Is Voice Technology Worth Investing In 2023?

Voice technology is becoming increasingly popular today. The voice recognition industry was worth USD 10.7 billion in 2020. By 2026, the valuation is expected to reach USD 27.16 billion. That's a 16.8% CAGR between 2021 to 2026.

And the growth is evident in our daily lives too. More and more people are turning to voice assistants like Amazon's Alexa and Google Assistant to make their lives easier. The convenience of being able to control your smart devices, play music, and even make purchases with just your voice is undeniable.

However, the question remains: is voice technology worth investing in for 2023? 

Yes, it is. And in this blog, I will elaborate on the reasons why it is worth investing in voice technology in 2023.

But before we begin, let us discuss the key concerns that deter businesses from investing in voice technology.

One of the biggest issues with voice technology is the lack of accuracy. Many voice assistants still struggle to understand certain accents or dialects, leading to frustration for users. 

In addition, privacy concerns have also been raised, with some people worried about the amount of data that is being collected by these devices.

And these problems are not insignificant. Inaccurate voice recognition can lead to wasted time and frustration. And privacy concerns can make people hesitant to use voice technology at all.

It is easy to assume that this means your business' investment in voice technology is likely to go to waste.

However, despite these issues, voice technology is still a worthwhile investment for 2023. 

Why?

Voice technology is constantly improving. 

And companies are working to address the accuracy and privacy concerns. 

For example, Amazon has introduced a new feature called "Alexa Guard" which allows users to use their voice assistants to monitor their homes for unusual sounds and alert them if there's something amiss.

Moreover, the benefits of voice technology are clear. Here are the top 7 business benefits of using voice technology. 

1. Increased Convenience For Customers

Voice technology allows customers to interact with your business in a more natural and efficient way. It makes it easier for them to access information or make purchases.

2. Better Data

Voice assistants can collect data on customer interactions. If the data is collected ethically and with proper consent, it can be used to improve products, services, and overall business operations.

3. Increased Efficiency

Voice technology can also be used to automate tasks such as customer service inquiries. With that, you can get your human resource to focus on more complex tasks.

4. Reach More Customers

Voice assistant technology can help your business reach more customers through integration with smart speakers and other devices.

5. Competitive Advantage

Investing in voice technology right now can give your business a competitive edge over others. You will be offering your customers a unique and innovative experience, which the others are not offering yet.

6. Cost Savings

Implementing voice technology can help your business save money. It is possible by reducing the need for human labor and with increased efficiency.

7. Improved Customer Engagement

Voice assistants can provide personalized and engaging experiences for customers. This helps build stronger customer relationships.

Summing It Up

It is safe to say that while there are certainly problems with voice technology, the benefits outweigh the drawbacks. Voice technology is constantly getting better, and the benefits it offers for businesses make it worth investing in 2023. 

You just have to remember that you need experienced developers on board to make the most of the technology. With a team of professionals who have worked with voice technology before, you can ensure success for your voice enablement project. 

Don't want to jump all in with heavy investments in voice technology? Take the first step by optimizing your website for voice search. 

Here's a step-by-step guide for optimizing your website for voice search.

[For eCommerce site owners with stores built using Magento 2, here's a Magento 2-specific voice search optimization guide.]