Speech Analytics Market Recent Technological Advancements to Propel Growth of the Market in Foreseeable Future by 2027 | Verint, NICE, Clarabridge, Micro Focus, Genesys Telecommunications

In recent years, the speech analytics market has witnessed traction owing to its capability to derive valuable data and actionable insights from customer conversations. This real-time information lays the foundation for efficient decision-making. Speech analytics solutions provide in-depth analysis of speaker, talking points, customer vexations, and root cause. Moreover, these solutions make the best use of visual context to improve customer experience.

Marketing teams across the globe are opting for speech analytics to foresee customers that might divert from the product. During the COVID 19 tragedy, companies faced a shortage of employees while the pressure from customers increased incessantly. Thus, incorporating speech analytics software proved to be a boon for companies to retain customers and improvise customer experience.

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The sharp upturn in demand to evaluate and improve agent performance, manage risk and compliance, and authenticate voice in applications has created tailwinds for the speech analytics market. The rising need to decrypt the customer behavior and intent put forward ample opportunities for growth and innovation in the sector.

Key Market Players Operating in Speech Analytics Market

Top players are struggling to stay at the competitive edge, gain higher market share, visibility, and productivity by implementing up-to-date strategic agendas. Prominent entities operating in the global market for speech analytics are Micro Focus (UK), Speech Village (UK), Google (US), Vonage (US), Genesys (US), Avaya (US), CallMiner (US), Clarabridge (US), AWS (US), SpeechTech (US), Calabrio (US), Talkdesk (US), Castel (US), Intelligent Voice (US), CallTrackingMetrics (US), Five9 (US), 3CLogic (US), CloudTalk (US), Deepgram (US), Alvaria (US), VoiceBase (US), Verint (US), NICE (US), Salesken (US), Observe.AI (US), OpenText (Canada), Almawave (Italy), Gnani.ai (India), Kwantics (India), Speech-i Ltd (England), and Batvoice (France).

Telecommunications Consolidates a Strong Foothold in Speech Analytics Market

Speech analytics is able to sift through unstructured call data for the identification of potential causes for success, failure of relationships. The Telecom industry offers a lucrative market for speech analytics. Call centers are proven hubs for curating customer feedback. The huge volumes of customer call recordings complicate the manual review and analysis process. Customer satisfaction, service issues assessment, agent performance evaluation, measuring campaign effectiveness, and competitive intelligence are crucial to achieving operational efficiency. Speech analytics software facilitates better analysis with high accuracy, at a lower cost with quick ROIs, and in relatively lesser time.

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Besides data extraction and management, companies are now beginning to adopt these analytics solutions across various verticals such as sales and marketing, client/customer support. Furthermore, the incorporation of speech analytics in information technology (IT) and telecommunication segments help organizations to strengthen their consumer base and increase overall profits. World over. competitive players are serving affordable, cloud-based solutions. These solutions are projected to propel significant gains across the speech analytics market owing to their increased adoption across small and medium-sized enterprises (SMEs).

North America to account for largest market size during the forecast period

North America comprises the leading market share for speech analytics. Underpinning this growth is the increased adoption of speech analytics tools that offer efficacy in resolving queries. The strong uptake of the latest technologies viz AI and ML for extensive real-time analysis of voice communication in the region is expected to reap significant gains in the coming years.

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