Global Speech Analytics Market Overview
The Global Speech Analytics Market was valued at USD 1.1 billion in 2018 and is expected to reach a value of USD 3.6 billion by 2024 at a CAGR of 21.6%, over the forecast period (2019 – 2024). Speech analytical solutions have the ability to enable users to gain insights, to make key business decisions by providing deeper and faster analysis of voice – data, with context and relevance across multiple channels.
– Enterprises have implemented speech analytics through a combination of internally recorded data, social media as well as external syndicated data to create cutting-edge analytics solutions, in order to gain a better understanding of their customer requirements.
– Speech analytics can also play a crucial role in understanding the root cause of customer dissatisfaction. It keeps the organization informed, which helps them mitigate risk and train staff accordingly, to avoid such circumstances. With such an analytics solution, businesses can improve their prediction of customer engagement outcomes. They can also prescribe the most likely and successful customer engagement processes (CRM).
– The market has witnessed many startups, owing to an increased investment for speech analytics solution. For instance, In 2016 Cisco\’s has invested 10% equity in speech analytics software firm Uniphore Software. Cisco believes that these speech analytic vendors will enhance their knowledge in deep technology in the area of speech recognition. Cisco also believes that these innovations have the potential to capture the opportunity of a significant market.
Scope of the Global Speech Analytics Market Report
Speech analytical solutions have the ability to enable users to gain insights, to make key business decisions by providing deeper and faster analysis of voice – data, with context and relevance across multiple channels. Speech solutions have the ability to convert call recordings to actionable data, and then translate the data into valuable insights effective across the enterprise.
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Key Market Trends
Telecommunications Sector is Expected to Occupy Significant Market Share
– Speech Analytics has become increasingly popular in the telecom industry due to the huge amount of data being generated through the advent of the connected world concept. Initially the recorded calls were evaluated manually, but the rise of call volume is demanding the need for adequate and accurate evaluation, thereby leading to the adoption of speech analytics.
– Telecom service provider organizations are major end-users of speech analytics solutions worldwide. Various benefits such as increased margins, fraud reduction, risk minimization, service improvement, and customer satisfaction are leading to the acquisition of more customers and retention of customers, which are aiding the growth of the market in the industry.
– Particularly, cloud-based communication analytics are being adopted by organizations, which helps identify potential risks with real-time insights into customers; it can identify high-value customers and manage them accordingly across the customer life cycles to improve revenues.
Europe is Expected to Witness Significant Growth Rate
-Growing number of contact centers, increased voice importance in the multi-channel world, and rising demand for cloud analytics are some of the primary factors impacting the growth of Speech Analytics market.
-There are around 6000 contact centers in the UK, with new centers being established, with each passing year. Contact companies are increasingly using speech analytics to improve the customer service experience.
-In Germany, there are a large number of banks using speech analytics solutions to maximize customer satisfaction while minimizing the cost of delivering an outstanding customer experience.
-The retail and banking sectors have also been at the forefront of adoption of speech analytics based solutions in this region, mainly due to the growing need to improve customer retention, in a highly contested market space.
Market consolidation is being observed as established players are trying to gain dominance in the speech analytics market. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability.
– February 2019 – Micro Focus announced the acquisition of Interset, a worldwide leader in security analytics software that provides highly intelligent and accurate cyber-threat protection. The addition of this predictive analytics technology adds depth to Micro Focus\’ Security, Risk and Government Portfolio and aligns with the company\’s strategy to help customers quickly and accurately validate and assess risk as they digitally transform businesses.
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This post was originally published on Food and Beverage Herald