Keywords
Citation
(2003), "Advancements in speech recognition technology to rejuvenate interactive voice response systems market", Sensor Review, Vol. 23 No. 2. https://doi.org/10.1108/sr.2003.08723bab.007
Publisher
:Emerald Group Publishing Limited
Copyright © 2003, MCB UP Limited
Advancements in speech recognition technology to rejuvenate interactive voice response systems market
Advancements in speech recognition technology to rejuvenate interactive voice response systems market
Keyword: Speech recognition
Technological progress in speech recognition, replacement sales, and latent demand will lead the turnaround of interactive voice response (IVR) systems market in the United States.
New analysis from Frost and Sullivan (www.EnterpriseComm.frost.com), US IVR systems market, reveals that this market generated revenues worth $800 million in 2001 and is expected to reach $1.5 billion in 2008.
According to Frost and Sullivan Consulting Analyst Dick Bucci, "Modern speech technologies have natural language understanding that facilitate man-machine dialogue. With voice extensible mark-up language (VXML), speech links to Web sites and databases are faster, more efficient and cost effective."
Consumer acceptance of speech recognition and the replacement cycle of first-generation equipment is expected to spur demand for IVR systems by 2005. Meanwhile, investments in new as well as upgraded systems are likely to increase with the economic recovery anticipated in 2003.
Vendors are positioning themselves as "Total Solutions" providers offering product suites for a gamut of functions such as speech customization, sales automation, workforce management, and customer relationship management.
Bucci adds, "Modular, software-centric IVR solutions are built with open architecture enabling integration and also facilitating new applications such as Web-oriented retailing, and online education."
Multimedia contact centers with reduced manpower requirements are creating the need for product re-engineering to suit web self-service. To meet this challenge, vendors are broadening their focus by developing channel-friendly applications, voice portals and hosted services.
Multiple business alliances and key partnerships are on the rise. Concerted efforts are on to widen the installed base by targeting small and medium businesses through qualified resellers. Brand building campaigns based on innovative advertisements are also facilitating market expansion.
Investments in research and development are increasing as new speech engines and Windows XP operating systems require design changes. Vendors' ability to enhance inter-operability with third party software applications, new mark-up languages such as VXML and Internet protocol telephony will increase market opportunities, especially in the government and healthcare verticals.
For further information, please contact: Dustin M. McVey of Frost and Sullivan. Tel: +1-210-247-3830; Fax: +1-210-348- 1003; E-mail: dmcvey@frost.com; Web site: http://www.enterprisecomm.frost.com/, http://www.frost.com/