THE RISE OF INTELLIGENT VOICE ASSISTANTS: WAVESTONE
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The rise of intelligent voice
assistants:
new gadget for your living room or
window of opportunity to reshuffle
the cards in the web economy?
contacts
O n l y 2 0 ye a r s a g o , s e a rc h e n g i n e s we re d o m i n a t e d by Ya h o o ! . T h e
Californian company was dethroned by a Silicon Valley start-up, Google,
which has since become the undisputed leader of written web search
and related services. The market now seems to be undergoing a new
revolution with the emergence of voice control and intelligent assis-
tants, a revolution that could upset the established competitive order
Philippe Pestanes
philippe.pestanes@wavestone.com
and transform the way that users consume services…
Benjamin Gautier
benjamin.gautier@wavestone.com
G oogle , t h e u nd i sp u t ed l ea d er i n sea r c h eng i nes fo r ov e r
1 5 ye ars
This publication has been created with the
Founded in 1998, in Silicon Valley, Google quickly imposed itself as the leader in search
assistance of Hugo Lemoine and Diane engines. In 2016, 92% of searches worldwide were made using its platform, compared
Vanderstegen. with 2.8% for Bing and 2.6% for Yahoo!.
Google’s dominance is a fact in almost number of searches conducted via smart- Market shares of web searches via computer
every country around the world, with the phones or tablets has, for the first time, and mobile devices by search engine in 2016
exception of China, where Baidu enjoys a overtaken that of searches using a com- (%)
76.5% market share (as opposed to 2.0% puter (51% vs. 49%)4.
for Google), and Russia, where Yandex has 89
Google
a position equivalent to that of Google Changes in the market shares of global web 95
(respectively 45.4% and 49.1% market searches according to connection terminal (%)
share in the final quarter of 2016)1. Yahoo! 3
100
2
Vancouv
Global market shares of search engines in 2016 Baidu 1
80
(%) 1 Computer
60
Mobile device
Computer Innovia
92 Google Bing - Expo4 Line
Vancouver métro
Smartphone and tablet 1
2.8 Bing 40
2.6
1 Yahoo! Yandex RU 1
0.4 Baidu 20 0
1.2 Innovia
Yandex RU Vancouver - Expo Line métro Source: Statcounter; Analyses: Wavestone
0
Others T4 ’09 T4 ’10 T4 ’11 T4 ’12 T4 ’13 T4 ’14 T4 ’15 T4 ’16
Source: Statcounter; Analyses: Wavestone Sources: Merkle, StatCounter; Analyses: Wavestone Mobile share
ATM of organic
Keolis search
Sercoengine visits
TL
in the United
BCRTC States in Q1 2017TBM(%) TRTC
SNC Lav. Part
GTT RATP Tisséo VAG
utilis
Global leadership of search engines in Q4 2016
ATM Keolis Serco TL
BCRTC SNC Lav. TBM TRTC 56
GTT RATP Tisséo VAG
92 Google 49
2,8 Bing
2,6 18
1 Yahoo
0,4 Baidu Google Yahoo! Bing
1,2
Yandex RU Sources: Merkle; Analyses: Wavestone
Autres
In less than 20 years, Google has become
the leading player in search engines on
the web. Nevertheless, it would seem that
it is no longer the only channel favored by
the younger generation for finding infor-
mation. Social media and mobile applica-
tions are beginning to compete with the
Source: Statcounter; Analyses: Wavestone Google Yandex RU Baidu search engines with shares of 35 and 27%
respectively in the 16 to 24-year-old age
group, who claim that these are the chan-
A simple search index at the outset, The trend towards mobile devices has
nels they most frequently use for their
Google has since then greatly expanded benefited Google as it has further rein-
web searches7.
its range of services, making the most forced its dominance with over 95%
of the rise of digital marketing. Online market share in 2016 (compared with 89%
advertising now represents 88% of the on computer)5. In fact, 56% of ‘googlers’
The most popular web search channels in
group’s revenue2 and Google captures 1/3 prefer to use a mobile device for searches
the world according to the users in Q3 2015 (%)
of global net spending on online advertis- as opposed to just 44% for computers6.
