Why Are Banks Adopting Voice Assistant Technology?

Posted November 7, 2023 by Ananyjoshi

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. 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. Apart from this, the banking, financial services, and insurance (BFSI) and automotive sectors also deploy voice assistant solutions on cloud platform to improve their businesses.

Globally, Europe and North America are expected to generate the major demand for voice assistant technology in the coming years. This can be attributed to technological developments, large information technology (IT) spending, high internet penetration, and rapid deployment of emerging technologies such as NLP, machine learning (ML), cognitive computing, and deep learning. On the other hand, the Asia-Pacific (APAC) region is expected to increase the usage of voice assistant solutions, due to the spurring number of contact centers and growing expenditure on IT and novel technologies.

To cater to the demand for voice assistant technology from several parts of the world, players in the voice assistant market are focusing on the development of better products. For example, in May 2019, Qualcomm Inc., a semiconductor equipment producer, collaborated with Google LLC, to develop voice assistant-enabled Bluetooth headphones. Under this partnership, both companies designed an integrated platform to bring a unique combination of voice assistant interfaces, connectivity options, audio technologies, and processing capabilities.

Thus, the growing emphasis on improving customer experience among business entities, BFSI organizations, and healthcare facilities will expand the application base of voice assistant technology in the foreseeable future.

Read More: https://www.psmarketresearch.com/market-analysis/voice-assistant-market
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Issued By Anany Joshi
Country India
Categories Business , Free , Industry
Tags voice assistant market , voice assistant market size , voice assistant market share , voice assistant market demand , voice assistant market growth , voice assistant market forecast , voice assistant market analysis
Last Updated November 7, 2023