The global Voicebots market is expected to grow at CAGR of 35% from 2018-2023. The major driving force of this market is that it has replaced the usage of apps with increasing efficiency. These voicebots have simplified the day-to-day human task such as ordering food, calling or paying bill, it all can be done through a simple voice interface. The recent advancement in Artificial Intelligence, gave rise to popularity of voicebots devices.
What is Voicebot?
Voicebot is a technology developed with the machine learning and natural language processing, which enable human like conversations to complete day-to-day task. Voicebots are changing the way people used to communicate with digital assistants. Voicebots enhance the experience by removing the friction of picking up phone, logging in to an app and typing a message. Some of examples of Voicebots are Smart TV, Smart Speaker, Smart Phone, Personal Digital Assistant and customer support. It is still considered luxury tool instead utility. Voicebots has potential to transform the communication business.
What are the applications of Voicebot?
Voicebots are becoming very useful in businesses as well as consumers also. For example google home, slack, hangout voicebots help to book follow up meeting, sharing files, sending summary and other just through voice command on desktop. It saves the time requires for unnecessary typing and tapping. Amazon Alexa and Google assistants can interact with humans or brands to complete everyday task such as ordering meal, paying bill or calling. Apple’s Siri is virtual assistant, which help in managing various task such as reminding about event, flight details etc. Amazon Echo and Google home are smart speaker, which allow unlimited range of music.
Market Research and Market Trends of Voicebot:
- With the integration of various features in voicebots, some e-commerce companies are also using it for their day-to-day operations. For example eBay has created a voicebot that is capable of searching products and can compile result on the basis of factors like price, delivery time, size etc.
- Voicebots are not just used for daily operations like scheduling, placing order and reminding. Their functionality is gaining popularity and they are playing some unexpected roles. For example a company named Casper developed a voicebot, which can speak to users who are having hard time in falling asleep.
- Voicebot are expected to increase the cost saving in ecommerce, healthcare and banking. Businesses are increasing their interactivity with business through voicebots to enhance the experience. More brands will be adopting voice enabled technology.
Who are the Major Players in Voicebot Market?
The companies referred in the market research report are Microsoft, Apple, Google, Amazon and10 other companies.
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