, nearly half of U.S. internet users own a smart speaker. Smart speakers, like the market-leading Amazon Echo and Google Nest, allow consumers to use natural language to do anything from placing an online order to searching for a recipe, all with just a simple, “Ok, Google” or “Hey, Alexa.” But beyond the functionalities provided directly by the manufacturer, these speakers also serve as a platform on which customers can connect with any third-party business that offers an app on that system.
What drove these divergent reactions? Upon further analysis, we found that the market’s response was influenced by both the type of voice assistant feature and the type of business the firm was in.After introducing an informational voice assistant feature, firms’ stock prices rose by an average of 1%, or nearly $925 million in average market capitalization.
Second, as natural language processing technology is still far from perfect, it’s fairly common for voice commands to be misinterpreted — and for object-control features, this can lead to dangerous situations, such as setting the oven to 600 degrees.
BrianRoemmele
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