By 2022, voice-based shopping is predicted to rise to USD 40 billion, based on the data from OC&C Strategy Consultants. We’re in an era of ‘voice’ where drastic transformation is seen between the way AI and voice recognition are changing the way we live.
According to the survey, the surge of voice assistants is said to be driven by the number of homes that used smart speakers, as such that the rise is seen to grow from 13% to 55%. Nonetheless, Amazon will be one of the leaders to dominate the new channel having the largest market share.
Perhaps this is the first time you’ve heard about the voice revolution. Well, why not, based on multiple researchers, it is estimated that the number of voice assistants will grow to USD 8 billion by 2023 from USD 2.5 billion in 2018.
But what is voice revolution or voice assistant or voice search?
It was only until recently that the consumers have started learning about voice assistants which further predicts to exist in the future.
You’ve heard of Alexa, Cortana, Siri, and Google Assistant, these technologies are some of the world’s greatest examples of voice assistants. They will further help to drive consumer behavior as well as prepare the companies and adjust based on the industry demands. Consumers can now transform the way they act, search, and advertise their brand through voice technology.
Voice search is a technology to help users or consumers perform a search on the website by simply asking a question on their smartphone, their computer, or their smart device.
The voice assistant awareness: Why now?
As surveyed by PwC, amongst the 90% respondents, about 72% have been recorded to use voice assistant while merely 10% said they were clueless about voice-enabled devices and products. It is noted, the adoption of voice-enabled was majorly driven by children, young consumers, and households earning an income of around >USD100k.
Let us have a glance to ensure the devices that are used mainly for voice assistance: –
- Smartphone – 57%
- Desktop – 29%
- Tablet – 29%
- Laptop – 29%
- Speaker – 27%
- TV remote – 21%
- Car navigation – 20%
- Wearable – 14%
According to the survey, most consumers that use voice-assistants were the younger generation, aged between 18-24.
While individuals between the ages 25-49 were said to use these technologies in a much more statistical manner, and are called the “heavy users.”
Significance of mobile voice assistants: What is the need?
Although mobile is accessible everywhere, you will merely find three out of four consumers using mobile voice assistants in their household i.e. 74%.
Mobile-based AI chatbots have taken our lives by storm, thus providing the best solution to both the customers and agents in varied areas – insurance, travel, and education, etc.
A certain group of individuals said they needed privacy while speaking to their device and that sending a voice command in public is weird.
Well, this simply explains why 18-24 aged group individuals prefer less use of voice assistants. However, this age group tends to spend more time out of their homes.
Situations where voice assistants can be used – standalone speakers Vs mobile
- Standalone speakers – 65%
- Mobile – 37%
- Standalone speakers – 62%
- Mobile – 12%
- Standalone speakers – 57%
- Mobile – 43%
- Standalone speakers – 38%
- Mobile – 37%
- Standalone speakers – 29%
- Mobile – 25%
- Standalone speakers – 0%
- Mobile – 40%
By the end of 2020, nearly half of all the searches made will be voice-based, as predicted by Comscore, a media analytics firm.
Don’t you think voice-based assistant is changing the way businesses function? Thanks to the advent of AI!
- A 2018 study on AI chatbots and voice assistants by Spiceworks said, 24% of businesses that were spread largely, and 16% of smaller businesses have already started using AI technologies in their workplaces. While 25% of the business market is expected to adopt AI within the next 12 months.
Surprisingly, voice-based assistants such as Siri, Google Assistant, and Cortana are some of the most prominent technologies these businesses are using in their workstations.
Where will the next AI voice revolution take us?
Paypal, an online payment gateway now leverages Siri and Alexa’s voice recognition capability, thus, allowing users to make payments, check their balance, and ask payments from people via voice command.
Voice remote control – AI-powered
Communications conglomerate Comcast, an American telecommunications and media conglomerate introduces their first-ever X1 voice remote control that provides both natural image processing and voice recognition.
With the help of deep learning, the X1 can easily come up with better search results with just a press of the button telling what your television needs to do next.
Voice AI-enabled memos and analytics
Salesforce recently unveiled Einstein Voice which is an AI assistant that helps in entering critical data the moment it hears, making use of the voice command. This AI assistant also initiates in interpreting voice memos. Besides this, the voice bots accompanying Einstein Voice also helps the company create their customized voice bots to answer customer queries.
It is astonishing to see how Domino’s is using voice-activated feature automate orders made over the phone by customers. Well, welcome to the era of voice revolution.
This app, developed by Nuance Communications already has a Siri like voice recognition feature that allows customers to place their orders just like how they would be doing it in front of the cash counter making your order to take place efficiently.
As more businesses look forward to breaking down the roadblocks between a consumer and a brand, voice search now projects to become an impactful technology of bridging the gap.