By 2021 it is expected that 1.8 Billion people will use voice search powered digital assistants

It is estimated that today around 500 million people currently use or have used a voice based digital assistant, including Amazon’s Alexa voice service and Google Home. This number is set to almost quadruple in the next 4 years, so by 2021 it is expected that 1.8 billion people will be using voice assistants. According to Comscore half of all searches will be voice searches by 2020. On top of this almost 30% of web browsing will be screenless, Google aims to leverage its monopoly on search to allow users to navigate the web using Google Home.

2. In a questionnaire only 30% of users claimed they liked their voice assistant because of its home control capabilities

In a survey conducted by Voicelabs only 30% of Alexa and Google Home users said they liked their device because of its smart home control capabilities. Whilst almost 47% said they liked their device because they were able to control their music and play books on the device. 1% of users said they liked their device because of the business services that were offered to them, such as the ability to order Domino’s pizza with only their voice. This means there is some untapped opportunity for large brands to engage with users that use smart voice assistants like Alexa.

3. There are no proven monetization strategies for voice assistants

A monetization strategy for companies with voice assistants currently does not exist. Other than the consumer buying the hardware, companies like Amazon and Google have not currently deployed a monetization strategy for their voice assistants. That is not to say that one fo the major platforms will not deploy a compelling monetization method in the coming years. Alexa skill developers also have no way to monetize their Alexa skills, unless they develop the skills for a third party. Perhaps in a few years users will have to pay a small fee to use the best Alexa skills. This will be similar to how users currently have to pay a small fee for premium apps on the app store.