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Growth Of Digital Assistants And Bots To Exceed $600 Billion In Revenue By 2020

Digital assistants will generate $600 billion in revenue by 2020

In the past few weeks we have published several articles talking about how researchers expect speech and voice recognitions markets to see rapid growth in the coming new years.   This week we will be looking at market research involved with the advancement in digital assistant and bots.

That’s right.  Digital assistants and bots are expected to exceed $600 billion in the next four years worldwide!

This set of data come from lasts month blog entry published by PRNewswire, a Cision company that is a leader in global media intelligence.

According to the report, specialized digital assistants and bots will generate revenues of $7.9 billion in 2016 globally and increasing to an estimated $623 billion by year 2020. That is a massive $615.1 billion jump. Looking at North America alone in just 2016 it is expected to generate nearly $2.5 billion and exceed to $75 billion by year 2020, showing a $73.5 billion raise.

Speech Recognition Rising and Making Daily Tasks Easier

In one of our previous blogs about speech recognition, it shows how effective this service has become as of recent. Not only to those who have disabilities but also to those who are on the go.  In particular, technology has excelled and allowed digital assistants to become compatible with a majority of smart phones and mobile computers.  With one main service such as getting directions, Siri allows you to speak a simple command for your device to pull up directions without making you lift a finger and keeping your eyes on what really matters. Wouldn’t this benefit your daily life?  We certainly believe so here at NeoSpeech!

Advancement in Digital Assistants and Speech Recognition Bots

New technology is discovered every year.  Every tech blog out there keeps you up to date on this.  Whether you have an iPhone, Samsung Galaxy, or Blackberry you’ll hear all of the newest inventions.  Spurring up in this age is the advancements of major digital assistants for bots, which will only be increasing by the year.  Major services that use bots as described are Apple’s Siri, Amazon’s Alexa, Microsoft’s Cortana, and up and coming Google Home.  All of these bots aim and tell you that they accomplish the same goal, trying to help you with anything that you want. The beautiful part of all of these speech recognition services is everything is done with just a simple spoken command. You heard it right.  All of these bots won’t make you lift your fingers to get an answer, pick a song, send a text message, and the list goes on and on.  The power of your voice has created a new era.

Speech technology has created a new era

The Process of These Digital Assistants and Bots

Digital assistants and bots were designed to be a cloud-based application that can communicate with anyone through natural language.  When these bots were designed, the developers wanted an interaction that was crisp, easy, and effective in terms of communication. They wanted assistants that could operate independently via known websites, through mobile applications, by text messages, over a phone connection, within a car, or even in spontaneous environments such as a warehouse or any other place you could think of.

Who said the only way to get in touch with your digital assistant and or bot was through voice commands?  Now they have developed ways to simply make these bots just another number in your contact list for your smart phone.  With this you are able to save your bots number and have the ability to ask them commands over text.

Text-to-speech gives digital assistants their voices

Are Bots The New Virtual Assistants?

Absolutely! Not everyone in this world can afford to pay $55,000 a year to have their very own secretary doing everything you ask.  Even if you do not have a human assistant you can still reward yourself with an assistant that works just like a human assistant.  These up and coming virtual assistants featured by Apple, Amazon, Google, and even Microsoft can help you solve your everyday needs whether they are in your office or in your home. They give you complete control and allow you set calendar events, send out emails, or even to remind you of something at the end of the week.  You speak it and it remembers it.   

What do you think?

Is text-to-speech becoming a necessity in the tech world? Why do you think it is or is not? Let us know in the comments!

Learn More about NeoSpeech’s Text-to-Speech

To learn more about the different areas in which Text-to-Speech technology can be used, visit our Text-to-Speech Areas of Application page. And to learn more about the products we offer, visit our Text-to-Speech Products page.

If you’re interested in adding Text-to-Speech software to your application or would like to learn more about TTS, please fill out our Sales Inquiry form and one of our friendly team members will be happy to help.

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