What is Speech Analytics Market Scope?
Speech analytics solutions can convert call recordings to actionable data, and then translate the data into valuable insights that are effective across the enterprise. These solutions are used to handle a broad range of interactions with customers. Enterprises across the globe have incorporated speech analytics through a combination of internally recorded data, social media as well as external syndicated data primarily to create a cutting -edge solution, to gain a better understanding of their customer requirements and reduce churn.
The Speech Analytics market study is being classified by Type (Solutions [Speech Engine, Indexing and Query Tools, Reporting and Visualization Tools, Workforce Optimization, Others and Services [Professional Services, Managed Services]), by Application (Customer Experience Management, Call Monitoring, Agent Performance Monitoring, Sales and Marketing Management, Competitive Intelligence, Risk and Compliance Management and Others) and major geographies with country level break-up. According to AMA, the Global Speech Analytics market is expected to see growth rate of 22.1%
Research Analyst at AMA predicts that Players from United States will contribute to the maximum growth of Global Speech Analytics market throughout the predicted period.
NICE (Israel), Verint (United States), Micro Focus (United Kingdom), Avaya (United States), Genesys (United States), Google (United States), AWS (United States), Vonage (United States), OpenText (Canada) and Calabrio (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are CallMiner (United States), Clarabridge (United States), Eleveo (United States), Voci Technologies (United States), Almawave (Italy), Marchex (United States), Enghouse Interactive (United States), Castel (United States), Aspect (United States), Sabio (United Kingdom), Business Systems (England), Talkdesk (United States), VoiceBase (United States) and Tech Mahindra (India).
Analyst at AMA have segmented the market study of Global Speech Analytics market by Type, Application and Region.
On the basis of geography, the market of Speech Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Influencers and their development strategies
In July 2020, Verint and Cloud9 Technologies joined forces to provide the financial services market with a fully compliant, cloud-enabled communications solution to support traders both on the trading floor and remotely, providing necessary flexibility as the industry continues to move to cloud-based platforms and work-from-home environments during and beyond the COVID-19 pandemic. This offering leverages Cloud9ís C9 Trader voice communication and analytics platform and Verint Financial Compliance with seamless integration into existing systems, addressing key compliance concerns around voice trading.
In July 2020, OpenText announced the availability of its Content Services technology for Microsoft Teams. This new integration enables the use of OpenText Content Services for information governance and control. OpenText Extended ECM for Microsoft Office 365 integrates content and collaboration tools into business processes. With the announcement, OpenText adds its market-leading information governance tools and systems to Teams, making an expanded set of compliance, records management, and archiving options available to Teams users and administrators.
Influencing Market Trend
- Adherence to regulatory and compliance standards
- Rising need to predict customer intent and monitor agent behavior
- Increasing need to improve the customer journey and overall experience
- Growing demand to monitor and improve agent performance
- Use of AI and ML-based technologies to facilitate real-time actionable customer insights
- The growing need for cloud-based speech analytics solutions to bolster customer retention
- Need for integration with the prevailing system
- Inability to quantify Return on Investment (RoI)
- Complex data ecosystem leading to data breaches and security issues
Key Target AudienceGovernment Regulatory Bodies, Private Research Organization, Government Research Organizations and Others
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