Speech Analytics Market Study Reveals Growth Factors and Competitive Outlook for Future Forecast 2022-2031
The speech analytics market was valued at USD 1.34 billion in 2019 and is expected to reach a value of USD 4.38 billion by 2025 at a CAGR of 21.6%, over the forecast period. 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.
– Speech analytics can also play a crucial role in understanding the root cause of customer dissatisfaction. It keeps the organization informed, which helps them mitigate risk and train staff accordingly, to avoid such circumstances. With such an analytics solution, businesses can improve their prediction of customer engagement outcomes. They can also prescribe the most likely and successful customer engagement processes (CRM).
– The market has witnessed many startups, owing to an increased investment for speech analytics solution. For instance, In 2016 Cisco’s has invested 10% equity in speech analytics software firm Uniphore Software. Cisco believes that these speech analytic vendors will enhance their knowledge in deep technology in the area of speech recognition. Cisco also believes that these innovations have the potential to capture the opportunity of a significant market.
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Scope of the Report
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. Speech solutions have the ability to convert call recordings to actionable data, and then translate the data into valuable insights effective across the enterprise.
Key Market Trends
Telecommunications Sector is Expected to Occupy Significant Market Share
– Speech Analytics has become increasingly popular in the telecom industry due to the huge amount of data being generated through the advent of the connected world concept. Initially the recorded calls were evaluated manually, but the rise of call volume is demanding the need for adequate and accurate evaluation, thereby leading to the adoption of speech analytics.
– Telecom service provider organizations are major end-users of speech analytics solutions worldwide. Various benefits such as increased margins, fraud reduction, risk minimization, service improvement, and customer satisfaction are leading to the acquisition of more customers and retention of customers, which are aiding the growth of the market in the industry.
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