Search 49
ing3. Its revenue comes mainly from the Conversely, the transition to “mobile first” engines 43
advertising space on its search engine for Bing seems to be more reluctant with
(e.g. AdWords, AdSense) and the ten- only 18% of the volume of its searches 30
Social media All
dency towards paid indexing. being conducted on mobile devices and 35
16 to 24 years old Vancouv
a global market share of 1.2% of total
The last decade has seen strong growth in Mobile 19
searches, which makes it the 4th search applications
the use of mobile terminals, such strong 27
engine for mobile devices behind Yahoo
growth that, at the end of 2016, the
and Baidu. Source: Global webindex; Analyses: Wavestone
1- Source: Statcounter 4- Sources: Merkle, StatCounter
2- Source: Alphabet, Rapport annuel 2016 5- Source: StatCounter
3- Source: Statista 6- Source: Merkle 7- Source: Global webindex
2
The rise of intelligent voice assistants: new gadget for your living room or window
of opportunity to reshuffle the cards in the web economy?
Voi ce s earc hes , a rap id ly Attracted by a rapidly expanding market (of which 4 million in the final quarter
(1.8 billion IPA users forecast by 2021)11, a alone) and a forecast of more than 60
e xpanding market number of players have followed Apple million units in 202213. This new object
by jumping into the race to develop an includes the intelligent personal assistant
Intelligent personal assistants,
IPA. In 2015, the market contained four technology (the same as that in smart-
the spearhead for voice-based web
major players: Siri by Apple, Google phones) in a speaker connected to the
searches
Now by Google (now known as Google house Wi-Fi, equipped with microphones
In 2011, by integrating Siri into the iPhone, Assistant), Cortana by Microsoft and that the user can use to give instructions
Apple became the pioneer in terms of Alexa by Amazon. Competition is about by voice control.
intelligent personal assistants (IPA). These to become more intense with the forth-
With more than 88% of the units sold in
applications are based on two comple- coming arrival of the intelligent assistants
the world in 2016, Amazon Echo is the
mentary technologies: voice recognition Bixby by Samsung and M by Facebook,
undisputed market leader, well in front of
and artificial intelligence. They allow the as well as new entrants from the world
Google who started selling Google Home
user to conduct a web search in the form of telecoms (Djingo by Orange etc.). All
in the US in November 2016 and has just
of a conversation. of them hope to capture a share of this
launched its product in France, a market
Searches by voice control have gradu- market that could generate revenues of
where Amazon is still absent 14. Other
ally become part of our daily lives: 65% close to 16 billion dollars in 2021, among
players will soon be entering the market:
of smartphone users in the United States others from e-commerce, the sale of user
Apple with HomePod, Microsoft with
had used an IPA in 2015, two times more data and advertising12.
Invoke, Alibaba in China with Tmall Genie,
than in 2013 8. Frequency of use would and Orange with its Djingo IPA that will
also seem to be on the increase as 36 Changes to the numbers of virtual assistant include a version in the form of a speaker.
million Americans will use a personal users around the world
assistant at least once per month in US market shares for smart speakers –
Modelling including users of Siri, Google Now, Cortana, and Alexa,
20179, and 50% of searches could be by but excluding business use April 2017 (%) Moteurs de 49
voice by 202010. recherche 43
+29% 1,831 6
1,642 Réseaux 30
US market shares for smartphone owners using 1 , 3 76 sociaux 35 T
24 Amazon Echo
an intelligent personal assistant (%) 1,016
71 0 Applications Google Home
19
3 90 5 04 mobiles 27
71 Others Vancouv
2015 2016 2017 2018 2019 2020 2021
65
Source: Tractica; Analyses: Wavestone Part des propriétaires de smartphone aux US
56 utilisant un assistant personnel intelligent (en %)
Source: eMarketer Analytics; Analyses: Wavestone
Changes
Vancouver to theLineglobal market for intelligent
- Expo
Innovia
métro
30 personal assistants ($ billions) Consumers prefer the most functional
and least intrusive smart speakers65(listen-
Modélisation incluant l’usage de Siri, Google Now, Cortana, Alexa et excl
2013 2014 2015 1 5. 8 ing and collection of conversations etc.).
l’usage professionnel
56
Source: KPCB; Analyses: Wavestone +46% Perception of functionality depends on the
12.1
ease and quality
30 of interactions + 29between
% 18
Which among the following intelligent personal 8.5 the user and the speaker (language, voice 1 642
ATM Keolis Serco TL
1 3 76
assistants do you use on your device? 5. 2 recognition and understanding of requests,
1 016
BCRTC SNC Lav. TBM TRTC
(% of positive answers; survey conducted 1. 6 2.GTT0 3.0
RATP Tisséo VAG
relevance of2013the results) 2014
71 0 the 2015
and number
50 4
in the United States) 2015 2016e 2017p 2018p 2019p 2020p 2021p
390
of native or optional functions offered on
Source: Tractica; Analyses: Wavestone a downloading 2015platform.
