The Global Speech Analytics Market research report aims to provide an unbiased and a comprehensive outlook of the Global market to the readers. Analysts have studied the key trends defining the trajectory of the market. The research report also includes an assessment of the achievements made by the players in the Speech Analytics Market so far.
The global speech analytics market was valued at USD 0.81 billion in 2017, and is expected to reach a value of USD 3.69 billion by 2023, at a CAGR of 28.82%, during the forecast period (2018 – 2023).
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Verint System Inc., Nice Ltd., Avaya Inc., Micro Focus, Genesys, Callminer Inc., Mattersight Corporation, Raytheon Bbn Technologies, Calabrio Inc., Voicebase Inc and other for more company coverage please register for sample inquiry.
The scope of the report is limited to deployment type offered by major players, which involves on premise, and on demand. While the end-users considered in the scope of the report include Retail, Banking, Telecommunications, Travel & Hospitality, Utilities, Healthcare, Government, Entertainment & Media.
Speech solutions have the ability to convert call recordings to actionable data, and then translate the data into valuable insights effectively, across the enterprise. These solutions can handle a broad range of customer interactions. Speech analytics solutions are gaining immense importance in enterprises across the globe, since the conventional text-based analytics solutions are not effective enough to handle complex business issues in real time.
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. The original pioneers in speech analytics, such as Utopy, CallMiner, and Nexidia. CallMiner and Nexidia are still operating as standalone companies focused on this niche. While Utopy was acquired by Genesys, that brought speech analytics into a much broader contact center technology suite.
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Leveraging Analytics For Customer Retention And Offering Greater Customer Satisfaction
In today’s technology-driven world, data is considered as one of the cornerstones of decision-making, in organizations. But, with large chunks of data acquired through surveys, web traffic, social media platforms, and call center logs, it is difficult for companies to know what information to use to build strategies, to gain and retain customers. Thus, the need to monitor and analyze customer related data, and leverage the benefits of analytics to take proactive measures, to create a strong competitive advantage and build an exceptional customer experience.
Consumer behaviors and needs are changing, channels of communication have moved online, and to mobile, social and digital, and thus are the challenging traditional approaches, to cultivating brand loyalty, and fueling price competition, and other competitive pressures. Further, the traditional text analytics have not been able to provide a deeper understanding of the customer needs and sentiments, with speech analytics able to overcome these shortcomings, it presents a promising opportunity to gain better insights. Call centers have been able to leverage these insights as speech analytics mines and analyzes audio data, detecting emotion, tone and stress in a customer’s voice. And, also helps identify if a customer is getting upset or frustrated. This allows the customer executives of the company to quickly identify a customer’s requirements and expectations, and gauge how to best address these issues.
November 2017 – NICE Systems collaborated with Convexus to expand its presence in the Latin American region. The strategic partnership introduces NICE leading analytics-based software solutions to various sectors across the Peruvian market.
September 2017 – Micro Focus completed the merger with HPE software business, creating one of the world’s largest pure-play software companies. The merger brings together two software companies with focus on helping customers, extend existing software investments, while embracing innovation in a world of hybrid IT.
September 2017 – Raytheon BBN announced collaboration with USAFs foreign language information retrieval process through automation of its processes. The company has won a USD 21.7 million contract to develop an automated technology platform for the U.S. Air Force, to retrieve foreign language information. BBN will build the platform to support cross – language information retrieval, machine translation, automatic speech recognition, and surprise language summarization.
Influence of the Speech Analytics market report:
- Comprehensive assessment of all opportunities and risk in the Speech Analytics market.
- Speech Analytics market recent innovations and major events.
- Detailed study of business strategies for growth of the Speech Analytics market-leading players.
- Conclusive study about the growth plot of Speech Analytics market for forthcoming years.
- In-depth understanding of Speech Analytics market-particular drivers, constraints and major micro markets.
- Favorable impression inside vital technological and market latest trends striking the Speech Analytics market.
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