Speech Analytics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Component (Service, Solution), By Deployment Mode (Cloud, On-Premises), By Organization Size (SMEs, Large Enterprise), By Application (Call Monitoring, Customer Experience Management, Agent Performance Monitoring, Sales Performance Management, Competitive Intelligence, Risk and Complia

Global speech analytics market is predicted to proliferate during the forecast period due to the expanding applications in the financial and commercial IT industries, especially in developing countries by enterprises to overcome the growing complexity along with the development of more enhanced customer experience. Speech analytics can help organizations identify trends and patterns that could indicate areas for improvement. By understanding these patterns, organizations can make better decisions about how to manage customer complaints or issues with specific products or services and improve overall productivity. It gives businesses the opportunity to uncover the root cause of customer concerns or issues, increase efficiency and manage sales across several sites while enhancing performance, dependability, and scalability. Additionally,

Speech Analytics, also known as interaction analytics, is a process of comprehending, interpreting, and analyzing human speech that leverages artificial intelligence (AI) to enhance speech management and decision-making.

Expanding applications in the financial and commercial IT Industries

Download Free Sample ReportIncreasing Number of Contact Centers

With the proliferation of customer communication channels, analytical software like speech analytics is quite popular in call centers owing to the requirement to identify insights in the data of client interactions. The market's expansion is significantly facilitated by the exponential growth of contact centers. To evaluate call records and transcripts from digital channels like chat and text messaging, contact centers utilize speech analytics. Speech analytics software's ability to analyze 100% of contacts around-the-clock allows contact centers to be more proactive and have a more precise understanding of what occurs during customer interactions. For instance, the call center industry is continuing to expand in 2022, according to site selection group, the world had witnessed the expansion of 195 new call centers that have created 136,435 jobs. Due to the low-cost advantages, many oversees countries such as Africa have attracted over 18 call center projects that have created an estimated 19,297 jobs in 2022. Many enterprises are adopting speech analytics to improve its contact center efficiency as it offers numerous benefits to its clients such as improvement in overall service quality, fixing problems at the moment with real-time analytics, deeper customer experience insights with sentiment analysis and reducing noncompliance risk in regulated fields. Therefore, the increasing number of contact centers is attributed to the growth of speech analytics in the global market.

Growing need for Speech Analytics in Business Process Operations (BPO)

To aid contact center agents in better understanding their consumers, the business process operations have seen a rise in the implementation of technological tools, such as BPO voice analytics systems. Speech analytics BPO solutions are perfect for usage in AI-based chatbots since they comprehend human speech. Robotic Process Automation (RPA) is a system that may escalate consumer requests to live agents for assistance when they are too complicated for chatbots to handle. Additionally, AI-powered speech analytics BPO technology can recognize the customer's true purpose in real-time and provide the agent with the appropriate notifications. Moreover, as real-time speech analytics BPO systems can track 100% of customer conversations, and are able to generate actionable insights, indicate areas of concern, and support the agent quality access process. Speech analytics software is key enabler for initial call resolution, call disposition analysis across different tags, and domain knowledge training for business process operations employees. Furthermore, due to the rising need for adhering to regulatory compliance, business process operations speech analytics software is in great demand to continuously monitor agent performance and send the right feedback to supervisors in real-time. Thus, the growing need for speech analytics in business process operations (BPO) is anticipated to propel the demand and drive the growth of global speech analytics market in the forecast period.

Recent Advancements

• On 23 February2023, Bharti Airtel, Inc. India’s leading telecommunications service provider incollaboration with NVIDIA announced the launch of AI-powered speech analyticssolutions in India. The solution will aid in improving the overall customerexperience for all in-bound calls to its contact center. To develop thissolution the company has leveraged the Nvidia’s conversational AI toolkit “NvidiaNeMo”and a multi-framework inference serving software “Triton Inference Server”.
• On 29 November2022, Startek, a global provider of tech-enabled customer experience managementsolutions announced the deployment of Verint speech analytics to enable world-classCX. Thesolutions will enable Startek to derive insights from 500 million customer interactionsannually for improved customer relationships. The company will be able tocompare performance metrics from an organizational level and drill down to anagent level.
• On 14 June 2022, AuralAnalytics, Inc., leader in clinical-grade speech analytics announced the partnershipwith Koneksa to support clinical trials using speech analytics. The partnershipaims to facilitate the addition of speech metrics to digital biomarkerdevelopment programs and Koneksa research. This will further strengthen thereach across the research ecosystem and advance the mission to developbest-in-class, clinical-grade speech analytics.

Market Segmentation

Company Profiles

Verint System Inc.,