2016 The
2017 latter,2018 known 2019 2020 20
Siri 25 as “Skills” by Amazon Echo and “Actions”
49
by Google Home, are equivalent to appli-
Google Now 19 43
An upcoming explosion of the IPA
92 Google cations designed exclusively for use by
2,8 Bing market thanks to smart speakers? voice with smart speakers. Fully aware of
Cortana 4 30
2,6 Tous
1 Yahoo Limited until now35to mobiles, the battle this challenge of functionality, Amazon has
Alexa 2 0,4 16 à24 ans into
for the IPA market has now moved opted for an open source model of plat-
Baidu
1,2 19
EasilyDo 2 Yandex RU the homes of consumers. Introduced into form, and has thus been able to multiply
27
Autres the American market in November 2014 by 10 the number of skills offered by Alexa
Others 1 with Amazon Echo, smart home speak- in less than one year, breaking the symbolic
ers represent a very promising emerging 10,000 function barrier in the first quarter
Source: Forester’s North American Consumer Technographics;
Analyses: Wavestone market with 5.9 million units sold in 2016 of 2017.
8- Source: KPCB
9- Source: eMarketer
10- Source: Comscore 11-12- Source: Tractica 13-14- Source: Strategy Analytics
3
Number of skills available on Alexa Voice, a more practical means of whereas we can write about 40 words
interaction than writing in certain per minute, we are capable of speaking
10,000 situations around 150 during the same period of
time15. In this respect, the ability of per-
So how to explain this enthusiasm for
sonal assistants to accurately recognize
the voice based web? The first source of
spoken words is a prerequisite for them
explanation could be the growing usage
to be adopted by consumers.
of mobile devices. As we have seen,
Furthermore, in certain cases, voice
mobile devices are now used more than
5,000 searches prove to be more practical for
computers to conduct searches on the
users. This is the case when on the move,
Internet, and mobile devices tend to be
but also in situations in the home during
3,000 well suited to voice searches, for several
which the user is busy doing something
reasons.
(for example, cooking or watching the
135 1,000 One of the main advantages of voice television). Therefore, the situations in
Q1 ’16 Q2 ’16 Q3 ’16 Q4 ’16 Q1 ’17 searches is their rapidity. In fact, voice which voice assistants are the most used is
Sources: Amazon, Presse spécialisée; Analyses: Wavestone is reputed to be four times faster than a in the home (43%), the car (36%) and when
written search: walking or on public transport (19%)16.
For the time being, Skills/Actions are
free-of-charge, but over time they will
almost certainly depend on the same
Main reasons for using voice control in the Situations where voice control was used most
business models as smartphone applica-
United States in 2016 (% of positive answers) in the US in 2016 (%)
tions (advertising models, freemium, paid Useful when the eyes or hands
services etc.) with Amazon and Google are busy 61 In the home 43
taking a percentage of the revenues Produces results faster 30
generated. Difficult to use written In the car 36
commands on some devices 24
The latter also hope to monetize their
model via sales of speakers and compati- Pleasure to use 22 In public transport or
when walking 19
ble connected objects, and positive exter- To avoid complex scroll-down 12
menus
nalities on their ecosystem: e-commerce, At work 3
multi-media services, sales of user data, Others 1
advertising etc. Source: Kleiner Perkins Caufield & Byers; Analyses: Wavestone
Our vision of the Amazon Echo business model and its ecosystem
I n t e r n a l ecosyst e m o f A mazon Ech o Exter nal ecosyst em of Amazon Echo
• Sales of speakers and related • S ales of partners’ compatible equipment devices (connected objects, home
automation etc)
Echo Echo Tap Echo Look Echo Show
Device Echo Dot
• e-commerce on amazon.com • Hosting of third party applications and other online services for partners
• Subscription to Amazon Prime and related services • Commissions on the revenues from Skills
(videos, music, e-books etc.)
