The global speech analytics market was valued at US$ 950.2 Million in 2017 and is expected to grow with a CAGR of 15.2% during the forecast years. The integration of speech analytics into the current systems could be difficult, while data security can be a major concern if speech recognition is misused. However, speech analytics helps organizations to make key business decisions. Various service companies are investing in speech analytics, as it will help them in building customer relationship management, gaining customer loyalty, and in enhancing customer retention ratio. For instance, banking and financial institutions are some of the service sectors that make use of speech analytics.
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Speech analytics is used by various businesses to monitor
their sales force, based on agent quality, sales optimization, natural language
processing, and security (PCI detection and redaction). A manager can monitor
and analyze calls by sales agent and thus sales training is being provided to
employees to help them improve certain parameters. Artificial Intelligence can
be used in the future to improve the results provided by speech analytics,
identify issues, and provide an appropriate solution for the problem.
Recent News:
In September 2017, Micro Focus, a multinational software and information
technology has merged with the HPE software business, an Information Technology
Company. This merger will be focusing on helping customers and extending
existing software investments, while embracing innovations in a world of hybrid
IT across the globe.
In September 2017, Raytheon BBN has collaborated with USAF’s
foreign language information retrieval process through automation of its
processes. The company has won a USD 21.7 million contract for the development
of an automated technology platform for the U.S. Air Force, in order to
retrieve foreign language information. BBN will build the platform to support
the cross-language information retrieval, machine translation, automatic speech
recognition, and surprise language summarization.
Market Dynamics
The global speech analytics market is witnessing growth
owing to the need for real-time speech analytics, the increasing requirement
for customer relationship management, and the rising level of competition among
the major players operating in the market. The demand for the speech analytics
market is further increasing with the growing experience and knowledge of
third-party resources for implementation of such types of solutions. The key
driving factor for the speech analytics market is the rising customer
interaction through voice, social channels, and surveys, which further
accelerates the market growth.
The increasing demand from contact centers for mining the
recorded customer interactions in order to extract the relevant data that is
necessary for developing the effective cost containment and strategies for
customer service. The real-time speech analytics and speech engines help
various organizations in effective and quick decision-making. The adoption of
speech analytics has increased due to the increasing focus of companies on
market intelligence to gain competitive advantage. Thus, factors such as risks
and compliance management, need for greater operational efficiency by
companies, and growing call center agencies in emerging economies are expected
to fuel the market growth over the coming years. However, with the high cost
associated with software licensing can hamper the growth of the market.
Global Speech
Analytics Market Segmentation Scope
By Components
·
Solutions
·
Speech engine
·
Indexing Analysis and Query Tool
·
Reporting and Visulaization
·
Services
·
Manged
·
Professional
By Deployment Type
·
On-Premises
·
Cloud-Based
By Applications
·
Call Monitoring
·
Risk and Compliance Management
·
Customer Experience Management
·
Agent Performance Monitoring
·
Sales Performance Monitoring
·
Others
By End-User
·
BFSI
·
IT & Telecom
·
Healthcare
·
Retail and e-Commerce
·
Others
Competitive
Intelligence
The key players operating in speech analytics market are
Verint Systems, Nice Systems Ltd., Avaya Aurix, Calliminer, Genesys, and
others. Among the various strategies to expand the market, the majority of the
vendors are adopting new technologies and product launches to gain the
competitive advantage in the global market. Companies with a large geographical
presence, irrespective of their market capitalization, are dominating the
market. For instance, in November 2017, Nice Systems Ltd., an Israel-based
telephone voice recording, data security, and surveillance company had
partnered with Connvexus, a Peru-based Telecommunication and Networking
Company, to expand its presence in Latin America. The competition in the global
speech analytics market is intense as various vendors are providing the
technology to several end-use industries for market expansion.
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Information- https://www.alltheresearch.com/report/43/speech-analytics-market
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