Speech Analytics Market Enabling Growth Through Continuous Improvement

(Heraldkeepers via Comtex)

The Speech Analytics market size is projected to reach USD XX Million by 2026, from USD XX Million in 2020 growing at a CAGR of 20.6% during 2021-2026. The research covers the current and historic Speech Analytics Market size and its growth trend with company outline of Key players/manufacturers: Avaya, Callminar Inc., GenesysTelecommunication, Micro Focus International PLC, Mattersight Corporation, NICE Systems, OpenText Corp, Raytheon BBN Technologies, Verint Systems Inc., VoiceBase Inc. among others.

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This global Speech Analytics market report identifies and analyses the emerging trends along with major drivers, challenges and opportunities in the industry with analysis on vendors, geographical regions, types, and applications. This Speech Analytics market study estimates the market status, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, and distributors. This report proves to be an indispensable document for every market enthusiast, policymaker, investor, and player. This global Speech Analytics market research report is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis.

With the effectual use of technology, innovative applications and expertise, this Speech Analytics market research report has been generated which successfully manages bulky and complex market data tables. To give clear idea about the current and future marketplace, most up to date market insights and analysis has been offered via this report. Several critical market factors covered in this Speech Analytics Market report consist of primary research, benchmarking studies, secondary research, company profiles, competitive intelligence & reporting, syndicated research, data collection, data processing and analysis, survey design, and survey programming. Market research report execution is becoming very central for the businesses to gain success because it offers insights into revenue growth and sustainability initiative.

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Driver: Increasing need to improve customer journey and overall experience

In today's highly competitive market scenario, delivering exceptional customer satisfaction is regarded as the most important strategy for any company's growth and stability, and one way to do it is by adopting speech analytics. The goal for most organizations is to surpass customer expectations. Speech analytics enables companies to unlock hidden insights from customer conversations, thus helping them to better understand customer requirements and effectively anticipate changing customer needs. Speech analytics can also assist companies in gauging customer intentions and motivations by analyzing the tone of voice, pauses, and volume of speech, among other parameters.

As per an Oracle Study, 9 out of 10 customers switch brands primarily due to poor experience, while 86% of them are ready to pay higher charges to have an improved customer service experience. Speech analytics will enable companies to identify the root cause of customer attrition, and provide improved products and services based on customer experiences.

Restraint: Need for integration with prevailing system

Contact centers use multiple technology systems such as Interactive Voice Response (IVR), agent desktop, CRM, and social media monitoring tools. These systems need to be connected or integrated in-line with the speech analytics solutions; if not, it can result in the lack of a unified view about customer needs and concerns, and agent performance, leading to a reduction in the overall productivity of the company. If speech analytics is used with such disconnected systems, agents may end up logging into multiple screens to use the speech analytics applications while on a call, leading to further inefficiency in their performance.

Selecting the right speech analytics technology is not very straightforward and easy. There are several different approaches to gaining insights from data, such as phonetics, transcription, and matching key phrases mentioned by customers over a call. Choosing the approach best suited to an organization's needs can be challenging. The presence of many speech analytics vendors with equally good offerings makes it even more difficult to select the best speech analytics solution. Hence, the need to integrate speech analytics with existing CRM systems for data insights, and finalizing the approach for gaining insights from data are major restraining factors for the adoption of speech analytics globally.

Recent Developments

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 Cloud9's 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.

In June 2020, Wavenet joined a financial compliance partner program managed by Verint Systems. Wavenet's TeamsLink Direct Routing solution for voice calling in Microsoft Teams will use Verint's Financial Compliance technology to support businesses in their voice and collaboration recording efforts. These capabilities are augmented by automated operational assurance, proactive communication governance and an open approach to facilitate integration and address sophisticated requirements for record-keeping, monitoring and reporting.

In June 2020, Verint unveiled enhancements to its WFM solution, adding new capabilities to meet the needs of the workforce transition back to the office. To meet the challenging requirements of the new normal, Verint's new WFM supports regular rotation of employees in and out of the office; distancing scheduling by building capacity broken down by zone, workspace and floor; the need for staggered start times; scheduled employee health checks; and mobile scheduling requests and notifications to agents on schedule changes.

Major Classifications are as follows:

Speech Analytics Market: By Type

Solutions Market
Services Market

Speech Analytics Market: By Deployment Mode

Cloud-Based
On-Premises

Speech Analytics Market: By Industry Verticals

BFSI
Telecommunication
ICT
Retail
Healthcare
Government
Hospitality
Others

Speech Analytics Market: By Enterprise Size

Small & Medium Enterprises (SMEs)
Large Enterprise
Impact of COVID-19

Speech Analytics Market: By Application

Customer Experience Management
Call Monitoring
Agent Performance Management
Sales & Marketing Management
Risk & Compliance Management
Competitive Intelligence
Others

Speech Analytics Market: By Geography

Europe
Germany
France
United Kingdom
Italy
Rest of Europe
Asia-Pacific
Japan
China
South Korea
India
Australia
Rest of Asia Pacific
North America
U.S.
Canada
South America
Brazil
Argentina
Rest of South America
Rest of the World
Middle East
Africa

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Speech Analytics Market : Report Chapters

Chapter 01 - Executive Summary

Chapter 02 - Market Overview

Chapter 03 - Key Market Trends

Chapter 04 - Key Success Factors

Chapter 05 - Global Speech Analytics Market – Pricing Analysis

Chapter 06 - Global Speech Analytics Market Demand (in Value or Size in US$ Mn) Analysis and Forecast, 2021-2026

Chapter 07 - Market Background

Chapter 08 - Global Speech Analytics Market Analysis () & Opportunity Assessment , By Product Type

Chapter 09 - Global Speech Analytics Market Analysis & Opportunity Assessment , by Distribution Channel

Chapter 10 - Global Speech Analytics Market Analysis & Opportunity Assessment , by Region

Chapter 11 - North America Speech Analytics market Analysis & Opportunity Assessment

Chapter 12 - Latin America Speech Analytics Market Analysis & Opportunity Assessment

Chapter 13 -Europe Speech Analytics market Analysis & Opportunity Assessment

Chapter 14 - East Asia Speech Analytics market Analysis and Forecast

Chapter 15 - South Asia Speech Analytics market Analysis and Forecast

Chapter 16 - Oceania Speech Analytics market Analysis and Forecast

Chapter 17 - MEA Speech Analytics market Analysis & Opportunity Assessment

Chapter 18 - Market Structure Analysis

Chapter 19 - Competition Analysis

Chapter 20 - Assumptions and Acronyms Used

Chapter 21 - Research Methodology

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COMTEX_393405170/2582/2021-09-15T17:53:50