As consumers become more comfortable with relying on voice services — such as Apple’s Siri, Google Home, and Amazon’s Alexa — enterprises are beginning to find new ways to integrate speech recognition into their lines of business to increase growth and lower operational costs.
Despite its proliferation, voice recognition (VR) has had a slow start in the corporate world. Old-fashioned speech recognition tools have been too prone to errors to be viable for everyday business use, but thanks to the increasing number of powerhouse tech companies investing in the process, the enterprise SaaS world may be ready to embrace the benefits of VR technology.
Artificial intelligence is positioned to disrupt the SaaS sector in numerous ways, improving the key characteristics of the SaaS model across the board. When SaaS is combined with AI capabilities, it enables businesses to obtain better value from their data, automate and personalize services, improve security, and supplement human capacity.
VR offers personalization and software is easier to use with technologies such as natural language processing (NLP), which automatically processes human speech patterns and voice control. This can be deployed across customer service functionality to improve customization and better address client needs.
While this trend is gaining popularity, there are companies that have already been enjoying the benefits of VR for some years.
In 2018, Votacall, a leading provider of Hosted VoIP solutions and business communications systems, relaunched its enterprise SaaS speech suite as Votacall Chitchat. Chitchat added to the Votacall Labs cloud layer product portfolio and delivers functionality that is unique in the market, enhances the user experience, increases day to day productivity, and is simple to use.
More recently, Vernacular.ai, a company based in Bengaluru, India has become one of the leading AI-based voice automation platforms. Vernacular.ai was founded in 2016 by Sourabh Gupta and Akshay Deshraj, along with a founding team. The company offers an AI-based voice automation platform, VIVA, that helps accelerate engagement strategy. It utilizes speech recognition and Natural Language Understanding (NLU) technology.
The speech and voice recognition market is expected to grow at a CAGR of 17.2% from 2019 to 2025 to reach $26.8 billion by 2025. While its use is already widespread in consumer markets, VR technology will continue to further integrate into the SaaS sector as well.