Revenue Explosion Predicted in Global Voice Assistant Market From 2020 to 2030

Valued at $1,723.6 million in 2019, the global voice assistant market is predicted to attain a valuation of $26,872.6 million in 2030. The market is also expected to advance at a CAGR of 29.7% from 2020 to 2030, according to the estimates of P&S Intelligence, a market research firm based in India. 

The main factors driving the progress of the market are the soaring requirement of contact centers and the increasing demand for higher customer experience across the world. In many contact centers around the world, voice assistant technology is being increasingly adopted for assisting customers and providing an enhanced customer experience. 

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This technology is basically based on the natural language processing (NLP) technology, that enables interaction between humans and systems and offers real-time query solving to the users. Voice assistants assist contact centers in data gathering regarding customer opinions, purchasing habits and patterns, and preferences. 

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This data is then analyzed with the help of this technology, which subsequently allows businesses to offer customized product recommendations and experience. Additionally, the integration of voice assistant technology in business operations improves the customer engagement levels, which, in turn, enhances the overall customer experience. The customers conducting voice searches expect quick and relevant solutions from the organizations. 

The voice assistant technology analyzes the received input and helps the customers in getting quick answers to their queries, which, in turn, improves the overall customer experience. Furthermore, many companies, across multiple verticals, are increasingly collaborating with various voice assistant solutions providing organizations for enhancing the customer engagement and satisfaction levels.