Alphabet’s (GOOGL - Free Report) division Google is firing on all cylinders to bolster presence in the global market for virtual assistant. The company is ably supported in this endeavor by improving features on its virtual assistant software.
Recently, Google Assistant has been equipped with the donation feature which enables the users to make donation via their Android smartphones or Google Home speakers with some easy voice commands like “Hey Google, donate to charity” or “Ok Google, make a donation.”
Notably, the company aims at enriching user experience with the help of its latest move. Users just need to name the charity in which they wish to donate, provide the amount of gift and activate the Google Assistant Payments mode.
Virtual Assistant Space Holds Promise
The fast-paced world that we inhabit has made virtual assistants crucial to our day-to-day life, as syncing of these assistants with smart home products makes daily tasks easier and faster.
Per the data from Research and Markets, the global market for intelligent virtual assistant is expected to witness a CAGR of 32% between 2018 and 2023 and to go beyond $9 billion by 2023.
We believe Google is well poised to reap benefits from this potential market driven by the enhanced features on Google Assistant. Moreover, the latest feature is likely to aid the company in gaining traction among the donation makers.
Further, Google’s Assistant SDK for devices is also helping the third parties to integrate its voice assistant with various devices and smart cars, in turn boosting its adoption rate.
The immense growth prospect in the virtual assistant market is alluring enough to attract other potential companies to enter it.
Apart from Google, there are other tech companies like Amazon (AMZN - Free Report) , Apple (AAPL - Free Report) and Microsoft (MSFT - Free Report) which are also making advances to rapidly penetrate this space.
However, Google, by introducing donation feature in its voice assistant, gains a competitive edge against Apple’s Siri and Microsoft’s Cortana. Notably, these two voice assistants are yet to integrate a charity donation feature.
Additionally, Google ups the ante against Amazon which unveiled Alexa Donations in the beginning of 2017. The e-commerce giant allows the Alexa users to donate between $5 and $5,000 to the charity of their choice.
With the help of the latest move, Google is now capable of providing the same service. The company enables users to donate to 501(c)(3) U.S. public charities where the money will reach their recommended charity organizations via Network for Good, a U.S. nonprofit donor advised fund.
Currently, Alphabet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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