How is Rising Focus on Customer Satisfaction aiding in Speech Analytics Market Growth?

In today's competitive world, companies are finding it difficult to engage customers for the long-term. Due to the many choices available to customers, it is being observed that they are no more brand loyal. Despite being provided with a better price and product quality, customers prefer buying products from competitors, if they face any service-related problems. Therefore, customer satisfaction, in terms of product-quality, pricing, and customer services, has become a major focus area for all businesses.

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To enhance customer experience, companies are working to improve the customer retention rate and new customer acquisition process for higher product sales. One of the ways employed by business entities is the adoption of speech analytics software that helps in the monitoring and analyzing of all the attended calls. The software helps organizations evaluate the responses by agents as well as keep a track of changing demands of customers and gauge their level of satisfaction.

Speech analytics software reviews and analyzes live customer calls and recordings to draw an analysis of overall customer experience, and help organizations in devising strategies for enhancing customer experience. Valuing $1,010.4 million in 2018, the speech analytics market is predicted to garner $2910.1 million, advancing a 19.9% CAGR in the coming years. The applications of the speech analytics software are risk & compliance management, agent performance monitoring, call monitoring, and customer experience management. In 2018, the largest application area of this software was customer experience management.

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In fact, in the near future as well, it will continue being the largest application area of speech analytics software. This can be attributed to the rising need for the evaluation of the overall customer experience and further predict the customer satisfaction score to help companies improve their product and services sales. Speech analytics software is being deployed in various industries, such as retail, government, manufacturing, media & entertainment, healthcare, information technology & telecom, hospitality, and banking, financial services, and insurance (BFSI).

In 2018, the highest deployment of the software was in the BFSI industry. Financial institutions struggle to engage customers, which is resulting in the deployment of this software to gain better visibility of customers and provide them a better experience. In the coming years, the fastest growth in demand in the speech analytics market is expected to be witnessed by the retail industry. With ever-changing requirements of customers, retailers are employing the software to understand the needs of customers to serve them better and enhance their brand image and up their customer retention rate.

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