Integration of Artificial Intelligence and growing usage of conversational intelligence in user-based services is increasing the demand for Voicebots which in turn is boosting the market growth during the forecast period 2022-2027

The Global Voicebots Market size is forecast to reach US$ 98.2 billion by 2027, growing at a CAGR of 18.6% from 2022 to 2027 owing to the growing adoption of voice bots in SMEs, especially across various service-based industry verticals. Artificial intelligence, machine learning, deep learning and natural language processing, being an integral part of voice bots convert speech into well-structured algorithms for demonstration of correct inputs. Apart from this, the adoption of voice-activated biometrics in banking applications is also analyzed to be one of the major market drivers during 2022-2027

Voice bots provide an omnichannel customer service strategy and increase an organization's accessibility and reach. Since bots can easily manage customer data, they speed up interaction and eliminate the need for customer service agents to look up data in multiple systems. Voice bots allow for more customers to be served in less time while also improving the customer experience, saving both time and money. For instance, in October 2021, Phonexia announced new product upgrades for its speech analysis and voice biometrics portfolio featuring the integration of Vietnamese with speech transcription technology with up to 92%-word accuracy. These factors will positively influence the Voicebots Industry outlook over the forecast period.

APAC generated approximately 19% of the global revenues in the Voicebots industry in 2021, however, it is estimated to grow with the highest CAGR of 21% during 2022-2027 owing to the technological advancements, increasing penetration in the SME sector and integration of artificial intelligence with the voice bots. The region's demand for voice bots products will be accelerated by ongoing developments in healthcare, BFSI, Automotive, Retail, Customer Service and other applications. In October 2021, Jio platform's Haptik introduced a new enterprise CX Platform to enable AI voice bots solutions that allows brands to create Intelligent Virtual Assistants in a low-code environment. The growing adoption of development platforms is set to boost the Voicebots Market during the forecast period.

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Voicebots Market Growth Drivers:

The growing use of conversational intelligence in user-based services will drive the Voicebots Industry forward during the forecast period

The increasing use of conversational intelligence in user-based services is a major driving force in the conversational artificial intelligence market. This in turn is boosting the adoption of Voicebots. Additionally, AI is being used more frequently on social media platforms. Conversational artificial intelligence is widely used on social media platforms such as Facebook, Instagram, Twitter, and Telegram. Collaborations on these sites result in increased interaction with customers. As a result, the growing adoption of AI-based Voicebots is continuously increasing. In April 2021, Microsoft announced the acquisition of Nuance Communications, an AI-based technology company, for US$ 19.7 billion to broaden its capabilities in voice recognition and transcription technology.

The Major Players in this Market Include

Major players in Voicebots Market include AliBaba Group, Amazon Web Services, Apple Inc., Google LLC, Microsoft Corporation, Neospeech and Nuance among others. In August 2022, Google has launched its AI Test Kitchen app for experimenting with the LaMDA 2 conversational AI.