Shares of SoundHound AI, Inc. (NASDAQ:SOUN) are trading higher Friday following a series of favorable announcements highlighting the company's advancements in conversational AI technology. Here's what you need to know.
What To Know: On Thursday, the company's Amelia Conversational AI Platform was recognized as a leader in Frost & Sullivan's 2024 Frost Radar: Enterprise Conversational AI in Healthcare. The report identified SoundHound AI among 14 market leaders out of more than 100 vendors analyzed, citing its innovation and growth in transforming healthcare operations. The platform leverages advanced natural language processing and large language models to improve patient engagement and streamline administrative workflows, including appointment scheduling and IT support.
"SoundHound's Conversational AI Platform stands out for its exceptional performance on both innovation and growth indices is driven by its strong innovation pipeline and an intelligent focus on administrative and operational processes for healthcare organizations,"said Nitin Manocha, Senior Industry Analyst at Frost & Sullivan.
The Frost & Sullivan report also projected that the enterprise conversational AI market in healthcare would reach $2.34 billion by 2027, growing at a compound annual rate of 17.2%. Analysts noted that SoundHound's acquisition of Amelia positions the company among the largest publicly traded conversational AI firms, with opportunities to expand use cases and deliver value in healthcare.
"With SoundHound's recent acquisition of Amelia, the company now ranks among the largest publicly traded conversational AI companies. By integrating SoundHound's advanced voice AI capabilities with Amelia's enterprise platform, the company has a tremendous opportunity to unlock more complex use cases and drive real value in the healthcare sector," added Manocha.
Additionally, SoundHound announced a partnership with Church's Texas Chicken to implement a voice AI-powered drive-thru ordering solution. The initiative aims to streamline operations, reduce wait times, and enhance staff efficiency.
"Integrating our technology into Church's Texas Chicken restaurants marks a significant milestone in drive-thru innovation," said James Hom, Chief Product Officer at SoundHound AI.
SOUN Price Action: SoundHound shares were up 24.8% at $17.05 at the time of writing, according to Benzinga Pro.
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