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Voicebots Market Overview
The Voicebots Market size
is estimated to reach $98.2 billion by 2027, growing at a CAGR of 18.6% during
the forecast period 2022-2027, attributed to the increasing adoption of smart
home devices with in-built automatic speech recognition
technology, growing penetration of smart speakers & smartphones and so on. The
voicebots use machine learning, natural language processing along with
Interactive voice response navigation system to answer customer queries by
interpreting the intentions and meaning of the speech. Voicebots automate
routine processes and tasks in order to save time and money. It reduces costs
on customer support agents by switching conversations to Voice Bot and
processes a large amount of data for lead qualification to improve productivity
of an organization. Furthermore, rising trends towards smart homes, increasing
use of in-car infotainment systems and growing use of automated technologies in
various industries are some of the major factors set to transform the Voicebots
industry outlook in the coming time.
Voicebots Report Coverage
The “Voicebots Market Report – Forecast (2022-2027)” by IndustryARC,
covers an in-depth analysis of the following segments in the Voicebots Market.
Key Takeaways
- Based on Technology, natural language processing segment is analysed to grow at the highest rate 20.45% in the global Voicebots Market during the forecast period 2022-2027, owing to increasing preferences for personalized customer services, and growing use of voicebots in digital sales and so on.
- Voicebots Market for customer service communication is analysed to grow at the fastest rate 21.30% during 2022-2027, attributed to increasing demands for omnichannel customer interaction, rising expectations of customers, for improving interaction speed and so on.
- North America dominated the Voicebots Market in with a share of 37% 2021, attributed to increasing use of smart speakers, growing adoption of smart home devices with in-built automatic speech recognition technology, rising trend towards automation in the region and so on.
- Increasing use of smartphones & smart speakers for voice assistance and rising adoption of AI technologies for customer care services in various industries are analysed to significantly drive the market growth of Voicebots Market during the forecast period 2022-2027.
Voicebots Market Value Share, by region, 2021 (%)
Voicebots Market Segment
Analysis- By Technology
Based on Technology,
natural
language processing segment is analysed to grow at the fastest rate
of 20.4% in the global Voicebots Market during the forecast period 2022-2027, owing to increasing
preferences for personalized customer services, growing use of voicebots in
digital sales and so on. To create human-like conversations, voice bots are
combined with an NLP engine. The bot understands all possible questions, words,
and sentences spoken by the user. Instead of giving yes or no responses,
customers can freely converse with the bot. The bot can recognise the
desires of the customer, their commands/requests and respond with the
acceptable solution in real time. In July 2022, Reddit acquired natural
language processing (NLP) start-up MeaningCloud to augment its services
including customer safety and advertising. The integration of NLP & AI will
provide insight about the needs of the user. It will help Reddit in improving
search results for users, spot problematic posts and assist in targeted
marketing campaigns to those who would be interested. These are the significant
factors impacting the growth of natural language processing technology in Voicebots industry outlook
overtime.
Voicebots Market Segment
Analysis- By Application
Voicebots Market for customer service communication is analysed to grow with the
highest CAGR of xx% during 2022-2027, attributed to increasing demands for
omnichannel customer interaction, rising expectations of customers, for
improving interaction speed and so on. Voicebots provide omnichannel customer
service strategy and increase the accessibility & reachability of an
organization. They speed up interaction and eliminate the need for customer
service agents to look up data in multiple systems as the bots can easily
manage customer data. Voicebots enable more customers to be served in less time
while improving the customer experience and thus, they save both time and
money. In June 2022, Comm100 collaborated with Deltapath to integrate voice
into the its digital omnichannel platform. This collaboration integrates
Deltapath UC with the Comm100 platform, allowing contact centres to provide a
complete omnichannel offering from a single platform. It will reduce customer
wait times and the cost of customer support. The platform will encourage the
use of such technologies for fast and efficient customer service communication.
Such factors are analysed to impact the growth of retail industry within
global Voicebots industry outlook in the coming time.
Voicebots Market Segment
Analysis- By
Geography
North America dominated the Voicebots Market with a share of 37% in 2021, attributed to increasing use of smart speakers, growing adoption of smart home devices with in-built automatic speech recognition technology, rising trend towards automation in the region and so on. Increasing use of Alexa, Siri and Cortana for customer services & interactive voice response, advancements in the use of machine learning, deep learning and natural language processing technologies in the region. In October 2020, Apple launched the HomePod mini, a powerful smart speaker with great audio. It provides impressive sound quality combined with smart features provided by Siri to get things done. It provides smart home experience, comfort and convenience without complexity. The increasing use of such speakers, as well as their integration with AI & IoT technologies, is encouraging the use of advanced voice assistant platforms and voicebots. Additionally, the increasing use of infotainment systems in passenger vehicle, growing trends towards digital marketing, high penetration of smartphone & voice apps are set to transform Voicebots industry outlook within North American markets.
