A new report by Deepgram and Opus Research shows that 77% of companies are leveraging voice technology to find new business opportunities while 62% are using it to make more profit.

2021’s report looked at how companies of all sizes used voice technologies built on Automatic Speech Recognition (ASR) to improve efficiency and productivity.

As businesses continue to see the value of voice and the data it holds, the report’s focus is going beyond ASR to cover the whole speech technology industry, to find out why the organizations use voice technology within their businesses.

From saving money to making money

A noticeable change from 2021’s report is that voice technology has shifted from a technology used to save money to focusing on uses like compliance and revenue generation, opening up new opportunities.

The report also found that 77% of companies are using voice technology to identify new business opportunities while 62% are using it to generate revenue.

To drive the innovation, 75% of respondents plan to increase their speech technology budget this year and 92% believe that the move will drive speech technology more into the mainstream within half a decade.

Small businesses may take some time

Interestingly enough, 24% of the respondents from companies with fewer than 500 employees think adoption could take anywhere from half a decade to a full decade.

The result, though surprising, could indicate the fact that larger organizations can see the impact the technology will have on their businesses through the automation of things like customer service using conversational AI.

Deepgram and Opus surveyed 400 decision-makers from managers to C-Suite to find the motivators for speech technology used in enterprises.