speech industry

State of the Industry

The Gartner Group states that 92% of all customer interactions happen over the phone.

To get an accurate understanding of the current state of the speech industry we must first look at the history of Interactive Voice Response (IVR) systems. Companies have attempted to handle customer interactions with touch–tone IVR systems or live agents. Yet, most customers will "pound out" of any DTMF interface due its ineffectiveness or hang–up while in queue for a live agent out of frustration. In order to support customer interactions more quickly and efficiently, companies began to request speech recognition interfaces.

This movement towards speech provided the speech recognition industry tremendous growth potential. Yet, many companies consider speech to be in the early adopter stage of the market.

Why is that?

While people have been hearing about speech for decades, only in the past decade or so have advances in the technology and supporting hardware allowed speech to finally become a viable option, with most performing tasks with over 90 percent accuracy. During this period many Fortune 500 companies implemented speech recognition, and helped educate consumers on how to interact with speech recognition applications. These applications have become so advanced and mainstream, that businesses, both large and small, now turn to speech solutions for everything from basic auto–attendants to more complex order–taking systems.

Speech recognition offers a great solution for large and small businesses: it simplifies customer interactions, increases efficiency, and reduces operating costs.

Analysts at Cahners In–Stat and Giga report that calls that are handled by live agents can have an average cost–per–call from $2 to over $15. With speech recognition the average cost–per–call can be cut to $.20 per call or less.

Since this technology appeals to anyone who needs or wants a hands–free approach to computing tasks, it is becoming a standard software option. At LumenVox, we focus on developing speech recognition software that will empower the user to build, customize, maintain, and refine their own applications.

Speech recognition system development is still something that requires time to prepare and monitor. With tools like LumenVox's Speech Platform and Speech Tuner, we are continually working on simplify the aspects of speech application development to help your business get the most out of speech recognition.

Vendor Selection Tips

Select a partner with the technological and business expertise that best suits your company and future projects. Ensure that the partner you choose will provide all of the services and products you'll need to be successful.

  • Search for tools that allow for every change and adjustment to be automatically and rigorously tested, with actual historical call data.
  • Include a tool in your development process that verifies any dead ends or unfinished work.
  • Choose technologies that best fit with your application requirements.
  • Select partners with deployment experience.
  • Verify the level of technical support provided, ensure that you will receive the support you need.

© 2018 LumenVox, LLC. All rights reserved.