Global Speech analytics Market to grow at 15.2% CAGR till 2023
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.
• 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.
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 centre 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.
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.
Key Questions answered
• What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
• What are the microeconomic and macroeconomic factors impacting the overall growth of the market?
• Who are the key market players and their key competitors?
• Who are the key market players at different stages of the value chain?
• What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)
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