Speech analytics refers to the process of evaluating recorded customer calls to collect information. This is done to improve communication and future interaction with the customers. Call recordings helps an enterprise to gain rare insights about customer satisfaction, competitive intelligence, service issues, agent performance, and campaign effectiveness. Speech analytic solutions provide advanced functionalities and valuable intellects from customer calls.
This information is used to discover information related to the strategy, operational issues, and contact center agent performance of the company. Speech analytics software can give a company significant competitive advantage. It helps to gain valuable information about the product and processes of a company. This helps companies to improve deliverables and gain customer satisfaction. It enables companies to reduce their operating expenses and save money. Speech analytics includes essentials of automatic speech recognition.
Thus, speech analytic tools help contact centers and businesses to improve their operating process. Sales organizations use speech analytics tools to identify up-sell and cross-sell opportunities. This has led to increased sales conversion rates as speech analytic tools helps in understanding response of different customer demographics toward the offers made. Speech analytics provides unconditional analysis of recorded phone conversations of the company and its customers.
In addition, it can identify areas where contact center managers may require additional training or tutoring and automatically monitor the customer service provided on calls. Various speech analytic solutions include speech engine, indexing, analysis, and query tools, dashboards and reporting tools.
With rise in demand from contact centers to mine recorded customer interactions to obtain the intelligence necessary for developing effective cost containment and strategies for customer service, there is rise in importance of voice in the multichannel world. Real time speech analytics and speech engines help companies in effective and quick decision making. Adoption of analytical solutions by agencies and corporates has increased rapidly over time.
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This is due to enhanced focus of companies on market intelligence to gain competitive advantage. Thus, factors such as risk and compliance management, need for greater operational efficiency by companies, and increase in the number of call centers in emerging countries are expected to drive the market during the forecast period.
There is lack of awareness about the various features of speech analytics tools and how tools affect business values. Moreover, speech analytic tools integrating with predictive analytics are expensive. These factors are anticipated to restrain the market growth during the forecast period.
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The speech analytics market can be segmented on the basis of type, organization size, deployment model, industry vertical, and geography. The market on the basis of type is segmented into solution and services. Services include professional services and managed services. On the basis of organization size, the market is segmented into small and medium businesses, and large enterprises. On the basis of deployment model, the market is segmented into on-premises and cloud. The cloud model is expected to contribute to the speech analytic market due to rising adoption of cloud services.
Segmentation based on industry vertical includes BFSI, retail and consumer goods, IT and telecommunications, transportation and logistics, manufacturing, government and defense, energy, media and entertainment, energy and utilities, and others. Geographical segmentation for speech analytics market includes North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. There are potential growth opportunities in APAC due to increase in technology penetration and huge investments in contact centers that are utilizing speech analytics solutions to obtain insights from customer interaction data.
Key players in the speech analytics market include Interactive Intelligence Group, Inc., Nice Systems Ltd., Verint Systems, Avaya, Inc., Hewlett-Packard Enterprise, inContact, Inc., Calabrio, Inc., CallMiner, Inc. Clarabridge, Inc., and Genesys Telecommunications Laboratories, Inc.
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