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From $1,723.6 million in 2019, the market revenue is expected to increase to $26,872.6 million in 2030, at a 29.7% CAGR during the forecast period (2020u20132030). A voice assistant processes peopleu2019s spoken commands, with the help of voice recognition, natural language processing (NLP), and speech analytics.
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Can Voice Assistance Technology be a Game-Changer for Customer Experience Strategy? The emphasis on providing customers with enhanced experience has risen considerably in recent times. An excellent customer experience strategy has become a necessity for businesses these days in order to enhance engagement with their solutions and services. In order to facilitate this, companies are incorporating voice assistant solutions in their marketing strategies. With the use of voice search, customers want quick and relevant results. The voice assistant technology assist users by analyzing the received input in an effective way. Get https://www.psmarketresearch.com/market-analysis/voice-assistant-market/report-s ample the Sample Copy of this Report @ These factors are resulting in the growth of the global voice assistant market. A digital assistant that makes use of voice recognition, speech synthesis, and natural language processing for helping users through voice recognition applications and phones is referred to as a voice assistant. The adoption of the voice assistant technology is also increasing in contact centers for assisting customers. The technology aids contact centers in gathering data regarding customers’ preferences, opinions, and buying patterns. The collected data is analyzed using the voice assistant technology that further allows businesses to offer proactive recommendations regarding services and products and personalized experience. The growing adoption of the cloud technology by a number of industries, including automotive, healthcare, and retail and e-commerce, is also a major factor that is also projected to result in the increasing demand for the voice
assistance. Cloud platforms enable companies to deploy the voice assistant technology with customizations and gain access to the technology efficiently. The voice assistant market is predicted to reach a value of $26,872.6 million by 2030, from $1,723.6 million in 2019, progressing at a 29.7% CAGR during the forecast period (2020–2030). In terms of component, the market is divided into solution and service, between which, the solution division accounted for the larger share of the market in 2019. Voice assistant solutions are being adopted by various industries, such as healthcare, banking, financial services, and insurance, retail, and automotive, for improving customer experience. Make https://www.psmarketresearch.com/send-enquiry?enquiry-url=voice-assistant-market Enquiry Before Purchase @ On the basis of technology, the market is categorized into natural language processing (NLP), speech recognition, voice recognition, and text-to-speech recognition. Out of these, the NLP category is expected to advance at the fastest pace during the forecast period, owing to the rising requirement for chatbots. Chatbots aid in dealing with several customer inquiries, analyzing their actions, and providing responses at a faster rate than human agents. The speech recognition technology held the major share of the market in the past. North America dominated the voice assistant market in 2019, according to a report by P&S Intelligence. Technological advancements, swift adoption of advanced technologies, such as MLP, machine learning, and deep learning, and increased IT spending are leading to the high demand for the voice assistant technology in the region. The Asia-Pacific region is expected to register the highest CAGR during the forecast period.
