A voice assistant is a digital assistant built with the use of machine learning, artificial intelligence (AI), and voice recognition technologies. A voice assistant can comprehend & follow voice commands and support in carrying out daily jobs like making an online order for goods, appointment scheduling, serving as a hands-free helper for texting, and many more. Few of the most well-liked voice assistants accessible in the market at present are Amazon’s Alexa, Apple’s Siri, Microsoft Cortana, and Google Assistant.
The growth of the global voice assistant market is expected to be mainly contributed by factors such as the rising acceptance of connected devices, escalating occurrences of voice search, the growing inclination to smart homes, and elevated stipulation for self-service applications. Further, with the introduction of IoT, voice assistants have turned out to be very handy and efficient to use. Owing to the growing espousal of IoT, a noteworthy expansion is observed in the market with the IoT data generation and implementation of connected devices. Voice assistants, within the connected home services, are projected to function as the prime interface for the customers and offer them tailored services activated with voice instructions. Within connected devices, voice assistant provides flawless user experience and has altered the way users interrelate with devices. This assists in maximizing the worth of connected devices and improves the consumer experience.
In addition, the escalating need for voice assistant tech within contact centers to help consumers is expected to boost the expansion of the global voice assistant market. Interaction is facilitated between humans and devices by voice assistant that further solves the requests in real-time. Voice assistants assist contact centers in gathering information on consumers’ opinions, buying patterns, and preferences. The data is scrutinized through the voice assistant technology that facilitates businesses to offer users customized experience and proactive recommendations about the offered services and products. This is anticipated to fuel the growth of the global virtual assistant market.
Further, the improvement in automatic speech recognition (ASR) and NLP technologies is among the major trends witnessed in the voice assistant market. In addition, AI-based virtual assistants and chatbots are being implemented by organizations to systematize numerous manual business procedures, comprising customer service, general inquiries, balance information, and technical assistance. ASR and NPL technologies, compared to traditional methods, have a better comprehension of human language that assists in dealing with the customer queries straightway. However, the limited integration of voice assistants with devices is one of the key restraints for the growth of the voice assistant market.
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To cite, in July 2019, a joint venture deal was inked between Creative Virtual and KMS Lighthouse to considerably improve customer service, call resolution, and knowledge management. Also, this joint venture will assist the firm to provide intelligent natural language chatbots with a high-tech knowledge management system for a potent CX solution. The incorporation of V-Person chatbot with the platform of Lighthouse aids the organizations and clients provide 24/7 accessibility to smart self-help online and offer an easy-to-use, efficient tool for mediators.