Market Research News Federation Board

For a company to create brand loyalty, it is important to listen to what customers have to say and resolve their queries as quickly and efficiently as possible. That is why most large companies have a contact or call center, or outsource these tasks to one. When people call the customer support number, they are greeted by a human-like voice that gives them directions, asking them to press certain numbers on the dial pad depending on the purpose of calling. Hence, with the growing number of contact centers around the world, P&S Intelligence forecasts the voice assistant market value to increase from $1,723.6 million in 2019 to $26,872.6 million by 2030, at a CAGR of 29.7% between 2020 and 2030 (forecast period). This is because such a human-like voice is generated at contact centers by sophisticated voice assistant software. Moreover, the even-more-advanced voice assistant software can talk like a human, rather than just offering directions, reacting to what someone at the other en...

Every company needs to have a proper customer care department, which is why the number of such establishments is rising. These places witness a high volume of calls every day, many of which do not require human intervention. Thus, by replacing a certain number of human employees with virtual assistants, companies can save on operational costs, while maintaining the quality of customer service. Nowadays, people are more likely to switch brands because of unsatisfactory customer service than they are if the product itself isn’t good, simply because they have options, which creates a strong need for an efficient customer service department. Other places people will likely encounter a voice assistant today are smartphones, laptops, websites, chatbots, smartwatches, and smart speakers (including Amazon Echo, Google Nest, and Apple HomePod). But, how do these programs understand what people are saying and communicate with them? This is done via a range of technologies, such as speech recogni...

A lot of people, both men, and women have either of two girlfriends they are increasingly talking to during the day: Siri and Alexa. In a short time, these voice assistants have become so popular that people often talk to them just for entertainment, asking pointless questions to hear even-more-pointless and often hilarious answers. Moreover, voice assistants help people control the operations of electrical and electronic devices, such as TVs, home automation systems, fridges, and washing machines, and even automobiles (certain features) via spoken commands. Thus, with technological advancement widening the application area of such programs, the voice assistant market value, as calculated by P&S Intelligence, is set to grow from $1,723.6 million in 2019 to $26,872.6 million by 2030, at a 29.7% CAGR between 2020 and 2030. While Alexa and Siri might still be babies in human years, voice assistants themselves are not.  Whenever someone calls up a big company or even a government ...