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Procurement Market Intelligence Report

Voice Recognition Software
Sourcing Guide & Market Trends

Comprehensive intelligence for making smart purchasing decisions

Learn about actual and potential costs

How much should I pay for Voice Recognition Software?

What is the average price of Voice Recognition Software?

This procurement report includes pricing information to help you purchase Voice Recognition Software. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.

Has the price of Voice Recognition Software been rising or falling?

Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.

I’m not ready to purchase Voice Recognition Software yet. Will I pay more if I wait too long?

We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.

What other costs are associated with purchasing Voice Recognition Software?

Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Voice Recognition Software with a reduced risk of unexpected costs.

See how we display average pricing information, trends and market data.

Find the vendor to meet your needs

Where can I purchase ?

Market share concentration in the voice recognition software market is low; there are an estimated 469 vendors operating in the United States, with the top four by revenue accounting for less than 30.0% of total market revenue. Due to its abundant acquisition activity in recent years, Nuance does control a... Subscribe to learn more.

Questions to ask potential suppliers

How can I gain leverage during negotiations?

Experience and Expertise

How long have you provided these products to your longest-tenured client?

What qualifications does your staff have and what measures do you take to keep those qualifications up to date?

What industry do you most commonly supply this product for?

To what extent will ordering multiple products from your firm allow me to save on costs?

What is your repeat business rate for businesses in my industry and how does that compare to your overall rates?

Supply Chain Risk

Over the past three years, what percentage of your revenue has been dedicated to raw input materials? How has that changed?

Has the availability of raw materials tightened due to the coronavirus outbreak?

Over the past three years, what percentage of your revenue has been dedicated to labor?

How have fluctuations in input prices affected the prices of your products during the past three years?

How do you mitigate sudden price increases in raw materials?

When input prices rise, how much of the cost is absorbed by you and how much is passed onto buyers?

How, if at all, has your supply chain been affected by import tariffs levied in 2018?

Regulation

How do you manage regulatory change? Do you have regulation advisers or methods to track regulation?

How have changing regulations influenced your pricing now and how will the changes affect prices over the life our proposed agreement?

What ongoing training procedures do you provide for your staff?

Have you ever been found to be noncompliant with regulatory frameworks?

Amid widespread health concerns during the COVID-19 pandemic, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

Accuracy

How do you determine the accuracy of your software?

What steps does your company take to improve accuracy between updates?

How does your software's accuracy compare to competitors'?

What are the main difficulties your company faces when trying to increase accuracy?

COVID-19

Do you source materials with high exposure to market disruptions resulting from the coronavirus? How are you coping with these disruptions?

How diversified is your supplier base for inputs? Do you source from multiple suppliers in different global regions?

Amidst widespread health concerns, what contingency plans are in place to mitigate risk to your clients and employees? Do you offer clients any flexible exceptions, such as contract suspensions?

Are you experiencing fluctuations in demand as a result of the coronavirus outbreak? What measures are you taking to handle increased/reduced demand?

Secondary Features

What can your software do apart from convert speech to text?

What secondary features do your customers ultimately find the most useful?

Does your software allow for voice editing?

What features are unique to your software?

Upgrades

How often do you release upgrades?

Do owners of older software versions get discounts on upgrades?

What new features or improvements are typically added in upgrades or have been in the past?

What types of free updates do you release, if any?

Support

Do you offer higher levels of support for additional cost?

How necessary is guided support for new users?

How quickly do you respond to the typical support request?

What percentage of your users contact customer support with issues?

Multiplatform Capabilities

Can a single license be used to install your program on multiple devices?

Does your software package include a program for mobile phones?

Can mobile software be purchased separately?

Is there a functionality difference between different platforms?

Staff Turnover

How do you recruit and retain senior staff?

How do you keep your wage costs under control?

What is the average tenure of your employees?

Do you have trouble with turnover?

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Key elements for every RFP

What should my RFP include?

Project Budget

Buyers should specify their budget for purchasing voice recognition software.

Buyers should specify their preferred terms for invoicing and payment.

Buyers should explain whether they wish to bundle any other software solutions with their purchase of voice recognition software to achieve a discount.

Buyers can reference the Benchmark Price section of this report to verify that they are receiving a competitive price for their software purchase.

Selection Criteria

Buyers should evaluate providers based on whether their voice recognition software offers the desired accuracy and features.

Buyers should consider the usability and learning curve of the voice recognition software during the evaluation process.

Buyers should evaluate the quality of providers’ customer and technical support.

Buyers can reference the Buying-Decision Scorecard section of this report for additional selection criteria.

Project Schedule

Buyers should specify the final date by which proposals must be submitted for consideration.

Buyers should include the deadline by which they expect the voice recognition software to be implemented.

Buyers should provide the date when vendors will be notified about contract awards.

Buyers should indicate the date by which they expect demos to occur, if applicable.

Evaluate major factors to mitigate risk

How risky is the supply chain?

Voice recognition software publishers only face a moderate risk of input price shocks or service disruptions due to upstream supply issues, which supports buyer power by enhancing buyer confidence in the supply chain and increasing buyers' supplier options. The cost of the hardware necessary to develop voice recognition software has... Subscribe to learn more.

HIGH

MEDIUM

LOW