on average, men And women speak about 15,000 words a day. We call our friends and family, log into Zoom for meetings with our co-workers, discuss our days with our loved ones, or if you’re like me, you’re in the playoffs with the referees. Let’s argue about the bad call.
The hospitality, travel, IoT and auto industries are all at the stage of voice assistant adoption and monetization of voice. According to Meticulous Research, the global voice and speech recognition market is expected to grow at a CAGR of 17.2% from 2019 to reach $26.8 billion by 2025. Companies such as Amazon and Apple will accelerate this growth as they take advantage of ambient computing capabilities, which will continue to push voice interfaces as the primary interface.
As voice technologies become ubiquitous, companies are turning their attention to the value of hidden data in these new channels. The recent acquisition of Nuance by Microsoft isn’t just about getting better NLP or voice assistant technology, it’s also about the health-related data that conversational AI has collected.
Our voice technologies are not engineered to withstand the rumbles of the real world or the hoarseness of our real lives.
Google has monetized every click of your mouse, and the same is now happening with voice. Advertisers have found that speak-through conversion rates are higher than click-through conversation rates. Brands need to start developing voice strategies to reach customers – or risk being left behind.
Voice technology adoption was already on the rise, but with much of the world under lockdown protocols during the COVID-19 pandemic, adoptions are skyrocketing. According to Insider Intelligence, approximately 40% of Internet users in the US use a smart speaker at least monthly in 2020.
Still, there are several fundamental technology barriers that prevent us from reaching the full potential of technology.
The steep climb to commercialization of voice
By the end of 2020, worldwide shipments of wearable devices increased 27.2% from a year earlier to 153.5 million, but despite all the advances in voice technologies and their integration into the end-user device stack, they still remain largely limited to simple. Work. This is finally beginning to change as consumers demand more from these interactions, and voice becomes a more essential interface.
In 2018, in-car shoppers spent $230 billion to pick up food, coffee, groceries or accessories at a store. The auto industry is one of the early adopters of voice AI, but to really capture the true potential of voice technology, it needs to become a more seamless, truly hands-free experience. Ambient car noise still degrades the signal enough that it keeps users from using their phones.