Can Voice Assistance Technology be a Game-Changer for Customer Experience Strategy?

The emphasis on providing customers with enhanced experience has risen considerably in recent times. An excellent customer experience strategy has become a necessity for businesses these days in order to enhance engagement with their solutions and services. In order to facilitate this, companies are incorporating voice assistant solutions in their marketing strategies. With the use of voice search, customers want quick and relevant results. The voice assistant technology assist users by analyzing the received input in an effective way.

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These factors are resulting in the growth of the global voice assistant market. A digital assistant that makes use of voice recognition, speech synthesis, and natural language processing for helping users through voice recognition applications and phones is referred to as a voice assistant. The adoption of the voice assistant technology is also increasing in contact centers for assisting customers. The technology aids contact centers in gathering data regarding customers’ preferences, opinions, and buying patterns. 

The voice assistant market is predicted to reach a value of $26,872.6 million by 2030, from $1,723.6 million in 2019, progressing at a 29.7% CAGR during the forecast period (2020–2030). In terms of component, the market is divided into solution and service, between which, the solution division accounted for the larger share of the market in 2019. Voice assistant solutions are being adopted by various industries, such as healthcare, banking, financial services, and insurance, retail, and automotive, for improving customer experience.

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The collected data is analyzed using the voice assistant technology that further allows businesses to offer proactive recommendations regarding services and products and personalized experience. The growing adoption of the cloud technology by a number of industries, including automotive, healthcare, and retail and e-commerce, is also a major factor that is also projected to result in the increasing demand for the voice assistance. Cloud platforms enable companies to deploy the voice assistant technology with customizations and gain access to the technology efficiently. 

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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. 

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Voice Assistant Market Analysis, Growth Opportunities and Recent Trends by Leading Manufacturers & Regions

Different application areas of voice assistant software are contact centers, messenger bots, and websites. Some other application areas are smartwatches, smartphones, smart speakers, and laptops. Out of these, the largest demand for voice assistant software was created for messenger bots during 2014–2019. The reasons for this are the rising utilization of online platforms for buying products and surging penetration of the internet. 

The U.S. voice assistant market is expected to lead the regional market on the basis of geography. The Asia-Pacific region is projected to witness the fastest growth in demand for voice assistant software in the coming years because of the increasing number of contact centers and rising penetration of smartphones in the region.

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The fastest growth in demand for voice assistant software is predicted to be witnessed for the contact centers application during the forecast period, as the integration of voice assistant solutions in contact centers aid in understanding customer insights in a better way. A major reason behind the rising popularity of voice assistants is the increasing need for enhanced customer experience. Voice assistant technology improves user experience by providing proper assistance in minimal time. 

Users expect quick and relevant answers from enterprises while making use of voice search. Attributed to this, the industry players are increasingly collaborating with voice assistant solution providers for enhancing customer experience. This is projected to result in an increased demand for voice assistant services and solutions in the coming years.  

When geography is taken into consideration, North America generated the largest demand for voice assistant software during 2014–2019 and the situation is predicted to be the same during the forecast period as well, owing to the changing lifestyle of people and swift adoption of technologies such as deep learning, machine learning, cognitive computing, and NLP. 

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