Voice Analytics Market - Global Growth Data Analysis by 2020-2025 | Verint Systems, NICE, Avaya, Micro Focus, Genesys Technologies, SESTEK, CallMiner, Sound Intelligence, Clarabridge, Voci Technologies, Zoom International, HPE, Calabrio, Almawave & inCont

Voice Analytics is used to analyze spoken conversations to identify audio patterns and gain insights for improving customer service. This technology converts text to speech as well as identifies the emotion and intent of the speaker. Voice analytics is mainly used in end industries including insurance, technology, financial services, and healthcare to generate insights into customer needs. Telecom service provider organizations are among the major users of speech analytics solutions across the globe. Numerous benefits such as increased profit margins, reduction in fraud incidents, minimization of risk, and others are leading to the acquisition of more customers and retention of customers, which are aiding the growth of the market in the industry.

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Among the applications, customer service is leveraging this technology extensively, mainly to analyze massive volumes of customer conversation data, and identify vital information to gain competitive advantage. The major benefits associated with voice analytics are enhanced customer satisfaction, competitive intelligence, and identification of underperforming assets.

Voice Analytics Market Key Drivers and Restraints:

The growing customer service sector will be increasing the adoption of Voice Analytics

Voice analytics will witness significant demand from the customer service industry, predominantly due to its ability to gather better knowledge about key behaviours of agents and customers. Furthermore, voice analytics enables users to create meaningful insights from voice data and communication trends to help companies operating in the BPO sectors. This results in improved services, reduce operational costs and increased revenue. However, due to the complexity of voice analytics, integration with existing systems is posing a significant challenge in its adoptions. Hence, limited compatibility with existing infrastructure is hindering the growth of the voice analytics market.

Voice Analytics Market Key Application:

Customer Experience Management is contributing significantly towards Voice Analytics

Voice analytics has been implemented in several applications; however, customer experience management is fusing significant revenue towards this technology. It is expected that the organizations are strategically planning to up bring the priorities and establish their goals to enhance the customer experience. Furthermore, the organizations are also strengthening the communication across all levels of the organization, and allowing more fluid adoption of the changes and insights generated by voice analytics.

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Some of the benefits of voice analytics are as follows:

Enhance the performance of the contact center with insights to reduce agent handle time and recurring calls
Discovering customer insights about satisfaction, business issues, competitive intelligence, and others
Reduced churn by discovering the root cause and predicting at-risk customers by using contact center recordings
Improved quality monitoring by reviewing large samples and specific call types
Provide targeted coaching to agents by analyzing their relative performance
Voice Analytics Market Regional Scenario:

Emerging economies will lead the growth in this market

Emerging economies like China, India, Russia, and Brazil are key growth countries for voice analytics. The increasing demand and challenges from local as well as global markets will allow the Asia Pacific to be the key growth region for voice analytics. In the coming years, due to an increase in technology penetration and huge investments in contact centers that are utilizing voice analytics solutions, it is expected that the adoption of voice analytics will significantly grow, to obtain insights from the data generated from customer interaction. India, China, South Korea, and other Asian countries will take maximum advantages of their key strengths and which will help the market growth in this region.

Key Market Players

Verint Systems
NICE
Avaya
Micro Focus
Genesys Technologies
SESTEK
CallMiner
Sound Intelligence
Clarabridge
Voci Technologies
Zoom International
HPE
Calabrio
Almawave
inContact
Others

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Market Segments: Voice Analytics Market

By Component
Speech Engine
Indexing, Analysis, and Query
Reporting and Visualization
By End-User
BFSI
Retail & eCommerce
Telecom & IT
Healthcare
Others
By Region
North America
US
Canada
Europe
Germany
France
UK
Russia
Asia Pacific
China
India
Japan
The Middle East and Africa
UAE
South Africa
South America
Brazil

Key Sources

Industry Associations
Patent Websites
Company Annual Reports
Company Websites
Key industry leaders
Technology consultants
Others

Key Questions Answered

What are the key growth regions and countries?
What are the important types and technologies being used?
What are the market players doing, in terms of research and development?
Which are the new applications for this market?
What are the integrations happening?
What is the recent news, developments, mergers, or large value deals?
Where will the industry go in the long run?

Key Stakeholders

Technology providers
Contact center service providers
Regulatory Authorities
Research and Innovation Organizations
Technocrats
Suppliers and Distributors
Other Channel Partners
Quality Control Organizations

Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market's size, key trends, participants and future outlook of an industry. We intend to become our clients' knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.

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