Speech analytics market is growing at a CAGR of 20.5% | Key players Micro Focus, Verint, Avaya, Opentext, Google

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“NICE (US), Micro Focus (UK), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Geneys (US), Calabrio (US), CallMiner (US ), AWS (USA), Clarabridge (USA), Almawave (Italy), Talkdesk (USA), Alvaria (USA), Castel (USA), VoiceBase (USA), Intelligent Voice (USA), CallTrackingMetrics (USA), Five9 ( USA), 3CLogic (USA), CloudTalk (USA), Deepgram (USA)”

Speech Analytics Market by Component (Solutions & Services), Application (Risk & Compliance Management, Sentiment Analysis), Company Size, Deployment Mode (Cloud, On-Premises), Industry & Region – Global Forecast to 2026

The global speech analytics market size is projected to grow from USD 1.8 billion in 2021 to USD 4.5 billion in 2026, at a compound annual growth rate (CAGR) of 20.5% over the forecast period. Speech analytics is a software tool that automates the entire process of providing insights from customer interactions. It extracts valuable information from multiple customer conversations; Decision makers can use this real-time information to make better decisions. Speech analytics solutions today can sift through unstructured call data (human voice interactions) to identify the likely causes of failure and success, and relationships. These solutions provide full analysis of speaker disconnect, customer dissatisfaction, root cause analysis, call subject and visual context for an improved customer experience.

The service segment will hold a higher CAGR during the forecast period

Based on the components, the solutions segment is expected to hold a larger market share in 2021, while the services segment is anticipated to grow at a higher CAGR over the forecast period. The Services segment plays a crucial role in the functionality of speech analysis solutions. These services are an essential step in the delivery of technology solutions and are handled by solution and service providers. Demand for speech analytics solutions is increasing globally due to increasing demand for improved customer support in key industries.

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The Customer Experience Management segment will occupy 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 occupy the largest market size in 2021. This growth is attributed to the need to identify agents who need the most training and support and reduce the risk of bottlenecks in the store. Business leaders can use workforce optimization strategies to automatically track contact center trends and performance.

The COVID-19 pandemic has impacted trading activity across all regions. It had a moderate impact on all elements of the technology sector. The hardware business is expected to be hit hardest by the IT industry. Due to the slowdown in hardware supply and reduced production capacity, IT infrastructure growth has slowed. Companies that offer solutions and services are also likely to slow down for a short time. However, the adoption of collaborative applications, analytics, security solutions and AI will increase in the remainder of the year. Sectors such as manufacturing, retail, and energy & utilities have seen moderate slowdowns, while sectors such as BFSI, government & healthcare, and life sciences have seen minimal impact. In addition, with the recovery, global ICT spending is estimated to grow by approximately 3.5%-4.5% from 2020 to 2021. The impact of COVID-19 is considered to be short-term; however, it may have significant business and forecast implications for at least 8-12 months.

During the pandemic, many companies experienced significantly increased customer pressure while the number of available employees decreased. Many contact centers were unable to cope with demand or were closed due to lockdown restrictions, resulting in long delays in customer service requests, severely impacting the customer experience. As organizations adopt a more strategic approach that makes operations more resilient through flexibility and scalability while working to improve operational efficiencies, language analytics is rising to the forefront of technology enablers.

Data analysis application developers are looking for medical speech recognition capabilities that will help them efficiently and accurately transcribe video and audio containing COVID-19 terminology into text for downstream analysis. For example, AWS offers Amazon Transcribe Medical, a fully managed speech recognition (ASR) service that makes it easy to add medical speech-to-text capabilities to any application. Based on deep learning, the service provides a ready-to-use medical speech recognition model that users can integrate into a variety of speech applications in healthcare and life sciences. Users can use the custom vocabulary feature to accurately transcribe more specific medical terminology such as drug names, product brands, medical procedures, diseases, or terminology related to COVID-19.

Some of the major players in Speech Analytics Market are 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 ( USA), CallTrackingMetrics (USA), Five9 (USA), 3CLogic (USA), CloudTalk (USA), Deepgram (USA), Gnani.ai (India), Observe.AI (USA), SpeechTech (USA), Speech-i Ltd (England), Batvoice (France), Kwantics (India), Speech Village (UK) and Salesken (USA).

NICE (USA) is the global leader in cloud and on-premises business software solutions that empower businesses to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes provide better customer service, ensure compliance, fight fraud, and protect 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 provides exceptional agent and customer experience. It also offers the most interactive analytics solutions out there. It is a global leader in enterprise software, providing cloud platforms for AI-driven business solutions, serving two main markets: customer engagement and financial crime and compliance. Its core mission is to transform experiences into exceptional and trusted experiences. It helps companies transform their workforce experience by engaging employees, streamlining operations, and automating processes.

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Micro Focus (UK) is one of the world’s largest providers of business software. It provides mission-critical technology and supporting services that help thousands of customers worldwide manage their business’ critical IT elements so they can run and transform simultaneously. It offers a broad portfolio in the speech analytics market, underpinned by an extensive inventory of advanced analytics that help clients run and transform their business. This also enables them to adapt to changing market conditions and compete successfully in the digital economy in 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 a promise to bring innovation to customers in a consumable and consistent way that facilitates adoption and value. It offers a go-to-market transformation that simplifies doing business, leading to operational efficiencies, predictable outcomes, and scale.

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