22 October 2017
visit www.avoka.com

Financial institutions say yes to speech recognition, says Datamonitor

11 July 2002  |  3264 views  |  0 Financial institutions say yes to speech recognition, says Datamonitor

Financial services companies are continuing to drive speech recognition technologies, with the voice business market expected to grow to $4.33 billion by 2007, according to a new report from Datamonitor.

The report, "Voice Portals and Applications", shows the supply-side market for voice business technologies and services was worth $629 million at year-end 2001, a decline of 3% from 2000. However, Datamonitor expects the market to return to positive growth during the second half of 2002 and grow quickly through 2007.

Benjamin Farmer, Datamonitor voice business analyst, says: "Vendors have been forced to apply their technologies towards solving actual business needs. As a result, many vendors have been able to demonstrate return on investment (ROI) to enterprises and service providers through voice solutions."

According to the report, within financial services there are several unique opportunites for emerging advanced speech applications. The retail banking and investments/securities verticals are introducing speech technology to the masses and will remain the largest markets for voice services. Insurance companies, while commonly slower to integrate new technologies, will grow in importance, initially implementing account management automation and later introducing productivity applications including sale force automation, says Datamonitor.

Farmer adds: "Notably, a number of large technology vendors, including Oracle, Sun and Microsoft, have increased their presence in this space. While this has caused some concern among voice vendors, it nevertheless represents significant opportunities for the market."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

America First Credit Union deploys SpeechWorks voice technology

America First Credit Union deploys SpeechWorks voice technology

08 July 2002  |  2245 views  |  0 comments
Scottrade to introduce voice-quote service

Scottrade to introduce voice-quote service

04 July 2002  |  3753 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comRegister nowvisit www.atos.net

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
14940 views comments | 17 tweets | 29 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
13348 views comments | 22 tweets | 28 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9880 views comments | 13 tweets | 10 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
9861 views comments | 12 tweets | 23 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8883 views comments | 9 tweets | 18 linkedin

Featured job

Find your next job