Speech analytics is basically a process of examining recorded calls for collecting customer information from the interaction of clients with an organization. It helps improve communication and future interactions, which in turn, can improve both sales and customer satisfaction. Speech analytics automates the entire process of listening to customer interactions, and converts call recordings into data and then to crucial insights.
The technology can give critical insights on cost drivers, trends, and strengths and weaknesses with various processes and products. Speech analytics solutions are gaining importance throughout the world, as they are more effective in handling complex business issues in real time than the text-based analytics solutions. The demand for speech analytics is growing in various enterprises.
The global speech analytics market is expected to reach USD 3.69 billion by 2023, growing at a CAGR of 28.82% during 2018 to 2023. The main factor that will drive the market is increased focus on customer satisfaction. Other important factors that will push the growth of the market are, the growing need for customer relationship management, new product development, increasing importance of real-time speech analytics solutions, and the growing demand for speech analytics solution from the BPO sector.
The increasing requirement for compliance will also exert a positive effect on the market. Further, high adoption rate of digital transformation, technological advancements, increasing demand for real-time customer data, and growing interest in transcription will fuel the growth of the global speech analytics market. Apart from these, there has been a continuous increase in government expenditure on developing digital infrastructure, which too will drive the growth of the speech analytics market.
North America will play a dominant role in the global speech analytics market in the coming years due to high awareness about the technology and its high adoption, the presence of major enterprises, and an increase in spending on digital marketing. In North America, the US market is the most important market. The Asia-Pacific market is another important market and is one of the fastest growing markets in the world. In the coming days, the Asia-Pacific market is going to offer lucrative growth opportunities.
The major players operating in the global speech analytics market are, Verint Systems (US), Calabrio (US), Avaya (US), Clarabridge (US), Zoom International (Czech Republic), NICE Systems (Israel), Voci Technologies (US), Genesys (US), HPE (US), Almawave (Italy), and CallMiner (US). In addition to these, research organizations, network and system integrators, Business Intelligence (BI) solution providers, marketing analytics executives, and speech analytics managed service providers are some other important players in the speech analytics market.