The global Speech Analytics market size to grow from USD 1.8 billion in 2021 to USD 4.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 20.5% 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 as well as identify relationships. These solutions provide a complete analysis of speaker separation, customer discontent, root-cause analysis, call-topic, and visual context for enhanced customer experience.
The services segment to hold higher CAGR during the forecast period
Based on components, The solutions segment is expected to hold a larger market share in 2021, while the services segment is projected to grow at a higher CAGR during the forecast period. The services segment plays a vital role in the functionality of speech analytics solutions. These services are an integral step in deploying technology solutions and are taken care of by solution and service providers. The demand for speech analytics solutions increases globally due to the rising demand for enhanced customer support across major key verticals.
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The customer experience management segment will hold the largest market size during the forecast period
Based on applications, The speech analytics market is segmented into customer experience management, call monitoring and summarization, agent performance monitoring, sales and marketing management, risk and compliance management, sentiment analysis, and other applications (competitive intelligence, business process monitoring, and predictive analysis). The customer experience management segment will hold the largest market size in 2021. This growth is attributed to the need for identifying agents that need the most training and support, and reducing the risk of bottlenecks in business. Business leaders can use workforce optimization strategies to automatically track trends and performance in the contact center.
The COVID-19 pandemic has impacted trading activities across regions. It has had a moderate impact on all elements of the technology sector. The hardware business is predicted to be the most impacted in the IT industry. Owing to the slowdown of hardware supply and reduced manufacturing capacity, the IT infrastructure growth has slowed down. Businesses providing solutions and services are also expected to slow down for a short period. However, the adoption of collaborative applications, analytics, security solutions, and AI is set to increase in the remaining part of the year. Verticals such as manufacturing, retail, and energy and utilities have witnessed a moderate slowdown, whereas BFSI, government, and healthcare and life sciences verticals have witnessed a minimal impact. Moreover, with recovery, global ICT spending is estimated to increase by approx. 3.5%-4.5% from 2020 to 2021. The impact of COVID-19 is believed to be short-term; however, it may have a significant effect on businesses and forecasts to a significant extent for a minimum of 8-12 months.
During the pandemic, many companies experienced a significant increase in pressure from customers, while their number of available employees decreased. Many contact centers were unable to cope with demand or closed because of lockdown restrictions, leading to long delays in customer service queries, which significantly affected the customer experience. As businesses develop a more strategic approach that delivers resilience into operations through flexibility and scalability while at the same time working to improve operational efficiencies, speech analytics is rising to the forefront of technology enablers.
Data analytics application builders are seeking medical speech recognition capabilities that help them efficiently and accurately transcribe video and audio containing COVID-19 terminology into text for downstream analytics. For instance, AWS offers Amazon Transcribe Medical, which is a fully managed speech recognition (ASR) service that makes it easy to add medical speech-to-text capabilities to any application. Powered by deep learning, the service offers a ready-to-use medical speech recognition model that users can integrate into a variety of voice applications in the healthcare and life sciences domain. Users can use the custom vocabulary feature to accurately transcribe more specific medical terminologies, such as medicine names, product brands, medical procedures, illnesses, or COVID-19-related terminology.
Some of the major players in the Speech Analytics market include NICE (US), Micro Focus (UK), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Geneys (US), Calabrio (US), CallMiner (US), AWS (US), Clarabridge (US), Almawave (Italy), Talkdesk (US), Alvaria (US), Castel (US), VoiceBase (US), Intelligent Voice (US), CallTrackingMetrics (US), Five9 (US), 3CLogic (US), CloudTalk (US), Deepgram (US), Gnani.ai (India), Observe.AI (US), SpeechTech (US), Speech-i Ltd (England), Batvoice (France), Kwantics (India), Speech Village (UK), and Salesken (US).
NICE (US) is the worldwide leading provider of cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud, and safeguard citizens. In the speech analytics market, the company offers call center software that transforms the call center software into a modern cloud contact center and delivers exceptional agent and customer experience. It also offers the most interactive analytics solutions available. It is a global enterprise software leader, providing cloud platforms for AI-driven business solutions that serve two main markets: Customer Engagement and Financial Crime and Compliance. Its core mission is to transform experiences to be extraordinary and trusted. It helps organizations to transform their workforce experience by engaging employees, optimizing operations, and automating processes.
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Micro Focus (UK) is one of the world’s largest enterprise software providers. It delivers mission-critical technology and supporting services that help thousands of customers worldwide to manage core IT elements of their business so they can run and transform at the same time. In the speech analytics market, it offers a broad portfolio underpinned by a deep inventory of advanced analytics, which helps customers to run and transform their business. This also enables them to adapt to evolving market conditions and effectively compete in the digital economy over the long term. Micro Focus delivers solutions that bridge the gap between existing and emerging technologies to protect IT investments. Micro Focus’ strategy is to continue to deliver with the promise to provide innovation to customers in a consumable and consistent way that facilitates adoption and value. It delivers a go-to-market transformation that simplifies how to do business, leading to operational efficiencies, predictable outcomes, and scale.
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