10 Interesting Facts About Voice Intelligence
December 9th, 2022
14 min read
Most of us associate the terms “robot chatbot” with an annoyingly voice instructing us to “dial 1 for customer service”. Consumer experiences with synthetic speech’s emerging technology are, for the most part, based on solitary interaction. The AI Voice Intelligence industry is one of the most rapidly growing and intensely researched fields in modern engineering. Because there is no better form of engagement than speech when it comes to presenting your product to consumers. The larger voiceover and speech recognition market will be growing at a annual rate of 17.2% to reach $26.8 billion by 2025. This leads to the increasing adoption of voice technology in enterprise and consumer solutions.
- 1 What is Voice Intelligence ?
- 2 Some Interesting Facts About Voice Intelligence
- 3 1. Speaking Is Quicker Than Typing.
- 4 2. AI Voice Is Being Employed By Businesses.
- 5 3. Smart Speaker Advertisements Are More Trusted By Consumers Than Other Major Media Formats.
- 6 4. When Conversing With Their Ai, Users Can Use “Natural Language.”
- 7 5. 60% Of The Elderly Use Voice Search.
- 8 6. Voice Ai Is Now A Common Feature In Modern Homes.
- 9 7. Voice Search Is Used By 46% Of Smart Speaker Owners To Find A Local Business.
- 10 8. Voice Assistants Are Changing How We Shop
- 11 9. Speech Recognition For Education
- 12 10. The State Of Voice And Speech Recognition In Banking Today
- 13 Voice Intelligence Will Have A Huge Impact In Our Life In The Upcoming Years
- 14 Conclusion
What is Voice Intelligence ?
Voice intelligence is an Artificial Intelligence (AI) product that can transcribe conversations in real time. With its machine learning, natural language processing (NLP), and real-time speech recognition capabilities, it can perform a variety of tasks such as call analysis, visual voicemail, and digital conversations, among others.
Voice intelligence enables businesses to record or capture calls and learn from them, which can help them in a variety of ways. It also aids in the improvement of communication between businesses and their customers, as well as within the organization. Any modern-day business can use voice intelligence to multiply their revenue and improve their customer experience.
Some Interesting Facts About Voice Intelligence
1. Speaking Is Quicker Than Typing.
The voice is the most natural form of communication we have, and as such, it is our most efficient method of communicating. While most people can only type 38-40 words per minute, they can vocalize up to 110-150 words per minute. In fact, according to a Stanford University study, speech is up to three times faster than typing. The researchers discovered that using Baidu’s Deep Speech 2 cloud-based speech recognition software and Apple’s built-in keyboard as metrics, the error rate of speech to text conversion was 20.4% lower than typing in English, and a whopping 63.4% lower than typing in Chinese.
Smart speakers, according to a Just AI report, are used in ways, Voice search accounted for 20% of total internet search. 51% of consumers used voice search to find restaurants. 58% of consumers used voice search to research local business information, and 85% of Amazon marketplace users purchased a product recommended to them via voice search. It’s striking how much influence a smart speaker, and thus synthetic speech, has on our personal financial decisions. It is not only an irreplaceable mechanism for further informing ourselves in order to make more productive purchases, but it has also become the mechanism we use to purchase our daily necessities.
2. AI Voice Is Being Employed By Businesses.
Businesses around the world are starting to recognize the technical and financial benefits of voice & audio marketing and are quickly optimizing their voice search optimization strategy. As voice-controlled devices become more common in households. 68% of enterprise are using strategies to directly appeal to this growing AI language consumer.
Speechmatics conducted a comprehensive survey to compile the user experiences of current voice technology consumers. According to the report, the most common voice technology applications include closed captioning, automated customer experience and analytics, digital asset management, eDiscovery, VoiceBots, medical transcription, and others.
3. Smart Speaker Advertisements Are More Trusted By Consumers Than Other Major Media Formats.
In a world where personalized advertising and search algorithms are under intense scrutiny, audio advertisements have been relatively more successful in avoiding the public media storm. According to Adobe, smart speaker ads are less intrusive to 58% of consumers than other legacy media outlets and social media. As icing on the cake for the audio industry, 52% of consumers said smart speaker ads were more engaging, and 57% said the ads were more “relevant to their needs and interests.”
We mentioned at the start of this post that there is a widespread belief among consumers that VoiceBots are unpopular. After all, who wouldn’t want to talk about their personal struggles with another human? According to a Capgemini consumer study report on conversational commerce. 49% of consumers use VoiceBots to get the job done faster. Consumers can take advantage of the automated service’s quick response time to get the basic assistance they require.
4. When Conversing With Their Ai, Users Can Use “Natural Language.”
Advances in speech recognition technology, such as OpenAI’s GPT-3 (Generative Pre-trained Transformer) and Google’s LaMDA (Language Model for Dialogue Applications), enable users to converse with their voice assistant in the same way they would with a friend. This means that in voice technology, human-like synthetic speech is not only available as an “output,” but also as an “input.”
With the advancement of voice technology, US consumers are reintroducing AI Voices into their homes. While smart speakers have not yet become a common feature of the idyllic modern American home, OC&C Strategy Consultants predicts that the smart speaker industry will reach 55% of US households by 2022, dominated by key technology players such as Amazon, Google, and Apple.
5. 60% Of The Elderly Use Voice Search.
According to studies, approximately 60% of older people prefer voice technology search over traditional typing methods. It is far more convenient for elderly people to tap their screens and say whatever they want to search for or obtain. It takes less effort.
