The speech analytics market has been projected to grow at a significant pace in the coming years. These novel growth opportunities in the global market are owing to the rising application of speech analytics in sentiment analysis around the world. In addition to this, the services from the speech analytics market are also used for risk and compliance management. These factors are likely to fuel the growth opportunities in the speech analytics market in the near future.
The services from the speech analytics market are used in large-sized organizations along with small and medium-sized organizations through the cloud as well as on-premise methods. With this rate of increasing application of the services, the speech analytics market is estimated to expand at a noteworthy pace in the following years.
A rising need to monitor and improve the performance of the customer support agents is proposed to fuel the demand avenues in the speech analytics market. Further, the growing demand for the authentication of voice in mobile banking applications and facilities has also been propelling sales opportunities in the t throughout the forecast period.
Speech Analytics Market and COVID-19
The speech analytics market has been proposed to experience novel growth opportunities during and post-COVID-19 pandemic situations. The rising trend for online services has intensified during this period of time.
The rising requirement to predict the behavior and intent of the consumers is also likely to stimulate growth prospects in the speech analytics market. Furthermore, the rising usage of artificial intelligence (AI) and machine learning (ML) to provide actionable consumer insights in real-time. Thus, on the basis of these factors, the speech analytics market has been proposed to grow rapidly.
On the flip side, the dearth of skilled professionals in the speech analytics market has been predicted to curtail growth opportunities in the forthcoming years.