The new age of voice and digital assistants has woven themselves into the fabric of our lives. From getting directions, making reservations, checking the weather forecast, to turning on the lights, buying goods or requesting music. The technology is gradually transforming how we interact with the digital world, radically changing the relationship between human and machine; it’s not a product anymore, but an experience reshaping the usual state of things.
Here are some key pointers on the emergence of voice technology in India, based on the Recogn-WATConsult report ‘Voice Technology in India: Now and Future - Consumer and business perspective’.
The playground
The Indian voice market is accelerating at a rapid pace and is set to register a 2.8X growth by 2022. According to the latest Recogn-WATConsult report on voice technology, the speech and voice technology market stands at Rs 1.5 billion as of December 2019, nearly 40% over 2018. It is expected to grow at 40.83% CAGR to reach a market size of Rs 4.17 billion by the end of 2022.
The main drivers for this unprecedented growth are: changing consumer demands, smartphone ubiquity, and advancement in smart home technology and mass adoption of artificial intelligence and machine learning in our everyday lives. Voice technologies are unlocking new ways of personalisation to build an authentic and emotional connection with consumers, shifting interactions from transactional to deeper, meaningful relationships.
The players
This story is from the April 2020 edition of Voice and Data.
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This story is from the April 2020 edition of Voice and Data.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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