SoundHound AI (NASDAQ:SOUN) has unveiled an exciting development in the realm of in-vehicle voice AI. This innovation takes the form of Vehicle Intelligence, catering to users of SoundHound’s in-car voice AI platform. The latest technology from SoundHound empowers drivers with the ability to access their vehicle’s manual using natural speech, meeting the growing demand for hands-free, instant access to the multifaceted features in today’s feature-rich automobiles.
SoundHound’s Vehicle Intelligence leverages AI and language models to provide real-time, effortless access to car information, potentially revolutionizing the driving experience for individuals. By enhancing convenience and safety, this development marks a significant step forward in the automotive industry.
SoundHound AI Harnesses Voice AI for Progress
SoundHound AI capitalizes on its robust product portfolio to drive innovation within the automotive sector with its voice AI solutions, aimed at making driving safer and more convenient. Notable collaborations and advancements include:
- Integration with Oracle MICROS Simphony Point-of-Sale: SoundHound AI’s voice AI technology found synergy with Oracle MICROS Simphony Point-of-Sale for Restaurants, expanding its market presence to over 20 million businesses in the United States. This underscores the increasing adoption of AI-driven communication solutions, especially within the restaurant industry.
- Partnership with Samsung Electronics: SoundHound AI recently joined forces with White Castle, introducing voice-enabled outdoor digital signage solutions. This strategic partnership seeks to redefine brand-consumer interactions, offering unique and engaging experiences for customers.
- Chat AI Platform for Automotive: SoundHound AI introduced its Chat AI platform for the automotive sector, combining voice AI to enhance adoption and user experience among automotive customers, driving convenience and innovation.
- Collaboration with Qualcomm (QCOM): SoundHound AI’s partnership with Qualcomm has played a vital role in delivering its solutions on a global scale. Qualcomm has integrated voice AI into its chipset, particularly the Snapdragon Digital Chassis, which is showcased in a concept vehicle, further extending the reach and impact of SoundHound AI’s solutions in the automotive industry.
SoundHound AI’s Promising Outlook in Conversational AI
SoundHound AI’s outlook in the conversational AI space appears promising, underlined by its strong global customer base. Clients such as Snap (SNAP) and Netflix (NFLX) leverage SoundHound AI’s voice AI solutions to enhance their product portfolios.
- Snap: SoundHound AI enables Snap to automatically generate captions for videos recorded on Snapchat, allowing users to add text overlays that synchronize with their voice, enhancing their storytelling experience.
- Netflix: SoundHound AI provides voice control and search capabilities for Netflix’s streaming service on various devices, including set-top boxes and smart TVs, making it easier for viewers to navigate and enjoy content.
Additionally, SoundHound has collaborated with Meta on its Llama 2 announcement, emphasizing an open and responsible approach to AI innovation.
Despite the bright prospects, it’s essential to acknowledge that macroeconomic uncertainties continue to be a concern. As of now, SOUN shares have returned 1.1% year-to-date, falling behind the Zacks Computer and Technology sector’s growth of 38.9%. However, with its strong track record and forward-thinking approach, SoundHound AI remains an intriguing player in the evolving world of voice AI and automotive technology.
The Zacks Consensus Estimate for fiscal 2023 is set at $45.79 million, indicating year-over-year growth of 47.11%, reinforcing its potential for future success.
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