operate devices manually. Devices such as smartphones, smart speakers, and smart home appliances provide hands-free control, which facilitates multi-tasking.
In addition, voice control improves the user experience by offering a more natural and user-friendly interface. Voice assistants such as Siri, Alexa, and Google Assistant comprehend and react to human speech, providing personalized assistance and information to users. Thus, such factors will propel the growth of the market during the forecast period.
The rising popularity of voice e-commerce is the primary trend shaping market growth. The concept of voice commerce is gaining popularity across the globe. Voice commerce is a technology that provides an alternative to using a keyboard and mouse or smartphone to order and purchase products online. Consumers can give voice commands to smart speaker-enabled virtual assistants such as Google Assistant or Amazon Alexa to search for and buy products online.
Moreover, consumers prefer voice commerce over traditional input methods due to advantages such as hands-free operation, the ability to order when multi-tasking, and faster responses and results. In addition, online purchases are made easier with the innovative options present in smart speakers. Therefore, the increasing popularity of voice commerce will be a major trend driving the demand for voice-based user interfaces, which, in turn, will fuel the growth of the market during the forecast period.
Issues related to user privacy and cybersecurity threats is a challenge that affects market growth. In many countries, network security in high-security zones is assumed to pose a high national security risk as these network areas may be the target of terrorist attacks. Using voice-based user interfaces over mobile and cloud networks can lead to cybersecurity and data breach issues due to increased data-sharing over the network. In addition, some nations have restricted a few application areas of voice-controlled devices, including vehicle and infrastructure communication, due to security concerns.
Furthermore, voice-controlled devices can be a potential target for hackers, as their systems are controlled by machine intelligence and sensors that use the Internet. Therefore, the threat of hacking into such network systems is high. Therefore, such factors may impede the growth of the global voice controlled devices market during the forecast period.
The market share growth by the hardware segment will be significant during the forecast period. Voice-enabled devices use advanced technology to incorporate voice recognition and natural language processing (NLP). Some of the hardware components in voice-controlled devices are microphones, speakers, processors, memory, and connection modules. Microphones are essential for voice-controlled devices to interpret voice commands and respond to these user commands accurately.
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The hardware segment showed a gradual increase in the market share of USD 1.73 billion in 2018. Speakers are essential to enhance the user experience, as they provide clear and easily understandable output. Memory is essential for storing data, including user preferences and app-specific information. Furthermore, voice-controlled device that has sufficient memory ensures its smooth operation and faster access to the stored data, thus improving the user experience. Thus, such factors will drive the growth of the market through the hardware segment during the forecast period.
The offline distribution channel includes the sale of such devices through traditional retail stores rather than through online platforms. One of the main benefits of the offline distribution channel is the ability for consumers to interact with the devices in a physical environment prior to making a purchasing decision. Such hands-on experience enables consumers to gain a better understanding of the device features, capabilities, and user-friendliness, which can be decisive factors in their decision-making process. Furthermore, offline channels provide a more personalized and interactive purchasing experience. Thus, such factors will drive the growth of the global voice controlled devices market via the offline segment during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The US and Canada are the primary sources of revenue for the voice controlled devices market in the region. Major end-user industries in this region, such as automotive, retail, healthcare, education, media and entertainment, hospitality, and banking, financial services, and insurance (BFSI), are increasingly incorporating voice-based user interfaces into their operations in order to gain competitive advantages in the market and enhance the efficiency of their operations.
Additionally, the presence of a well-established market players base, such as Amazon, Google LLC, and Apple Inc., in North America, especially in the US, and the innovative and customized offerings provided by them for various end-user industries such as BFSI are driving the growth of the market in the region. Hence, such factors are expected to drive market growth in this region during the forecast period.
The Voice Controlled Devices Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Voice Controlled Devices Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:??????
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The voice controlled devices market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028
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Voice Controlled Devices Market Scope |
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Report Coverage |
Details |
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Page number |
152 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 23.07% |
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Market Growth 2024-2028 |
USD 10.51 billion |
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Market structure |
Concentrated |
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YoY growth 2023-2024(%) |
22.55 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
North America at 34% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
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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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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