And, as previously stated, traditional typing is more prone to errors than voice search. Voice search options powered by artificial intelligence learn and improve with each use. This means that the more a person uses voice search, the more accurate the results of subsequent searches will be.
6. Voice Ai Is Now A Common Feature In Modern Homes.
Every modern household now has voice-controlled devices. Home users use voice commands to perform tasks such as turning on and off electrical devices with the assistance of devices such as Amazon Alexa and Google Home.
Voice-command capabilities is added to home appliances such as vacuum cleaners and televisions. AI voice has undoubtedly become an essential component of every modern household. Every person with a smartphone in their pocket is carrying a device that can perform a variety of tasks using only their voice command. With the increasing use of AI voice in everyday devices for the general public, businesses have no choice.
7. Voice Search Is Used By 46% Of Smart Speaker Owners To Find A Local Business.
According to search engine data, 46% of smart speaking device owners use voice search for local businesses. This clearly indicates that local businesses, in addition to large global corporations, can benefit greatly from optimizing for voice search.
When people search for local businesses, they should be able to find small businesses near them, which is only possible if small business owners optimize for voice searches as well. Business owners who do not adopt cutting-edge technology will fall behind in this rapidly changing market.
8. Voice Assistants Are Changing How We Shop
As more consumers use voice assistants to purchase goods and services, we can craft a strategy that meets or exceeds customer expectations:
It’s quicker. Because we can speak faster than we can type, using voice is usually faster than using any other modality. For example, Virgin Trains in the United Kingdom launched an Alexa skill in 2018 that allows customers to book train tickets through Alexa. The average booking time is reduced from 7 minutes online to 2 minutes via voice. Customers are always interested in the possibility of saving time.
It has no friction. No matter how user-friendly your website or app is, no matter how hard you work on your conversion rate, you’re always up against the inherent friction built into the system.
9. Speech Recognition For Education
Speech recognition technology, also known as text-to-speech or voice recognition, recognises speech and allows voice to serve as the “main interface between the human and the computer”i. This Info Brief discusses how current speech recognition technology aids student learning, as well as how the technology can evolve in the future to further learning.
Although speech recognition has the potential to benefit students with physical disabilities and severe learning disabilities, it has been implemented inconsistently in the classroom over the years. However, as technology advances, many of the issues are being addressed. If you haven’t used speech recognition with your students in a while, it might be time to reconsider.
10. The State Of Voice And Speech Recognition In Banking Today
One of the most common applications for voice-based banking is allowing customers to check their account balances, transaction history, and other account details using their voice. For example, Westpac Banking Corporation in Australia launched the Westpac Live Amazon Alexa Skill. According to a bank spokesperson, a team from Westpac Digital Labs collaborated with an Amazon team to integrate their services with Alexa.
The bank also claims that Alexa-enabled devices can be used to check account information. Furthermore, the Westpac Alexa skill appears to include the ability to listen to financial news published on the bank’s website.
Voice Intelligence Will Have A Huge Impact In Our Life In The Upcoming Years
From driverless cars to voice automation in homes, artificial intelligence has advanced rapidly and is no longer just a sci-fi movie or book concept. The Artificial Intelligence Future is approaching faster than the predictions made in the critically acclaimed film “Minority Report,” which is set in 2054. According to University of Oxford researchers, AI will be better than humans at translating languages by 2024, writing school essays by 2026, selling goods by 2031, writing a bestselling book by 2049, and performing surgeries by 2053. In the coming years, artificial intelligence (AI) will become an integral part of our lives, surpassing human intellectual capabilities.
- Consider opening the door to your hotel room without a key and instead using facial recognition software. Your face will become your identity, making daily transactions more convenient and efficient.
- Prepare to have your products delivered to your door by smaller drones within minutes of placing an order.
- AI-powered virtual assistants will make human-like phone calls to book an appointment at, say, your local salon, recognising the nuance and context of the conversation.
- Prepare to be operated on by a Robot Surgeon. In the coming years, a physical surgeon will only be a spectator as a robot performs the surgery and assists patients in better understanding their treatment options.
The most common fear about artificial intelligence in the future is that it will “take our jobs!” With artificial intelligence automating all types of work, we can envision a more comfortable future in which new jobs are created rather than displaced. According to the World Economic Forum’s Future of Jobs report, AI will create 58 million new artificial intelligence jobs by 2022. There is a good chance that by 2030, AI will outperform humans in most mental tasks, but this does not imply that it will eliminate jobs.
Many people find the concept of an AI Voice unsettlingly novel. However, it is an indication of tremendous technological progress with limitless applications. The ability to convert text to human-like speech sounds like something out of a science fiction novel.
The Future of Artificial Intelligence is Near! Now is the time to invest in education and training to prepare for the age of AI. The decision is yours: will you upgrade your skills to stay ahead of the curve, or will you remain stagnant in the industry? Aren’t you looking forward to being a part of the fourth industrial revolution?
Frequently Asked Questions
What Exactly Is Voice Intelligence?
Voice intelligence is an Artificial Intelligence (AI) product that can transcribe conversations in real time. With its machine learning, natural language processing (NLP), and real-time speech recognition capabilities. It can perform a variety of tasks such as call analysis, visual voicemail, and digital conversations, among others.
How to Make Use of Voice Intelligence?
Voice Intelligence can be used to enhance customer communications and service, as well as internal communications and business functionality. This type of speech intelligence, like RPA (robotic process automation), automates many tasks, saving businesses time and resources.
What Functions Does Voice Intelligence Have?
A Voice Intelligence system assists a business by automatically producing transcriptions, providing real-time assistance, and keeping records.