Speech analytics is a process of evaluating customer calls. It is a software that collects information in the customer recordings. This helps in improving future interaction with the customers. In addition, speech analytics also helps in gaining rare customer insights such as customer satisfaction, and services. Along with this, it also helps in gaining competitive intelligence, service issues, and product performance from the customers.
For a business which has a global presence it becomes tough for them to manage customer complaints and keep a track of them. In such situations, speech analytic offers vital insights into the valuable feedback from customer calls.
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Factors such as growth in number of customer centres and advent of cloud analytics in speech analytics are some of the primary factors expected to drive the global speech analytics market.
Similarly, mentioned below are some other key factors expected to play a significant role in the speech analytics market:
- The ability of speech analytics devices to offer customer prospect of a product is a prominent factor expected to drive the global speech analytics market. These data can be further used by the business leader to analyse product performance as well as boost customer satisfaction.
- Despite several advantages offered by speech analytics to businesses factors, the lack of consumer awareness for the technology, incompetency of advanced analytics system to fit the old system, and high costs hinders the speech analytics market. This is estimated to challenge industry growth in the coming years.
- Along with this, rise in number of risks and compliance concerns in different industry verticals, creates a need to understand changing consumer requirements.
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