Transact i o na l
s e rv i c e s
• Sales of the collected user data • Revenue from advertising and related services (SEA etc.) for partners
• Targeted advertising • Commissions on the advertising revenues from Skills
Adv e rt i s i ng
Source: Wavestone
15-16- Source: Kleiner Perkins Caufield & Byers, 2016 Internet
Trends
4The rise of intelligent voice assistants: new gadget for your living room or window
of opportunity to reshuffle the cards in the web economy?
Finally, the decisive factor that drives four years18, a trend that is expected to … and which constitutes the key to
users to prefer voice searches is not so continue and is a godsend for the voice- entering the lucrative market for
much the fact of being on the move as based web. advertising on the web
having their eyes and hands tied up with
The market for digital advertising on
other domestic tasks, which represent a Personal data, a much-prized
the Internet is also experiencing strong
not insignificant part of our active time. business that is currently
growth. It reached €162 billion in 2015
monopolized by the GAFA…
and could be worth more than €330 bil-
The market for personal data collected lion in 202020. As the market leader with a
Ve ry luc rative unde rlyin g on the Internet has also become particu- market share of almost a third, here again
m ar k ets larly lucrative. In Europe alone, it was esti- Google benefits from its near monopoly in
The explosion in the number of users of mated to be worth €60 billion in 2016, and the area of search engines, as the adver-
virtual assistants is far from insignificant. could reach €80 billion in 202019. tising revenues generated via the search
Underlying web searches, whether written This market is monopolized to the tune channel (also called paid indexing or SEA
or voice, lies the challenge of their mon- of 95% by the GAFA (Google, Apple, for Search Engine Advertising), account
etization; and the forms of monetization Facebook, Amazon), starting with Google for more than 50% of the global market
are many (e-commerce, sales of personal which makes the most of its dominant for digital advertising21.
data, advertising, paid indexing and so position in search engines and its as yet
on), and can be rolled out on both fixed majority share of users who conduct Changes to the global market for digital
and mobile media. written searches... a situation that could advertising ($ billions)
change with the rise in voice control.
The market for e-commerce, Advertising via search
The stakes in the battle for control over
1st source of revenues on the web Advertising via other
input data are high as this represents means +16% 335
The leading source of revenues on the the raw material for another even more 3 04
2 70
web is, not surprisingly, e-commerce. 229
lucrative business: that of web-based 195
162
This market, which began to emerge at advertising. 52%
the end of 1990s with companies such as
48%
Amazon, eBay and AOL, still enjoys sus- The trend for personal data
2015 2016p 2017p 2018p 2019p 2020p
tained growth. In 2016, it was estimated to
Source: Statista; Analyses: Wavestone
@
be worth more than $1,900 billion and will
probably reach more than $4,000 billion Col l ect i on and sal e Google enjoys a 55% share of the SEA
by 202017.
@ Private data collected on the
Internet via sites, applications,
market which constitutes a potentially
lucrative opportunity for players on the
social media etc. voice web. The advertising-spend on key
Changes to the global market for e-commerce
($ billions) words reached almost $80 billion in 2015
and is expected to continue to grow at an
e-commerce Sto rage and average rate of 12% per annum over the
m-commerce +20% st ruct ur i ng next four years, a rate that is driven, as for
4,05 8
3 , 418 e-commerce, by mobile tools, well suited
Integration, hosting, and
+21% 2 , 860 database management to using virtual assistants22.
2,352
1,915
1 ,336 1,5 4 8 1,499 Changes to the global market for digital
1,264
1,0 36 1,118 Analysi s and advertising via Search ($ billions)
300 853
(22%) 430 651 (36%) i ntel l i genceE
2014 2015 2016 2017p 2018p 2019p 2020p Advertising via search on mobile devices
Exploration (datamining) and
data processing (data science) Advertising via Search
e-commerce: +13% in order to extract exploitable on computers
CAGR 2014-17 +10% 142 . 5
m-commerce: +42% information 13 3 . 7
123.8
113.7
Sources: eMarketer, Paypal / Ipsos; Analyses: Wavestone 102.5 83 . 9
90.7 75.6 (5 9 % )
78 . 3 44.6 56.3 66.1
23.4 33.6
It is, however, interesting to note that Ci r culati on and ( 30%)
this growth has been driven more by the tar geti ng 54.9 5 8. 6
( 70%) 57.1 57.9 57.4 57.7 5 8. 1 (4 1 % )
m-commerce performance (purchases Use of compiled data to increase
made via a mobile device) which has the effectiveness of ad targeting, 2015 2016p 2017p 2018p 2019p 2020p 2021p
grown three times faster than traditional artificial intelligence software,
e-commerce (purchases made on the and other business services Advertising via Search on mobile devices: +24%
CAGR 2015-21
Advertising via Search on computers: +1%
Internet via a computer) over the last Source: adapted from Le Monde
Source: Statista; Analyses: Wavestone
18- Sources: PayPal/Ipsos
17- Source: eMarketer 19- Source: IDC 20-21-22- Source: Statista
5Nevertheless, SEA will have to evolve to
adapt to voice searches. It focuses above
all on key words, sometimes to the detri-
ment of good syntax or natural language.