Voicebots Market Drivers
Increasing Use of Smartphones and Smart Speakers for Voice Assistance is Positively impacting the Growth of Voicebots Market:
Growing use of smartphones and smart
speakers for voice assistance is significantly impacting the growth of the Voicebots Market. Voice assistants can increase the productivity of sales teams
by streamlining administrative tasks and allowing them to focus more on lead
conversion. They can add value to the sales by nurturing and
acquiring warm leads. Voice-enabled personal assistants are well-suited to
tasks such as ordering new office supplies from a pre-approved vendor list,
organizing meetings, sending internal memos, recording minutes, and accessing
data or reports. They not only provide a faster resolution to all of these
tasks while reducing the scope of error and eliminate the need for
low-tier administrative staff. An intelligent voice assistant connects the
various departments of a hospitality company & helps in streamlining
operations and deliver high service standards. Patient registration and
diagnostic assistance are two areas in healthcare where AI voice assistants can
be deployed. In October 2021, Tarbull launched its first speaker for children,
dubbed 'SuperBuddy,' which is a smart audio play system that keeps kids entertained
for hours without the use of screens. SuperBuddy comes preloaded with over 750+
carefully curated stories, rhymes, lullabies, and songs for children aged 2 to
10. It will hasten the adoption of smart speakers among children. According to
a report published by National Public Media in 2020, voice search is becoming
the preferred online search method. It revealed that in 2020, 63% of Americans
were using a voice-operated assistant devices such as their smartphone,
household appliance, laptop, and TV. Such factors will help in propelling the growth
of Voicebots Market size in the long run.
Rising Adoption of AI technologies for Customer Care Services in various Industries is Accelerating the Growth of Voicebots Market:
Increasing
adoption of AI technologies for customer care services across industries is
driving the growth of the Voicebots Market. Chatbots are one of the most common
applications of AI in customer service. Chatbots of varying complexity are used
by businesses to handle routine questions such as delivery dates, balance owed,
order status, and anything derived from internal systems. AI is used in
voicebots to interpret the needs of the customer, search for knowledge articles
and display them on the customer service agent's screen while on the phone. The
process can save time for both the agent and the customer and reduce average
handle time thereby minimizing the costs. AI technologies can be used to
provide customer self-services giving customers the ability to resolve issues
on their own time. In February 2022, Tech Mahindra collaborated with Yellow.ai
to transform enterprise customer experiences through conversational AI (AI).
The collaboration aims to redefine how businesses interact with their
customers, employees, and vendors. The collaboration will help enterprises
around the world in reducing costs, optimising resources, improving response
time and providing intelligent insights. According to a HubSpot survey
conducted in 2022, about 90% of customers expect an immediate response to
customer support issues within 10 minutes or less. By leveraging chatbots
and virtual agents to handle incoming requests outside of regular business
hours, organizations can meet rising customer expectations while saving money
on staffing 24/7 call or contact centres. These factors are encouraging the use
of the electronic receipts thereby
accelerating the Voicebots Market size in the coming time.
Voicebots Market Challenges
Complex and Time-Consuming Learning Process of Voicebots is Restricting their Market growth:
Difficult
and time-consuming process training a Voicebots is restricting their market
growth. The time required to train a voicebot can be a hindrance to its use.
For more complex conversations, the voicebot may require human assistance to
transfer the conversation. The voicebot would require ongoing training for
various scenarios that will increase the learning process & time. A clean
set of data is required to train any ML-based. Data cleaning is a complex and
time taking process which will further adds up to the training complexity of
the voicebots. Depending on the language, accent, and domain the training of dataset
can be difficult. According to a survey conducted by ImpactPlus in 2020,
approximately 34% of retail customers prefer to contact customer service via
chatbot rather than a human support agent. It goes on to say that this
percentage will only rise as chatbots become more human-like in their
interactions and the distinction between a human agent and a chatbot blurs. AI
advancements, specifically NLP, will play a significant role in making chatbots
a powerful tool for delivering enhanced customer experiences in the future.
Thus, increasing preferences for chatbots over voicebots are limiting the
growth of Voicebots industry.
Voicebots Industry Outlook
Product launches, acquisitions and R&D activities are key
strategies adopted by players in the Voicebots Market. The top 10
companies in the Voicebots Market are:
- AliBaba Group
- Amazon Web Services
- Apple Inc.
- Google LLC
- Microsoft Corporation
- Neospeech
- Nuance
- Samsung
- Smartly.AI
- Yandex
Recent Developments
- In May 2022, Google launched a new voicebot tool for practicing job interviews with an AI coach called Interview Warmup. It mimics a job interview for five different technical roles or a general position using speech-to-text and natural language processing. It will boost the use of voicebots among students and professionals.
- In January 2022, Amazon Web Services (AWS) launched Maxine, an AI VoiceBot in collaboration with M1 for M1hotlines. It aims to improve the customer service experience. Maxine is powered by AWS's AI technologies, including advanced speech and language processing, giving the VoiceBot more lifelike characteristics. M1 technology also plays a role, with the company's Session Initiation Protocol trunking improving call quality thereby increase the use of voicebots of customer services.
- In October 2021, Alibaba launched Tingwu AI, a secretarial virtual assistant for meetings to handle transcription and other secretarial duties at meetings & conferences. Tingwu AI is based on Alibaba's speech recognition technology the voice assistant for smart speakers. The startup went from real-time transcription to bring a suite of secretarial features like Google Meet, Microsoft Teams, Zoom and Cisco Webex. It will increase the adoption of voicebots in professional environments.
Relevant Report Titles:
Report
Code: ESR 0279
Report
Code: ESR 98153
Report Code: ESR 0294
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