Speech analytics refers to the process of evaluating recorded customer calls to collect information. This is done to improve communication and future interaction with the customers. Call recordings help an enterprise to gain rare insights about customer satisfaction, competitive intelligence, service issues, agent performance, and campaign effectiveness. Speech analytic solutions provide advanced functionalities and valuable intellects from customer calls. This information is used to discover information related to the strategy, operational issues, and contact centre agent performance of the company. Speech analytics software can give a company a significant competitive advantage. It helps to gain valuable information about the product and processes of a company. This helps companies to improve deliverables and gain customer satisfaction. It enables companies to reduce their operating expenses and save money. This has led to increased sales conversion rates as speech analytic tools help in the understanding response of different customer demographics toward the offers made. Speech analytics provides an unconditional analysis of recorded phone conversations of the company and its customers.
Growing demand to monitor and improve agent performance, high growth in the numbers of customer interaction centres, adherence to regulatory and compliance standards, increasing focuses on taking competitive edge through market intelligence and rising requirements for compliance and risk management are some of the factors that are driving the Speech Analytics market. Expensive solutions and low awareness of the potential benefits of this technology among enterprises are few of the reasons that may slow down the adoption of speech analytics solutions and services among various industry verticals and domains. Cloud-based real-time speech analytics solutions and services are expected to provide high opportunities for various market players that are operating in this market.
COVID-19 would have an impact on all the elements of the technology sector. The global ICT spending is estimated to decline by 4%–5% by the end of 2020. Moreover, the hardware business is predicted to have the most impact on the IT industry. Due to the slowdown of hardware supply and reduced manufacturing capacity, the IT infrastructure growth has slowed down. Businesses providing solutions and services are also expected to slow down for a short time. However, the adoption of collaborative applications, analytics, security solutions, and AI is set to increase in the remaining part of the year.
In a short time, the COVID-19 outbreak has affected markets and customers' behaviour and has a substantial impact on economies and societies. With offices, educational institutions, and manufacturing facilities shutting down for an indefinite period; major sports and events being postponed; and work-from-home and social distancing policies in effect, businesses are increasingly looking for technologies to assist them through these difficult times. Analytics professionals, business intelligence professionals, and professionals providing expertise in more advanced analytics such as AI and ML have been called for their expertise to help executives make business decisions on how to respond to the new business challenges caused by the COVID-19 outbreak.
Speech analytic solutions are deployed by several contact centres across the world in a variety of applications including compliance management, agent performance management, customer experience management, and to gain market intelligence.
The solutions segment captured a significant share and is expected to dominate the market over the forecast period. However, the segment is expected to witness maturity ascribed to the higher adoption that will result in the services segment to gain traction in the next nine years. The market offers an extensive portfolio of solutions and, therefore, services are necessary to manage these solutions and help organizations enhance their business process for sustaining in this competitive landscape.
In the telecom industry, using speech analytics to gain a hold over infrastructure, telecom industry easily resolves the issues, thereby increasing productivity, decreasing stress, and saving time & money. The speech analytics market is expected to witness significant growth in IT industry owing to the rising adoption of speech analytics tools across the Business Process Outsourcing industry (BPO). Further, the introduction of advanced technological tools to enhance customer experiences is anticipated to propel the speech analytics demand.
The organization size is divided into small and medium enterprises and large enterprises. Large enterprises expected to grow at a higher CAGR in the forecast period. Cellular M2M service providers help large enterprises in optimizing the network infrastructure, deploy latest applications that help them lower the operational costs, improve operational efficiencies, troubleshooting the IoT device issues, and detecting and mitigating security attacks. They always focus on the adoption of industry solutions that can help them in increasing their operational efficiency.
In the speech analytics market by application, the competitive intelligence segment is expected to record higher CAGR during the forecast period. The speech analytics market is segmented based on applications into customer experience management, call monitoring, competitive intelligence, agent performance monitoring, sales and marketing management, risk and compliance management, and others (business process management, and predictive analysis). These applications have made a huge difference in the way that contact centres connect and communicate, thus improving the performance of enterprises. Speech analytics solutions can transform an organization by providing many ways of ensuring that they are delivering a consistent quality of service and a secure experience at every customer touchpoint.
On-premised employment was the largest segment, accounting for over 50% of the total revenue in 2015. On-premise solutions provide better control over the system and data. However, this deployment method is costly and requires a dedicated IT staff for the maintenance & support and high-end IT infrastructure, owing to which the segment is anticipated to witness sluggish growth in comparison to the cloud deployment.
The cloud-based deployment segment accounted for a considerable share in 2015 and is expected to witness high demand over the forecast period. The availability of cloud deployment options for speech analytics solutions has propelled the demand further across different verticals, including telecom, IT, BFSI, and media & entertainment, among others. New firms are providing cloud-based solutions to offer SMEs cost-effective solutions.
Geographically, the Speech Analytics Market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and Rest of the world regions which includes Latin America, and Middle East & Africa. North America is expected to hold the largest market size in the global speech analytics market during the forecast period. The key factor favouring the growth of the market in North America is the increasing demand for enhanced customer support services to strengthen customer retention initiatives. Europe is expected to be in the second position in terms of market size and market share during the forecast period. The growing demand to reduce enterprise workloads related to internal and external communication monitoring is boosting the adoption of speech analytics solutions in Europe. APAC is expected to record the fastest growth rate during the forecast period. The speech analytics market is expected to witness considerable developments and adoption of solutions across APAC during the forecast period. The increasing number of players across different regions is further expected to drive the market.
Some of the vital players operating in this market include NICE, Verint, Micro Focus, Avaya, Genesys, Google, AWS, Vonage, OpenText, Calabrio, CallMiner, Clarabridge, Eleveo, Voci Technologies, Almawave, Marchex, Enghouse Interactive, Castel, Aspect, Sabio, Business Systems, Talkdesk, VoiceBase, Tech Mahindra, Invoca, Tethr, Cognito, Intelligent Voice, Kwantics, Batvoice AI, Speech Village, Speech-i Ltd, SpeechTech, Gnani.ai, Observe.AI, and Deepgram.
The report analyses the Speech Analytics market based on type, application, platform, vertical, enterprise size and geography. Based on the type it includes solutions and services. The key applications comprise of customer experience management, call monitoring, agent performance monitoring, sales and marketing management, competitive intelligence, risk and compliance management. The technology consists of wired and wireless technology. There are two types of platform cloud and on-premises. The vertical segment comprises of healthcare, energy and utilities, transportation & logistics, manufacturing, travel, IT & telecom. Enterprise size includes small & medium enterprises and large enterprises.
Some of the major players operating in the market NICE, Verint, Micro Focus, Avaya, Genesys, Google, AWS, Vonage, OpenText, Calabrio, CallMiner, Clarabridge, Eleveo, Voci Technologies, Almawave, Marchex, Enghouse Interactive, Castel, Aspect, Sabio, Business Systems, Talkdesk, VoiceBase, Tech Mahindra, Invoca, Tethr, Cognito, Intelligent Voice, Kwantics, Batvoice AI, Speech Village, Speech-i Ltd, SpeechTech, Gnani.ai, Observe.AI, and Deepgram.
Geographically, the Speech Analytics market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and Rest of the world regions which includes Latin America, and Middle East & Africa.
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