Alexa, Is Voice Recognition Technology The Future Of Industries?

Siri, when is my client meeting?

Alexa, please turn off the lights and wake me up at sharp 7 a.m.

No, Siri or Alexa is not our real-life partners or assistants, but still, they are major parts of our lives these days, right? We all know about them!

Well, voice recognition technology is not something very new. It has been around for a while now. But it was not so accurate before. Now, we are using it almost all the time. There’s no weapon stronger than voice and imagine what happens when it is fused with today’s modern technology!

At this point,  we can clearly state that voice recognition technology has huge scope in the future. Forbes mentioned in an article written in 2018 that by the end of that year, 30% of all our interactions would be done by Voice Recognition Technology. Now, voice recognition has spread its branches all over the world and in every sector.

A recent survey has shown that 90% of the participants are familiar with voice recognition technology and 72% of those are familiar with using the technology first-hand.   

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This technology is especially a favorite amongst the Millenials and Gen Z ers which is one of the major reasons it is becoming so prevalent nowadays. Studies have also shown that the global market of Voice Recognition would reach $31.82 billion by the end of 2025.  

Naturally, a lot of multinational companies are competing to get a bigger ledge on the market. Therefore, the question of what is causing this technology to become so popular and how it is going to affect businesses makes sense. 

The Skyrocketing Fame Of Voice Recognition Technology

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As we said, voice recognition technology has been around for a long time but it did not blow up until recently. Especially the whole pandemic situation has intensified the need for no-contact interactions without causing any inconvenience.

This is not only safe in this situation but also has an added time-saving advantage, as people typically speak faster than they are able to type. With the implementation of voice-enabled commands and no-touch systems, interactions have become smoother and more efficient. 

We can put it this way, voice recognition provides you with a high-tech feeling without having to invest a lot of time or effort into it. Other than that, what's driving its popularity is:

• Devices with voice recognition enable you to search anything when you’re on the go without having to type anything.
• Smart speakers are becoming an essential component of modern homes.
• Natural Language Processing has become so developed that it helps in analyzing sentiments and understanding general contexts. 
• With Artificial Intelligence and Machine Learning growing rapidly, voice recognition is supposed to provide a more personalized experience. 
• The omnipresence of IoT devices can be controlled by voice recognition.

Voice recognition technology is getting more and more seasoned and is predicted to make billions in the next few years. According to experts, almost all apps will integrate speech recognition technology within the next 5-6 years. 

The Perks Of Voice Recognition Technology For Businesses

Businesses should always stay up to date with the latest trends or create trends themselves. It is important to explore areas of such innovations that can lead you to enjoy insane benefits. 

Personalization

"Personalization is not a trend, it is a marketing Tsunami."
- Avi Dan

Personalization is one of the biggest marketing tools and it can help you drive insane revenue. One of the best ways to enhance your personalization features is to add voice recognition to your system.

How is this beneficial? Well, with voice recognition technology your customers can quickly present their problems and get faster solutions. 

The market today is driven by Millennials and Gen Zers who have been powered by technology since birth and they are constantly on the lookout for things that are convenient and technologically advanced. Personalization is the cherry on top for them. Therefore, having such systems can help your business in the long run as well. 

Enabled with Voice AI, it can help build a healthy relationship with the business. 

Time Efficiency

"Time is the soul of business."
- Anonymous

Time is a crucial factor for every business and hence every second is worth it. Instead of just spending time, you should invest your time wisely. Voice Recognition Technology helps you to save time without causing any decrease in productivity. More and more devices are integrating voice technology as it is more efficient than typing and helps in faster communication.

According to Stanford University, voice recognition technology is improving with each passing day and it has reached a level that is more accurate and faster than an individual typing on a keyboard.  

With the implementation of such technologies, in a few years’ time businesses can eliminate the hassle of typing and similar tasks that enables one to focus on other core areas. 

Increased Productivity

"Improved productivity means less human sweat, not more."
- Henry Ford

The above lines are exactly what productivity is. It is not exhausting yourselves out but working efficiently and getting better output. Technology has been built for this purpose only.

Voice recognition in workplaces can assist in doing small tasks like scheduling appointments, setting reminders, making conference calls, etc. Approaches like this help businesses to centralize their business processes and employees can focus on more complicated tasks which of course leads to an increase in productivity.

Collecting relevant data is also possible with voice commands if you integrate the voice recognition technology into your system. The time taken for such tasks would considerably be less. 

Voice recognition technology has the power of breaking language barriers which can help your business grow to a massive level. With voice recognition, consumers can communicate in their own language and the technology can translate it into the desired language. 

Voice Recognition Is The Up and Coming Trend For Global Industries

At this moment, when you talk about the term voice recognition, the things that come to your mind are playing songs, searching for something, setting reminders, etc.

But, it literally can change the way the entire business world operates. For instance, how cool it would be to collect data insights in your meetings without opening a computer just by the use of your voice? Imagine connecting to employees across oceans with just a voice command? Ain’t that exciting?

Well, according to us and the research we did, in the next few years businesses will be galvanized by voice recognition technology. Asking Siri or Alex for business-related decisions will be as normal as breathing. Voice recognition will enable employees to cater to areas that need more attention. This tech trend when fused with other technological innovations will push businesses to great heights of success. 

Voice recognition technology will not make you wait and work instantly. In fact, Amazon and Microsoft developed a partnership between them to implement Alexa and Cortana for better service and increased productivity.

Amazon also has a partnership with Logitech that enables different vehicles to utilize Alexa. This is just the beginning as the scope of voice assistance and recognition is endless. 

How Should Businesses Lay The Groundwork?

In order to benefit from this technology, it is important that businesses make a few upgrades. This could only be done if the companies are ready to progress with the generation. They need to be open-minded and adapt to the market trends. They also need to make a significant shift in the budget in order to take advantage of this technology. 

It is also important to plan and prepare ahead to implement such changes so that everything goes smoothly. Undergoing a digital transformation needs prim and proper strategies that include the whole package. 

But we can say for sure that implementing voice recognition in the infrastructure can open a plethora of opportunities for any business, be it big or small. Therefore, you need to lay the groundwork accordingly.

Are you eager to incorporate this technology into your business? Do you want to keep your businesses up to date with the latest technology? Then you can connect with us at Klizo Solutions.