Did you miss a session from the Future of Work Summit? Head over to our Future of Work Summit on-demand library to stream.
According to a new report by Deepgram and Opus Research, 77% of companies are using voice technology to identify new business opportunities, and 62% are using it to increase revenues.
Last year’s report examined how companies of all sizes leveraged voice technologies built on Automatic Speech Recognition (ASR) to drive efficiencies and productivity. As businesses increasingly recognize the inherent value of voice and the data it holds, the companies set out to expand the report’s focus beyond ASR to the entire speech technology industry to unearth the motivations for using voice technology within businesses.
A big change from last year’s report is that voice technology has moved from a cost-saving technology focused primarily on uses like compliance to a revenue generating tool that can open new business opportunities. The report found that 77% of companies are using voice technology to identify new business opportunities, and 62% are using it to increase revenues. To fuel this innovation, 75% of respondents plan to increase their speech technology budget in 2022, and 92% believe this will drive widespread use of voice technology within five years.
Interestingly, 24% of respondents from companies with fewer than 500 employees believe adoption could take longer, between five and ten years. This surprised us and may be attributed to the fact larger organizations recognize the immediate impact that voice technology can have on their business through automating processes such as agent enablement or customer experience with conversational AI, whereas smaller companies that are automating other use cases have less confidence in near term market adoption.
The report also confirmed that customer loyalty continues to be top of mind for companies in 2022. But this is more challenging to secure than ever, especially with unstructured data like audio, images and video making up 90% of all available intel. As such, 73% of respondents noted customer experience analysis as the most impactful use of speech technology.
With opportunities increasing and a widespread voice-enabled future on the horizon, now is the time for enterprises to invest in and prioritize voice technology.
Deepgram and Opus surveyed 400 decision-makers from managers to the C-suite to uncover the key motivators for speech technology use among enterprise companies.
Read the full report by Deepgram.
VentureBeat’s mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Learn More
It has been a long time since I joined Research Snipers. Though I have been working as a part-time tech-news writer, it feels good to be part of the team. Besides that, I am building a finance-based blog, working as a freelance content writer/blogger, and a video editor.