The future market leaders will therefore
be those who are able to best process
voice requests. Indeed, the indexers make
no mistake: they have put voice searches
in their top 5 priorities for 201723.
The 5 priorities of professional indexers in 2017 (%)
When questioned by SEO Camp, 471 professional indexers
had to choose their priorities for 2017 from a list
User experience 62
WebPerf 55
Semantic analysis 53
Source: image extracted from the video (https://www.youtube.com/watch?v=FQn6aFQwBQU)
Netlinking 41
Voice searches 38
Source: JDN; Analyses: Wavestone
K e y s u ccess fac to r s fo r a of a conversation in order to grasp the
references and nuances. Not all assis-
p ot e n t ia l t r a nsfo r m at i o n o f tants have reached the same degree of
Deep underlying markets, robust and t h e w e b sea r c h m a r k et development in this respect. After asking
favorable growth drivers…all the con- Siri: “What is the best Italian restaurant
ditions seem to be in place for the Technical improvements needed near me?”, it is not possible to also ask
market for virtual assistants to explode. To create a real enthusiasm among users, it: “What time is it open till?”; Siri will not
Furthermore, some people are already voice assistants still have to fulfill certain understand what this question is referring
predicting an exponential growth in the technical criteria. to. On the other hand, Google’s assistant is
advertising spend via virtual assistants: capable of holding this type of sustained
First, they must be capable of recogniz-
according to Juniper Research, the spend conversation; but it cannot process a
ing the words pronounced as accurately
could increase from nearly $400 million in command such as “Book a table in one of
as human intelligence does. The assistants
2016 to over $12 billion in 2021. my favorite restaurants”. Its level of intel-
have made considerable progress in this
ligence is not yet sufficiently developed
Changes in advertising-spend via virtual area over the past few years: Google’s
to be able to understand what “favorite”
assistants ($ billions) voice assistant has improved from a rec-
means. The improvement of contextual
ognition rate of less than 80% in 2013 to
understanding is the key to making a con-
12 a rate that was slightly greater than 90%
versation with an assistant comparable to
10 in 201524. Similarly, in October 2016, the
12 billion human interaction. New developments in
8 teams at Microsoft have announced that
expected this field would open up major opportuni-
6 in 2021 their voice assistant has reached a level of
ties for ‘conversational’ commerce.
voice recognition comparable to that of
4
human language25. Inherent limits for the use of voice
2
0 Otherwise, for a user to be able to hold However, voice interaction is subject to
2015 2016e 2017p 2018p 2019p 2020p 2021p a real conversation with its assistant, it is limits that are inherent to it. Thus, in the
Source: Juniper Research; Analyses: Wavestone essential for the latter to have developed United States, only 6% of users ques-
a high level of contextual understanding. tioned in a panel declared that they used
Contextual understanding means the abil- a voice assistant in public. It would seem
ity to retain and remember the elements that they are not yet comfortable using
24- Source: Kleiner Perkins Caufield & Byers
23- Sources: SEO Camp / JDN 25- Source: Bing IProspect
6The rise of intelligent voice assistants: new gadget for your living room or window
of opportunity to reshuffle the cards in the web economy?
a voice assistant in public, partly because
it is still not very natural to communi-
cate orally with a smartphone, and partly
because people do not necessarily wish to
share their searches or the content of their
messages with the general public.
Nevertheless, behaviors are changing
quickly, and few people would have imag-
ined only a few decades ago how normal
it has become to communicate en masse
via social media or the intensive use of
smartphones to carry out all sorts of tasks
(communication, music, Internet searches,
online purchases etc.).
