Speech Analytics Market to Rise On Account of Increase in Numbers of Call Centres

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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Growing Need for Risk Management to Benefit the Growth of the Speech Analytics Market

San Francisco, California, January 31, 2019 :  Speech analytics technology has applications for extracting information at customer contact points across many channels including chat, voice, email, surveys, and social channels. Thd voice or phone interaction is common mean of communication globally. Thus, the speech analytics have numerous contact points. Rising number of the contact centres and penetration of the voice contacting and chats is leading to boost adoption of the speech analytics technology and likely to propel growth of the global speech analytics technology market.

Growing need for the risk management systems from numerous end use industries is boosting solutions of the speech analytics and likely to boost growth of the market. Numerous industries are increasingly taking interest for analysing customer preference and likely to drive growth of the global speech analytics market. Growing usage of the rational decision is diving demand for the speech analytics market.

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Businesses are under burden for ensuring safety of the rational assets for quality and competence of business operations through voice of customer (VoC). These factors are boosting growth of the global speech analytics market.

Speech analytics has applications in the verticals such as customer experience management, business process, and risk management. It also has applications in the public and private sector along with entertainment, hospitality, media, and transportation and logistics sectors. Boom in these sectors globally and especially from developing countries is influencing positively on the growth of the global speech analytics market. Additionally, developing countries are experiencing emergence of the telecom industry. This is a key factor boosting growth of the global speech analytics market.

Some of the key players in the global speech analytics market are Aspect Software Inc., Avaya Inc., NICE System Ltd., CallMiner Inc., Verint Systems Inc., Nexidia Inc., and Calabrio Inc. These players are investing on large amounts for enhancing the technological ability. Additionally, theu are adopting the strategies such as alliances and collaborations that are expected to benefit them for growth.

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Speech Analytics Market – Report presents a Definitive Analysis by 2025

Global Speech Analytics Market: Snapshot

Rising number of contact centers and necessity for compliance and risk management across several verticals have led the companies to invent solutions in speech analytics which will aid companies to comprehend the changing necessities of customers. Several organizations functioning in diverse industrial domains have been evolving interests for the transcription and analyzing of customers and structural media and uptake rational decisions for the management of business and consumers with the help of speech and text intelligence. This is the main factor that is responsible for the growth of the market and a protuberant driving factor in the growing demands for speech analytics in several industrial applications. This rising demand can also be accredited to the burdens on businesses for safeguarding their rational assets for improving agility and competence in business operations via the all-embracing insights quarried in the Voice of Customer (VoC).

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Speech analytics is used in sectors such as customer experience management, agent performance, business processes, compliance and risk management, and market intelligence. Other than this, it also finds application in public sector, entertainment and media, hospitality and travel, logistics and transportation, information technology and telecommunication, utilities and energy, manufacturing, consumer goods, retail, life sciences and healthcare, and banking, financial services, and insurance.

The industry players are investing in huge amounts in research and development in order to enhance their technological ability and product accuracy. Strategic alliances are also expected to play a prominent role in this path.

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Global Speech Analytics Market: Overview

Speech analytics technologies are used to extract information at customer contact points across various channels such as voice, chat, email, social channels, and surveys. Across the world, voice and phone interaction is the most common mode of communication used by consumers. Therefore, speech analytics is used in Voice User Interface (VUI) to derive insights at different contact points.

In current times, organizations across various industry sectors are undertaking programs for transcripting and analyzing customer and organizational media. This is mainly to take logical decisions for customer and business management with the help of speech and text intelligence. This is one of the prime factors driving the demand for speech analytics across various industry sectors. The increasing pressure upon businesses to protect their intellectual property in order to improve efficiency and agility in business operations is also leading to the deployment of speech analytics systems. Businesses are deploying speech analytics systems to mine extensive insights from the voice of customers. Various product types in this market include database management system, reporting and analysis, data integration tools, query, analytical tools, online analytical processing (OLAP), and visualization tools among others.

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Speech analytics finds application in market intelligence, risk and compliance management, business process, agent performance, and customer experience management (CEM). Other than this, speech analytics may find application in several other industry verticals such as banking, financial services, and insurance (BFSI), healthcare and life sciences, retail and consumer goods, energy and utilities, manufacturing, government, telecommunication and information technology, transportation and logistics, travel and hospitality, media and entertainment, and public sector among others.

The research report presents a definitive analysis of market dynamics, which includes market drivers, trends, and opportunities that will influence the development of the global speech analytics market between 2017 and 2025. The report is presented based on data collected from industry-centric sources and receiving valuable insights from opinion leaders.

Global speech Analytics Market: Drivers and Restraints

The emergence of call centers, law to monitor adherence to business regulatory compliances, and increased focus on competitive intelligence are the major factors driving the global speech analytics market. The development of integrated software solutions, wherein workforce management solutions are integrated with speech analytics will offer immense growth opportunities to this market.

Furthermore, there is a rising demand for real-time analytics guidance tools. Speech analytics has emerged as an extension of trends within customer-centric enterprises and insightful management practices. Healthcare and life sciences is anticipated to display the highest growth rate in the market space.

Global Speech Analytics Market: Regional Outlook

The global speech analytics market can be segmented regionally into: North America, Europe, Asia Pacific, and Latin America. North America dominates the speech analytics market followed by Europe. The adoption of speech analytics by various industry sectors such as utilities, travel and tourism, and healthcare are the primary factors for the growth of the speech analytics market in these regions.

Major Companies Mentioned in Report

Some of the leading companies in the global speech analytics market are Avaya Inc., Aspect Software Inc., NICE System Ltd., Verint Systems Inc., CallMiner Inc., Nexidia Inc., and Calabrio Inc.

Surge in the Number of Call Centers Fuels Demand for Speech Analytics

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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