That’s a significant increase from the $126 million expected in 2021
Smart TV voice assistant transactions to reach nearly $500B in 2023. Source: unsplash.com
According to Juniper Research, spend through voice assistant-enabled smart TVs will reach nearly $500 million in 2023. This growth reflects how voice assistants are becoming context‑dependent sales portals, as well as information and control systems, and smart TVs will bring an important visual element to voice assistant purchases.
The study notes that although smartphones will remain dominant in terms of usage, other platforms will grow in importance, as the search for digital assistant monetisation continues. Besides, smart TVs will be significant in this, as they can both drive digital media purchases and add visual context to purchases; an element missing from voice-only commerce.
Even with the tech industry’s focus on smart speakers, only 12% of households worldwide will have a smart speaker by 2023.
By contrast, Juniper Research expects 72% of smartphones to use voice assistants in the same year.
However, smart home voice assistants encourage more consistent use, and offer more direct monetisation than smartphones, which are more likely to use conventional mCommerce, without voice assistant involvement.
Despite this, the report notes that the biggest opportunities for voice assistant monetisation are in the broader IoT space, where context-dependent commerce and services can be deployed, whether through smart home devices in particular rooms, or the use of automotive voice assistants. However, with smartphones often used for in-car connectivity, dedicated automotive assistant growth will be slow, with only 27 million expected to see regular use by 2026.
We’ve reported that Finastra introduced instant onboarding for cloud payments technology.
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