Since the emergence of voice tech in 2011, voice technology has multiplied and gradually incorporated into every sector. The future of voice technology and the opportunities it offers are becoming more popular and advanced. Voice technology has become a major driving force in new technology innovation and is set to take the lead in the years to come.
Users of voice technology are increasing by the minute, with at least one in every six Americans owning a smart speaker – Amazon Echo, Google Home, etc. It has improved human connections and simplified the use of technology and online services.
With popular competitor brands such as Amazon and Google continually fueling the advancement of voice tech, consumer demand continues to grow. For this reason, almost every industry has and is still adapting to voice technology to meet customers’ needs and demands.
Millennial consumers are always searching for increased comfort, convenience, and efficiency, and the continually evolving voice technology offers this. Voice interface technology and voice assistants have been integrated into IoT devices such as smart home appliances, speakers, thermostats, etc., making the utility-user connection and use better.
Based on the increased application of this ever-growing technology across every industry, it is only expected that more opportunities would be created for these industries, investors, and consumers at large. This article explores some of the opportunities voice technology has provided and is likely to provide in years to come.
- Banking and Payment Services
The banking and finance industry has a lot of opportunities to gain from voice and voice interface technology. It can positively impact banks, financial institutions, and FinTech if applied and utilized correctly. Through voice technology, banks and other financial institutions can offer efficient, reliable, and speedy customer services to their customers. These institutions can maximize the use of human resources and artificial intelligence to provide customers with a better and more personalized experience.
With AI-based voice recognition, customers can be easily identified, their previous and present complaints accessed, and solutions immediately according to their unique needs. This would give way to customer retention and satisfaction.
Also, these institutions can integrate voice-activated features into their services to simplify use and improve convenience. These advanced features can allow customers to access their account details, facilitate and streamline payment processes, and even allow for currency exchange and other important financial services. Although a few banks have tapped into this innovation, most banks and financial institutions are still yet to.
Voice payments and other voice-activated features aren’t only advantageous to customers, banks, financial institutions, and other business industries. With this innovation, other business industries are provided with an opportunity to serve their customers better, improve their services, and boost overall growth.
- Voice-activated Home Appliances
The innovation, voice-activated home appliances, comprise one of the essential parts of the Internet of Things (IoT). Based on a research conducted recently, it has been predicted that the number of smart homes in 2023 would surpass 300 million. Using this study, we can expect that voice technology would be the basis of function for most home appliances in a few years to come.
Regardless of age or physical abilities and health, more individuals find the Internet of Things to be more appealing because of its ease of use and convenience. However, this is even more appealing to older and physically challenged or disabled persons.
In most smart houses and upcoming ones, it has been found that the kitchen is one of the most popular and first rooms or locations where smart speakers are integrated. Given this, manufacturers of home appliances and kitchen appliances particularly can take advantage of this opportunity. A few companies, such as the Whirlpool Corporation, have leveraged this by integrating the Google Assistant and Alexa into their smart appliances (voice-activated appliances).
This doesn’t benefit customers alone but also gives these manufacturers an opportunity to key into the market trends, drive sales, retain and satisfy customers, and improve overall business or company growth.
- Improved Commuting and Journey Planning
The use of voice integrated in-car systems and journey planners is on the rise, and its increasing popularity is no surprise. Drivers and car owners are taking an interest in the in-car voice interface technology. This has made every other performance, such as activating navigation and playing music, a lot easier for drivers and car owners.
As a result of its increasing popularity and use, several automotive brands have integrated popular voice assistants such as Google Assistant, Alexa, and Siri into their car products to facilitate use. This in-car voice recognition has made multi-tasking while driving easier, provided brand-specific solutions, and improved life generally. A study carried out by Navigant revealed that by 2028, almost ninety percent of new cars and vehicles sold are expected to be voice integrated. This shows that the voice integrated car market trend would only continue to grow and remain so for a long while.
