Speech Analytics Market Driven by Customer Experience and AI Technology Adoption Among Large Organizations

The Speech Analytics Market had a size of USD 1.79 billion in 2021 and is predicted to grow at a CAGR of 20.4% over the forecast period due to the rise of opportunities in digital marketing, data-driven decision-making, and customer experience. Many companies are adopting speech analytics technology to enhance their business processes and continuously promote customer satisfaction, making it a primary driver in the market. Deep Neural Networks (DNN) and Convolutional Neural Networks (CNN) technology are being utilized by organizations to convert audio data into time-frequency for different applications such as voice assistants, sentiment analysis, and speech recognition. This approach enhances the consumer experience and the profit margins of organizations. The conversion of speech into raw data, organization, and analysis of the raw data is saving time, boosting agent productivity, customer satisfaction, and reducing customer churn and service inefficiencies. These factors are driving the adoption of these technologies in large organizations.

The information technology industry is exploring advanced technologies with potential for innovation in speech analytics. Products like Amazon's Echo, Google Nest, and Apple HomePod provide a better contextual understanding of human language, regardless of its complexity or diversity. Speech analytics, enabled by artificial intelligence capabilities and machine learning, offers real-time customer insights that allow contact center agents to focus on the caller, track customer sentiment, and suggest appropriate responses or recommended solutions to resolve issues more efficiently. The increasing number of innovations in speech analytics engineering is driving market revenue growth.

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Segments Covered in the Report

The speech analytics market can be segmented by component outlook into speech engine and reporting & visualization tools.

In terms of application outlook, it can be segmented into customer experience management, call monitoring, agent performance monitoring, and others.

Furthermore, the end-use outlook can be segmented into retail & ecommerce, banking, telecommunications & IT, media & entertainment, and others.

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Strategic development:

The speech analytics market has been experiencing significant growth in recent years due to the increasing demand for customer insights and the need to improve customer experience. To continue this trend, key players in the market are focusing on strategic development initiatives.

One of the key strategies is product innovation. Companies are investing in research and development to create more advanced speech analytics solutions that can analyze voice interactions in real-time, extract more accurate insights, and provide more actionable recommendations. This helps businesses better understand customer needs and preferences, and improve their products and services accordingly.

Another strategy is partnerships and collaborations. Companies are partnering with other technology vendors to integrate speech analytics solutions into their existing platforms and offer more comprehensive solutions to customers. Additionally, collaborations with industry associations and research organizations can help companies stay up-to-date on industry trends and advancements, and contribute to the development of standards and best practices.

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Competitive Landscape:

he global speech analytics market features a moderately fragmented competitive landscape with only a few key players operating on both global and regional levels. These key players are actively engaged in strategic alliances to expand their portfolios and gain a strong foothold in the global market.

The global market report includes some major companies such as Verint Systems Inc., Hewlett Packard Enterprise Company, NICE Ltd., CallMiner Inc., Avaya Holdings Corporation, Genesys Telecommunications Laboratories Inc., Aspect Software Inc., Castel Communications, Clarabridge Inc., Zoom International, and Calabrio Inc.

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