SoundHound AI (NASDAQ:SOUN) has unveiled a groundbreaking service named Smart Response, designed to empower businesses with its advanced voice AI capabilities for efficient customer service. This novel offering is a fully automated call-answering system, driven by AI, capable of managing concurrent calls and promptly addressing customer inquiries with precision.
The Smart Response platform harnesses SoundHound’s (NASDAQ:SOUN) cutting-edge speech recognition, natural language comprehension, and Generative AI technologies to formulate personalized conversational replies based on the company’s web content. Furthermore, the system has the capacity to dispatch SMS messages, record messages, or seamlessly transfer calls to a human representative when required.
This innovative service is positioned to revolutionize businesses by streamlining operational procedures and optimizing expenses through the judicious utilization of human resources. By providing round-the-clock customer service, Smart Response caters to the evolving preferences of modern consumers who increasingly favor automated assistance across various communication channels.
Solid Product Portfolio Bolsters SoundHound’s Growth Trajectory
SoundHound has solidified its market position through a robust product portfolio, effectively harnessing the capabilities of conversational AI to introduce AI-driven products such as Smart Response, Smart Ordering, and Dynamic Interaction.
The surge in the adoption of AI-powered communication and business solutions has been conspicuous. SoundHound’s expansion endeavors extend from serving 1 million restaurants to over 20 million diverse businesses solely in the United States. This extension entails offering AI-based customer service solutions across a wide spectrum of industries.
Leveraging the Prowess of Generative AI
SoundHound has enhanced its voice-oriented ecosystem. This synergy has propelled improved speed and precision in multiple languages, catering to creators in sectors spanning the automotive, television, and IoT industries. The anticipated outcome is increased adoption of their distinctive voice AI platform, consequently bolstering the company’s revenue stream.
SoundHound maintains a strategic focus on integrating AI throughout its diverse portfolio. Notably, its newly unveiled Chat AI platform tailored for automobiles seamlessly converges with voice AI, enhancing user adoption and experience within the automotive sector.
SoundHound’s strategic partnerships with industry giants like Qualcomm (NASDAQ:QCOM) have been instrumental in facilitating the deployment of its solutions across global automotive devices and services. Qualcomm’s integration of voice AI within its chipset, specifically the Snapdragon Digital Chassis, has been showcased within the framework of a conceptual vehicle.
SOUN’s Future in the Conversational AI Landscape
The outlook for SoundHound’s prospects within the conversational AI arena appears promising, a sentiment substantiated by its robust global client base. Key players like SNAP (NYSE:SNAP) and Netflix (NASDAQ:NFLX) leverage SoundHound’s voice AI solutions to enrich their product offerings.
SNAP, for instance, benefits from automatic caption generation for videos on Snapchat, enabling users to overlay text congruent with their spoken content, thus enhancing their narratives. Meanwhile, Netflix leverages SoundHound’s technology to provide voice-based control and search functionalities for its streaming service across various devices, including set-top boxes and smart TVs.
SoundHound’s revenue projections for 2023 range between $43 million and $50 million, indicative of a 49.4% year-over-year growth at the midpoint of the forecast. This trajectory underscores the company’s momentum in harnessing AI-driven innovation to carve a distinctive niche within the contemporary business landscape.
Featured Image: Unsplash @ Brett Jordan
Author Faith Yakubu 