Public transport services are only expected to get better using an AI-powered voice interface for journey planning. This provides navigation to commuters as well as information concerning public transport services. Voice assistants can speedily give the users previously-stored transport information on the cloud to make commuting easier.
Also, transportation companies can get an opportunity to serve customers better and boost business growth. By integrating the voice-activated payment feature, customers can have hassle-free trips and a better customer experience. This is a massive innovation for transportation companies and is bound to become a norm in the market in a few years. However, companies and investors who can take advantage of this opportunity will experience high financial returns on investments and improved company or business growth.
- Voice Assisted Shopping
The integration of voice-activated payment features by banks, financial institutions, and other industries automatically gives rise to voice e-commerce. The OC&C Strategy Consultants, based on a study, produced a report which predicts the exponential surge in voice shopping spending from $2 billion presently to about $40 billion in 2022.
Online businesses and e-commerce stores can integrate an AI-Voice interface to allow customers to place, track, and cancel voice orders. Doing this will provide customers an unbeaten hassle-free shopping experience. These voice assistants simplify the shopping process and personalize each customer’s shopping experience.
Popular E-commerce stores such as Walmart and Amazon have integrated the smart assistants – Google Assistant and Echo to facilitate voice shopping and improve customer experience.
- Hand-free Healthcare Services
Voice technology presents several opportunities for the healthcare industry, and these opportunities are yet to be explored. Due to the pandemic, the need for a hands-free healthcare system has become highly essential, and voice technology has solved this problem.
The voice technology has and can provide solutions that will improve the doctor-patient experience online and physically too. By using voice assistants or voice-assisted devices, doctors can give the patients sterile procedures in ample time without compromising their safety.
Also, voice assistants come in handy for patients. They can be used to communicate with doctors virtually for disease diagnosis, management, and treatment. These patients can also order drugs based on prescriptions and have them delivered. Also, voice assistants can assist patients in contacting their doctors or nurses in hospitals regardless of which.
Patients with visual impairment, limited mobility, or any other health challenges can benefit the most from voice interface technology. Their lives can be made a lot easier, allowing them to conquer their disabilities while also having immediate access to their doctors or loved ones during a crisis or health complication.
Amazon has taken advantage of this opportunity to create and launch the “Health & Wellness division.” This was specifically designed to meet the needs and provide solutions to people’s challenges with diabetes faced by new mothers and their babies.
Voice technology has given the healthcare sector a new and better way to operate, providing quality healthcare services to patients even from their homes’ comfort. The healthcare sector has started incorporating this into the system. Although this is still gradual, it is expected to take a massive leap in the future to provide patients with longer and better life expectations.
- Digital Travel Assistant
Another notable innovation of voice technology is in the area of digital travel assistant. With voice technology, you do not have to spend your precious time and worry about hotel reservations. Although technologically it is no easy to build an alternative to a human-like bot the good side to this is that a local start-up is creating a digital travel assistant known as Suziebot. This voice technology app is a hotel booking and networking application that is accessible by anyone. At the very moment of this article, Suziebot is in its alpha test mode and can’t disclose lots of details for the public it seems that some serious tech is about to be created.
This app helps to provide travelers with the best hotel prices they can get in their desired city. It also helps to connect travelers with themselves for better interaction and exploration. It is available on the web as well, for a better user experience it is best to make use of the app.
There are several opportunities that voice technology provides, and it cuts across every industry and sphere of life. The options we have listed above are only a mere shadow of voice technology’s true potentials. The ever-advancing voice technology is bound to cause our lives and every business industry to take new turns in a few years.
Based on the increasing popularity and demand, companies that can adapt and integrate the voice interface technology into their products and services are bound to top the market trend and stay ahead of their competitors. This technology can help businesses improve customer experience, increase productivity, drive sales, and generally boost business or company growth.
Rapidly advancing companies are quickly adopting the voice service strategy to improve how they work. The voice interface technology isn’t just an opportunity for business industries, but also for customers and investors to put their money into something more productive. Voice technology has shown a few of its potentials in 2020 and is bound to show a lot more in the coming years.