The speech analytics market is witnessing a significant growth due to rising adoption of the speech analytics tools across the Business Process Industry (BPO) industry. Introduction of advanced technological tools enables organizations to take action on unstructured data acquired from customer interactions, thereby enhancing customer experiences, and gaining a competitive advantage. The technology works on three approaches, direct phase recognition, phonetic recognition and Large Vocabulary Continuous Speech Recognition (LVCSR). The technology is used across several sectors, including healthcare, retail, IT & Telecom, and Banking and Financial Services (BFSI), which is expected to drive market demand over the forecast period. Speech analytics enables businesses to identify market trends and issues, thereby helping companies improve their product, service or quality issues, identify high-value customers, and comprehend the performance of their marketing campaigns. In addition, the technology helps organizations analyze market trends & opportunities, unproductive call volumes, and factors driving high costs. Speech analytics plays a key role in assessing the drivers of customer loyalty across the enterprise.
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Growing prominence of voice across multi-channel and the need to improve organizations’ market intelligence capabilities are further expected to favorably impact the speech analytics market growth. Surging demand for risk management solutions and cloud analytics are also expected to boost market growth over the forecast period. The technology offers market growth, optimizes performance and enhances customer experience. Speech analytics market encompasses tools such as query engine, indexing & analysis software, reports, speech engine, and dashboard solutions. Lack of awareness and rise in costs are expected to pose challenges to the market growth. The technology is perceived as a high-value analytic solution that provides organizations insights into consumer behavior. Speech analytics plays a key role in enhancing organizations’ CRM capabilities, and provides avenues for market growth.
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Speech analytics solution providers focus on developing a system that enables summarizing and consolidation of high data volume efficiently. Developing solutions that are scalable to the end-user requirements and presenting data in a visually intuitive format form a critical element of a company’s core business strategy. The key players in the speech analytics market are Interactive Intelligence, Avaya Aurix, NICE Systems, Calabrio, Genesys, Uptivity, Castel, Nexidia, VPI, and Verint Systems.
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