State of Speech: Our New Data Report Reveals ASR’s Untapped Potential

A new data report by Deepgram and Opus Research reveals that while companies are investing in Automatic Speech Recognition (ASR), they are not fully utilizing its potential for growth. The study, which surveyed 400 North American decision-makers across various industries, found that ASR is mainly used for operational efficiency, compliance, and regulatory mandates. However, there is a growing appetite for innovation-focused use cases where speech data can be leveraged for real-time analytics, virtual assistants, market research, etc. The report also highlights that while 88% of respondents are using ASR to transcribe or analyze spoken content, two-thirds say they are significantly underutilizing their audio. Despite this, the majority of companies plan to increase their investment in ASR in 2021, recognizing its importance for their future strategy. The pandemic has accelerated ASR adoption, with 80% of respondents listing COVID-19 as a top reason for speeding up implementation. Deepgram believes that voice data presents enterprises with significant opportunities to gain insights into their business, customers, and markets, and is committed to helping companies unlock the potential hidden within their voice data.