Report Ocean has released a research study titled “Speech Analytics Market.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Speech Analytics Market is valued approximately at USD 1.2 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 20.2% over the forecast period 2020-2027. Speech analytics is the analyzing of recorded calls which helps to collect customer information in order to improve communication and future interaction. This technology can identify cost drivers, trend analysis, identify strengths and weaknesses with processes and commodities, provide advanced functionalities and can give a company significant competitive advantage.
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The increasing need to improve customer need and overall experience, growing demand to monitor and improve agent performance and adherence to regulatory and compliance standard are the factors responsible for the growth of Speech Analytics Market over the forecast period. The Internet of Things (IoT) provides organization real time data, about how their products are being used after purchase. Speech analytics is changing the face of marketing tremendously, as most part of the population now own smartphones and more and more devices become smart, thus availability of information is high. The data collected by Smartphones, allows enterprise planners to further plans based on one of voice, pauses, and volume of speech, among other parameters. Furthermore, the introduction of products and other strategic alliance by market key players will create a lucrative demand for this market. For instance: on 20th Jun 2018, Avaya includes real time speech analytics to its workfoce optimization suite for monitoring GDPR compliance within a contact center. However, need for integration with prevailing system and inability to quantify Return on Investment (RoI) is the major factor restraining the growth of global Speech Analytics market during the forecast period.
Major market player included in this report are:
NICE Systems Ltd.
Micro Focus International plc
Amazon Web Services
Genesys, or Genesys Telecommunications Laboratories, Inc.
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- The speech analytics market has experienced significant growth due to advancements in artificial intelligence (AI), natural language processing (NLP), and the increasing demand across various industries to extract valuable insights from spoken interactions and customer conversations.
- Speech analytics involves the use of software to analyze recorded audio or live customer interactions across multiple channels like phone calls, voicemails, chats, and social media, extracting meaningful data and patterns.
- Industries such as customer service, sales, healthcare, finance, and market research leverage speech analytics to gain insights into customer sentiments, preferences, behavior, and to enhance operational efficiency.
- In customer service, speech analytics tools analyze calls to identify trends, assess agent performance, detect customer emotions, and provide feedback for improving customer experience and service quality.
- Sales and marketing teams use speech analytics to identify buying signals, understand customer needs, and tailor marketing strategies based on the insights obtained from customer conversations.
- In healthcare, speech analytics aids in improving patient experiences, monitoring quality of care, and ensuring compliance with healthcare regulations by analyzing interactions between patients and healthcare providers.
- Financial institutions utilize speech analytics for compliance monitoring, fraud detection, risk management, and improving the overall customer experience by analyzing customer-agent conversations.
- Challenges in the speech analytics market include accurately transcribing and analyzing diverse languages, dialects, accents, and the need for continuous advancements in AI algorithms to improve accuracy and efficiency.
- Ongoing advancements in AI and machine learning algorithms have enhanced the capabilities of speech analytics tools, enabling sentiment analysis, emotion detection, and context-aware insights extraction from audio data.
- The future outlook for the speech analytics market is promising, with a focus on developing more sophisticated speech recognition, emotion detection, and language understanding capabilities to extract deeper insights, drive better decision-making, and enhance customer experiences across industries.
The detailed segments and sub-segment of the market are explained below:
By Organization Size:
Small and Medium-Sized Enterprises
Customer Experience Management
Agent Performance Monitoring
Sales and Marketing Management
Risk and Compliance Management
Retail and eCommerce
IT and Telecom
Energy and Utilities
Travel and Hospitality
Healthcare and Life Sciences
Media and Entertainment
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Table of Contents:
- Executive Summary
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
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