San Francisco, California, September 08, 2017: The global speech analytics market is anticipated to witness a robust growth in coming years, owing to increased requirement of risk management and compliance all over the globe. TMR Research anticipates companies across globes to invest in the speech analytics market based on the opportunities to expand, and flourish. As per the report, titled “Speech Analytics Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025” expects that growing number of contact centers is also one of the leading factors in the high demand in speech analytics market.
Speech analytics technique helps in comprehending the information exchanged between the customer and the company over calls so that it can identify the exact problem serve the appropriate solution, by prioritizing the issue. The rise in the necessity to protect the company’s data to efficiently save the important information from fraudulence with help of data extracted in Voice of Customer (VoC), is a major factor leading the rise of technology in the industry. Many organization from various domains are showing interest and working on the transcription to study their customers. This helps them conclude a proper solution through various business and management strategies with the support of speech and text intelligence. In the recent years, there has been a high demand for real-time analytics guidance tools, which resulted in turn resulted in the growth of speech analytics market too. The emergence of many call centers has also fueled the demand for the speech analytics technology.
The technology is used in various private and fields for example business processing, market intelligence, compliance and risk management, customer experience management, entertainment and media, information technology, logistics and transportation, and hospitality and travels. It also includes sectors such as banking, retail, healthcare, financial services and telecommunication. However, erroneous nature of the system, technical insufficiency, and lack of awareness about the solutions provided by the technology for several business sectors are some of the significant factors that might bring down the market growth.
On the basis of geographical regions the speech analytics market is divided into Europe, Asia Pacific, Latin America, and North America. The global market is anticipated to be ruled by North America owing to the advancement in the sectors, for example healthcare, travel and tourism, telecommunication, and others. Europe stands in the second place in world leadership of speech analytics market.
Companies all over the world are investing in the speech analytics market, owing to high growth opportunities. The leading players are developing distinct solutions for the various issues so as to maintain their status in the market. Aspect Software Inc., Avaya Inc., NICE System Ltd., Nexidia Inc., Verint Systems Inc., Calabrio Inc. and CallMiner Inc. are some of the key players in the market.
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