For those of you who like a quick answer—not necessarily. The reasons that ETS provides TOEIC Speaking tests by computer as well as the cost-intensive methods that they've chosen for scoring the test go beyond a business decision and are both fascinating and commonly misunderstood.
For a long time, there was no TOEIC Speaking test. While other agencies offered speaking tests via interviewer, ETS was concerned not only about the time- and labor-intensive nature of such testing for large groups, but also about interviewer subjectivity. No matter how well-trained interviewers are (and for many tests the training is minimal), they can still be influenced by unconscious biases related to test taker accent, appearance, or other factors unrelated to actual speaking skills. Or they may simply have a bad day (or good day) when they veer off course and become unusually harsh (or lenient) with the interviewees they encounter.
Speaking is one of the most challenging English language skills for many TOEIC test takers to master. Even native speakers are often terrified when they first have to give a formal presentation to an audience: the fear of public speaking is in fact our most common phobia, with many saying that this fear is worse for them than even fear of death.
If you are preparing for TOEIC, however, giving a public speech is not what you have to master. You will be speaking privately and simply into the “ears” of a computer and being scored by expert raters who score international English anonymously and objectively, with no judgments based on accent or knowledge of who you are.
Speaking “to a computer” of course can generate its own fears (though in today’s VOIP- and DVC-connected business world you may be doing it every day). Fortunately there are many learner-friendly forums that will develop your skills and your confidence.