Men and women average 15,000 words per day. We call our family and friends, log in to Zoom for meetings, share our day with our loved ones, and if we are like us, argue with the ref over a bad play they made in the playoffs.
The auto industry, travel, IoT, and hospitality are all poised to increase voice assistant adoption and monetization. Meticulous Research predicts that the global voice and speech recognition market will grow at 17.2% annually between 2019 and 2025 to reach $26.8 Billion by 2025. Amazon and Apple are expected to accelerate this growth by leveraging ambient computing capabilities. This will allow voice interfaces to continue to be a primary interface.
Voice technologies are becoming more ubiquitous and companies are focusing on the potential value of data in these new channels as voice technology becomes increasingly common. Microsoft's recent acquisition Nuance isn't just about improving NLP or voice assistant technology; it also concerns the vast amount of healthcare data that Nuance has collected.
Voice technologies are not designed to deal with the chaos of real life or the noises of actual daily life.
Google has made every click on your mouse a monetizable business, and it is doing the same with voice. Advertisers discovered that click-through conversation rates have higher conversion rates than speak-through. To reach customers, brands must develop voice strategies.
While voice tech adoption has been on the rise already, with the majority of the world being under lockdown protocol during COVID-19, adoption is expected to explode. According to Insider Intelligence, nearly 40% of Americans will use smart speakers at minimum monthly level by 2020.
However, technology is still limiting our ability to realize its full potential.
It is a steep climb to becoming a commercial voice.
Global shipments of wearables increased by 27.2% to 153.5million in 2020 compared to a year ago. However, despite all the advancements in voice technology and their integration into a multitude of end-user devices they still limit themselves to basic tasks. As consumers expect more from these interactions and voice becomes an essential interface, this is changing.
In-car shoppers spent $230 million to order food, coffee and groceries, or to pick up items at a shop in 2018. Although the auto industry was one of the first to adopt voice AI, it is still a very active user. However, voice technology must be seamless and hands-free in order to truly capture its true potential. The signal is still muffled by car noises, which keeps users tied to their phones.
