Report: 62% of organizations are using speech technology to increase revenue

Missed a session from the Future of Work Summit? Visit our Future of Work Summit on-demand library to stream.

According to a new report from deepgram and Opus Research, 77% of companies are using voice technology to identify new business opportunities, and 62% are using it to increase revenue.

Last year’s report examined how companies of all sizes were leveraging voice technologies that were built on Automatic Speech Recognition (ASR) to boost efficiency and productivity. As companies increasingly recognize the inherent value of speech and the data it contains, the companies sought to expand the report’s focus beyond ASR to the entire speech technology industry to uncover the motivations for using speech technology within companies.

A big change from last year’s report is that voice technology has evolved from a cost-saving technology primarily focused on applications such as compliance, to a revenue-generating tool that can open up 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 revenue. To fuel this innovation, 75% of respondents plan to increase their speech technology budget by 2022, and 92% believe this will drive widespread use of speech technology within five years.

Interestingly, 24% of respondents from companies with fewer than 500 employees think adoption can take longer, between five and ten years. This surprised us and can be attributed to the fact that larger organizations are recognizing the direct impact that speech technology can have on their business by automating processes such as agent engagement or customer experience with conversational AI, while smaller companies automating other use cases are less likely to have confidence in short-term market adoption.

The report also confirmed that customer loyalty will remain a top priority for businesses in 2022. But this is harder than ever to secure, especially with unstructured data like audio, images, and video that make up 90% of all available information. As such, 73% of respondents cited customer experience analytics as the most impactful use of speech technology.

With opportunities growing and a ubiquitous future with speech technology on the horizon, now is the time for companies to invest in and prioritize speech technology.

Deepgram and Opus surveyed 400 decision-makers, from executives to the C-suite, to uncover the key drivers of speech technology adoption at large enterprises.

Read the full report by Deepgram.

VentureBeat’s mission is to be a digital city square for tech decision makers to learn about transformative business technology and transactions. Learn more

Leave a Reply

Your email address will not be published.