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Shibuya-ku, Tokyo, Japan, Japan, May 19, 2022, 23:37 /Comserve / -- The global speech analytics market size to grow from USD 1.5 billion in 2020 to USD 3.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period 2022-2031.
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The global speech analytics market size to grow from USD 1.5 billion in 2020 to USD 3.8 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period. Speech analytics is a software tool that automates the overall process of delivering insights from customer interactions. It extracts valuable information from multiple customer conversations; decision-makers can use this real-time information to make better decisions. Nowadays, speech analytics solutions can sift through unstructured call data (human voice interactions) to identify the probable causes of failure and success, and identify relationships.
These solutions provide a complete analysis on the speaker separation, customer discontent, root-cause analysis, call-topic, and visual context for enhanced customer experience. Complex data ecosystem leading to data breaches and security issues, lack of skilled workforce to articulate business opportunities, and expensive integration of speech analytics solutions with other analytics solutions are one of the major challenges in the speech analytics market. Moreover, need for integration with prevailing system, and inability to quantify Return on Investment (RoI) act as one of the key restraining factor in the market.
Among Solutions, the reporting and visualization tools segment to record the highest growth rate during the forecast period
By solution, the reporting and visualization tools segment is expected to account for a higher market share during the forecast period. This growth is expected to gain traction, as it combines desktop activity analytics with speech analytics solutions to better manage the agent's performance and deliver enhanced customer experience. Speech analytics solutions comprise speech engines; indexing and query tools; reporting and visualization tools; workforce optimization; and others (emotion detection, root cause analysis, and quality management tools).
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These solutions help businesses maintain audit and compliance needs, and obtain the right insights on the right people at the right time. Most of these solutions are said to be easy to deploy, and are feature-rich to address the rigors and requirements of communication centers. The solutions help to analyze all forms of audio — VoIP, analog, and digital telephony, and offer— support for a wide range of Private Branch Exchange (PBX) platforms, extensions, and IP switches. These processes help to derive meaningful data from customer conversations. The speech engine helps recognize and understand conversations, based on which it derives outputs. The indexing, analysis, and query tools help to extract words directly from the speech or search for the words in the inbuilt vocabulary, so that emotions can be analyzed. The reporting and visualization tools help in drilling down and filtering out the overall customer conversation details. These solutions are further capable of creating a detailed analysis of the voice communication through the integration of various technologies, such as analytics, NLP, and AI, to deliver actionable insights to businesses.
Most of the enterprises leverage the speech analytics solutions to understand the conversational data generated and leverage the same to achieve operational efficiencies. Speech analytics solution providers offer end-to-end solutions to cater to the industry-specific requirements of verticals such as BFSI, retail and eCommerce, IT and telecom, manufacturing, travel and hospitality, healthcare and life sciences, government, media and entertainment, and others (education, transportation and logistics, and energy and utilities).
The services segment in the speech analytics market has been further divided into professional services and managed services. These services play a vital role in the functioning of speech analytics solutions. Speech analytics vendors require technical support services and consulting services to quickly and smoothly deploy their solutions in the market. These services help maximize the value of enterprise investments. Service providers ensure end-to-end deployment and maintenance of speech analytics solutions and address pre- and post-deployment queries.
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The speech analytics market is segmented on the basis of applications into customer experience management, call monitoring, agent performance monitoring, sales and marketing management, competitive intelligence, risk and compliance management, and others (business process management, and predictive analysis). These applications have made a huge difference to the way that contact centers 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.
The speech analytics market by deployment mode includes the on-premises and cloud segments. Deployment refers to the setting-up of the hardware, operating systems, and applications required to manage the IT ecosystem. Speech analytics solutions can be deployed through either mode based on security, availability, and scalability. Cloud deployment offers advantages such as pay-per-use, and low installation and maintenance costs. This deployment mode is expected to show high growth in the near future.
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
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