Digital Voice Assistant technology is taking over the market with 8 billion devices predicted to be out by 2023.
Introduction to the Voice Assistant Market
Voice assistants were originally introduced to consumers through the implementation within smartphones, although its expansion is in other categories. It is popularly seen in the abundance of Smart TVs. This market is dominated by English speaking markets, although the market in China is still expected to grow.
Potential Areas for Growth
Within voice-based commerce the question of whether there is momentum left in this segment to grow. There is an expected total of $80 billion in commerce within the forecast period. The main concern is that the only security seen in voice-initiated searched is when the original voice command ultimately results in a transaction. Is the investment in this segment worth it?
Another issue arose when people assumed that voice search and smart speakers should be clumped together. In fact, voice search is almost entirely through smartphones, where smart speakers have yet to develop into a meaningful channel. There is still great room for growth in this division.
There are currently over 1.5 billion assistant devices across the globe. Google has reported having one billion users, Apple reported 500 million active Siri users, and Amazon sold over 100 million Alexa devices.
Currently, voice assistant devices are being connected to a range of items around the home, such as slow cookers, refrigerators, smart toilets, and showers. Almost any functional item in your home can become a smart device.
Why Does this Matter?
Well, by 2020 it is predicted that 50% of all search queries will be initiated by voice.
We need to be sure to prepare for the continued growth of voice assistants, keeping them in mind during the creation of future strategies and implementations.