Due to the rising need for voice assistant technology in contact centers for assisting customers in resolving queries, its demand is expected to increase massively in the coming years. This technology is based on the natural language processing (NLP) technology, which acts as a bridge for improving the interaction between humans and devices. Voice assistant assists contact centers in collecting data on customer’s opinions, purchasing patterns, and preferences and then analyses this data, which in turn allows the companies to improve their products and services and offer personalized experience to the customers.
The other major factor propelling the demand for voice assistant solutions across the world is the increasing need for enhanced customer experience. Several companies are rapidly incorporating voice assistant technology in their customer experience strategy for improving the customer experience and customer engagement. Voice assistant technology allows the companies to better analyze the queries of the customers and then offer them effective solutions in a shorter period of time as compared to the executives, thereby enhancing the user experience.
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Powered by the above-mentioned factors, the valuation of the global voice assistant market is expected to increase from $1,723.6 million in 2019 to $26,872.6 million by 2030. The market is predicted to progress at a CAGR of 29.7% during the forecast period (2020–2030). Voice assistant systems and solutions are widely used in banking, financial services, and insurance (BFSI), automotive, healthcare, and retail and e-commerce industries. Amongst these, the adoption of voice assistant technology is expected to register the fastest growth in the healthcare industry during the forecast period.
The voice assistant market is presently witnessing rapid advancements in natural language processing (NLP) technology and rising implementation of automatic speech recognition (ASR) technology. Numerous companies and organisations are integrating virtual assistants and artificial intelligence (AI)-based chatbots for automating their various business processes such as customer service, balance information, general inquiries, and technical assistance. The ASR and NLP technologies, on account of their higher understanding of the human language, are being more commonly used for resolving customer queries as compared to the conventional methodologies.
Geographically, North America recorded the highest adoption of voice assistant technology in 2019. This is mainly attributed to the huge investments made in the information technology (IT) sector, rapid technological innovations, and wide-scale adoption of various emerging technologies such as deep learning, NLP, and machine learning (ML) in the region. Asia-Pacific (APAC) is predicted to observe the fastest growth in the incorporation of voice assistant technology during the forecast period, owing to the soaring investments in IT and other advanced technologies, rapid economic development of the developing nations, and surging number of contact centers in the region.
Thus, it is clear that due to the rising need for greater customer experience and customer interaction in numerous business operations and processes, the demand for voice assistant technology is expected to increase rapidly over the next few years.
