Economic Impact of Coronavirus on Voice Assistant Market to Reap Excessive Revenues


Posted February 8, 2021 by devanshuraizada

The voice assistant market is projected to advance at a CAGR of 29.7% during 2020–2030, and the market generated $1,723.6 million in 2019 and is expected to reach $26,872.6 million by 2030.
 
Business organizations are adopting voice assistant solutions to offer a better customer experience. These entities are integrating the solutions with their customer experience strategy to improve their engagement with the users. The customers use voice search technology to get relevant and fast answers from the enterprises. This technology effectively helps users by analyzing received input.

Owing to this reason, the voice assistant market is projected to advance at a CAGR of 29.7% during 2020–2030, and the market generated $1,723.6 million in 2019 and is expected to reach $26,872.6 million by 2030. These organizations are increasingly adopting automatic speech recognition (ASR) and natural language processing (NLP) technologies, as they have a better understanding of human language in comparison to traditional methodologies.

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Voice assistant platforms are based on NLP technology that facilitate interaction between humans and devices and resolve queries instantly. The business firms are incorporating virtual assistants and artificial intelligence (AI)-based chatbots to automate their numerous manual business processes, such as technical assistance, customer service, and balance information. These factors boost the demand for voice assistant solutions.

Besides, classrooms are also implementing voice assistant technology to improve the capabilities of students. Tutors use this technology to provide rapid response to queries either directly or through referred sources. Setting up of voice assistant platforms is an easy and time-effective process. These platforms can answer numerous questions by students and teachers about specific subjects and help in fulfilling classroom needs. Moreover, the rapid digitization of the education sector is expected to accelerate the usage of the voice assistant solutions in the coming years.

Furthermore, the healthcare sector is expected to integrate voice assistant technology at a fast past, due to the escalating focus on patient's engagement, soaring incidence of chronic diseases, and rising adoption of internet of things (IoT). For example, organizations such as the American Red Cross and Boston's Children Hospital are integrating this technology in their business processes to enhance work efficiency and patient experience.
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Issued By Devanshu
Country United States
Categories Business
Last Updated February 8, 2021