Digital voice assistants worldwide will triple to 8 billion over three years
According to the research conducted by Worldpay from FIS, smart speakers are one of the fastest-growing consumer technologies since the smartphone launch. Its global installed base poised to exceed 207.9 million units in 2019, overtaking tablet computers by 2020.
The study found that younger generations are leading the way as early adopters of voice assistants. In particular, Gen Zers have grown up with significantly elevated expectations about how technologies enhance everything about their lives. 2019 survey showed that 67% of Millennials and Gen Z reported communicating with a company via voice assistant, with 35% revealing they prefer that method.
Furthermore, nearly 21 million American customers used their smart speakers to make a purchase in 2019, making a 32.2% increase over 2018. At the same time, spending on voice shopping in the US and the UK is expected to surpass $40 billion by 2022.
Although voice recognition technology is effective in a range of practical applications, its commercial potential remains unfulfilled to date, the study found. It stated that Amazon’s Alexa, Apple’s Siri, Google Assistant, and Microsoft’s Cortana had a tendency for a high failure rate when it came to specific commerce questions.