Voice technology in Australia: It’s on the rise and these ASX stocks could benefit
Link copied to
COVID-19 has led to widespread adoption of voice technology in Australia
A recent report by Cognizant, initially published in The Australian, argued Australians were the fastest adopters of voice technology anywhere in the world.
By 2025 it is predicted that nearly half of Australian households will utilise voice tech.
The survey also found that Australian companies plan to invest more in their voice capabilities in the years ahead – specifically 3 per cent of total revenues.
Voice technology alludes to home speaker assistants such as Alexa (which in Australia saw a 271 per cent increase in the June quarter 2020 thanks to COVID-19), although it is not limited to this.
It also includes translation and transcription services which are essential for companies such as streaming content providers.
The most obvious stock dabbling in voice technology in Australia is Quantify Technology (ASX:QFY).
This company offers home products such as light and power switches that can be operate by oral command.
Another that could benefit is lighting retailer Beacon Lighting (ASX:BLX). It distributes products of a smart home company Quantify recently acquired and has also invested in Quantify’s recent capital raise.
Buddy Technologies (ASX:BUD) sells smart lights that can also be controlled by voice technology. In one month last year the company made $30 million.
This company’s clientele includes 2,200 international broadcasters, streaming content providers, government organisations and universities.
Its most recent transcription product, Scribblr.ai, claims to deliver 99 per cent accuracy and costs US$1 per minute.
Of these stocks, the biggest gainer in recent months has been Buddy which is up 252 per cent in six months.
Beacon has seen a healthy gain too, up over 50 per cent in that same time period.