The winning strategy: creating a
revolutionary type of user experience
Faced with this inherent limit in the use of
voice, the winning strategy for voice tech-
nology players should consist of adapt- Source: image extracted from the video (https://www.youtube.com/watch?v=r0iLfAV0pIg)
ing to the situations in which users find
themselves.
which are strictly personal objects that ble range of applications. Nevertheless,
As seen previously, Internet connections
have to be carried from one room to for the time being, Google and Amazon
using mobile devices (smartphone, tablets)
the next to be used. On the other hand, have mainly developed voice applica-
are constantly increasing and have over-
Amazon Echo and Google Home have tions in their traditional areas of excel-
taken connections using a computer. Even
been designed to be static, but omnipres- lence. The owners of an Amazon Echo are
in the home, consumers now tend to use
ent and family objects, which can hear the therefore very easily able to place orders
their smartphones for Internet searches,
voice of a user and obey their commands using e-commerce and have meals deliv-
while using their computers for other things.
wherever they are located in the house, ered (via dedicated applications such
The voice technology players therefore
and which can be used by all members of as Domino’s, Just Eat, Pizza Hut etc.),
need to try to capture the moments when
the household. In this respect, these smart whereas Google Home offers an optimal
the user is not in front of their computer,
speakers constitute a real revolution in the user experience for streaming, video and
while capitalizing on the private sphere, as
user experience. music, but it is not yet possible to order
use in public is not currently in vogue.
the delivery of a meal or reserve a taxi
It is in rising to this challenge that Amazon However, to be as attractive as possible,
using Google Home, and Amazon Echo is
and Google launched their smart home these smart speakers need to be con-
not interfaceable with Netflix.
speakers. These connected objects, stantly expanding their ecosystems of
intended for installation in the home, applications, particularly in the universe of The opening up of ecosystems to outside
combine the functionalities of a musi- the connected home. And the developers developers will be the cornerstone for
cal speaker and an intelligent assistant. have fully understood this: Amazon Echo enriching the application environments of
Equipped with a very advanced voice and Google Home already offer multiple home speakers.
recognition system, they are capable of possibilities of interfacing with connected
Finally, to acquire real competitive advan-
hearing the user’s voice up to a distance objects in the home, including via voice
tage, connected speakers will have to go
of about six meters, and they can recog- control of the most widespread home
further than just a wide choice of func-
nize the voices of the different members automation platforms (or smart hubs):
tions by providing the most personalized
of the family thus being able to offer ser- Samsung SmartThings, Philips Hue and
user experience possible. To do so, the
vices appreciated by each of them. Insteon Hub.
developers must place their emphasis
Smart speakers are different from the Beyond interaction with connected on machine learning in order to reinforce
other common digital objects in the home objects, these two speakers are also com- the contextual understanding capacity of
that are computers and smartphones, peting to offer users the widest possi- intelligent assistants.
7One might imagine, for example, that nologies are pulling out all the stops to
in the future one of the decisive criteria keep up with the pioneer and current
when choosing to buy a home speaker leader in the market for smart home
will be its ability to filter advertising speakers, Amazon.
based on a good understanding of the
overall context of the searches con- Web searches conducted via mobile
ducted by the user. devices have only just overtaken those
carried out using a computer, and the ana-
lysts are already predicting that 50% of
A w e b revo lutio n is searches will be via voice by 2020. Taking
un de rway… a position in voice searches has therefore
become a key challenge for players on the
In 2016, Satya Nadella, CEO of Microsoft, web who dream of threatening Google’s
said: “Natural language is the new user crushing dominance, built essentially on
interface. Bots are like apps and digital control of written searches. All of them
assistants are like metas apps, or new are hoping to capture market share that
Internet browsers”. A new war over intel- could generate tens of billions of dol-
ligent assistants, and in general for the lars within five years through the many
mastery of voice interactions between underlying possibilities: sales of devices,
consumers and web services, would there- commissions on e-commerce sales and
fore seem to be well and truly underway. revenues from voice applications, digital
The GAFA and other titans of digital tech- advertising etc.
www.wavestone-advisors.com
Wavestone is a consulting firm, created from the merger of Solucom and Kurt Salmon’s
European Business (excluding retails and consumer goods outside of France).
The firm is counted amongst the lead players in European independent consulting.
Wavestone’s mission is to enlighten and guide their clients in their most
critical decisions, drawing on functional, sectoral and technological expertise.
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