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Smart Digital Assistant Industry Analysis

Digitization Smart Digital Assistant April 24, 2020

Smart Digital Assistant Industry Analysis

The rapid advancements in technologies are transforming the lives of consumers with every passing day. The increasing popularity of voice commerce, smart homes, voice-based business assistants, cross-selling/upselling services, shows the transformation of how we are communicating in today’s world. 

Customers are the top priority for any business. However, the modes of interaction with them are different. As the enterprises are embracing digitization, they are implementing unique solutions to connect with their customers and prospects for sales enablement opportunities. 

Our analysis of the Smart Digital Assistant industry indicates that ‘Smart Speakers’ and ‘Chatbots’ will be dominating the industry for customer interaction in the upcoming years.  

  • Economies like China and India will witness a surge in product demand for smart speakers in the near future. Companies are investing hugely to improve Intelligent Virtual Assistant (IVA) technology with the help of AI/ML. This will support automated decision-making and is expected to fuel the North American market. 
  • Chatbot application is ruling the banking industry which holds 24% of the global market. By 2022, it is expected to automate 90% of client interactions via chatbots. Though there are challenges like misunderstanding requests, execute incorrect commands, service providers are continuously addressing these to provide error-free user-experience. 

Smart Digital Assistant

Companies have started to realize the benefits of smart digital assistants and are constantly eyeing for deploying these innovative technologies to gain returns. With various use cases across industries, service providers are crafting unique customized solutions to meet specific industry requirements. 

  • Harman collaborated with Microsoft to integrate Cortana into Invoke smart speaker. Users can play their favorite music, manage calendars and activities, and access the latest news. ​  
  • Digital banking group, Fidor solutions, announced its new chatbot developed in collaboration with Finn AI. Delivering personalized and efficient interactions with users in real-time​ will be its key activities. 
  • Amtrak, a leading railway operating company partnered with Next IT to deploy an AI-based “Ask Julie” IVA solution. With this, it preserved $1M customer service costs in a yeargenerating 800% ROI and increasing bookings by 25%. 

Such sales engagement solutions not only improve customer experience but also build a positive reputation for the company in the market. Additionally, it helps in achieving competitive advantage and bringmore revenue. Enterprises are continuously looking for service providers that can deploy smart digital assistants and enable hasslefree customer experience to increase sales. 

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