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Speech Analytics Market 2021 Expectation Surges with Rising Demand and Changing Trends | NICE, Avaya, Genesys, ZOOM International

Speech Analytics Market

The global Speech Analytics Market size to grow from USD XX billion in 2020 to USD 3.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 20.2% during the forecast period.

In today’s economical market place, businesses take a lot of efforts to seek better solutions in terms of product trends, future products, marketing strategy, future events, actions or behaviours. The Speech Analytics report has been worked out with the accurate use of tools like SWOT analysis and Porter’s Five Forces analysis methods. A talented team works strictly with their potential capabilities to produce this finest Speech Analytics Market research report. The Speech Analytics Market report considers new product development from beginning to launch by performing detailed market study. Getting thoughtful about competitive landscape is another significant aspect of this market report.

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Some of the key players in the study are NICE, Avaya, Genesys, ZOOM International, Enghouse Interactive, Aspect Software, Sabio. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.

This report studies the Speech Analytics Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Voice and Speech Analytics Market by companies, region, type and end-use industry.

Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on ”Global Speech Analytics Market By Component (Solution, Services), Application (Sentiment Analysis, Customer Experience Management, Call Monitoring, Agent Performance Monitoring, Sales Performance Management, Competitive Intelligence, Risk and Compliance Management, Others), Deployment Model (On-Premises, Cloud), Organisation Size (Small and Medium-Sized Enterprises, Large Enterprises), Industry Vertical (Banking, Financial Services, and Insurance, Telecommunications and IT, Retail and Ecommerce, Healthcare and Life Sciences, Media and Entertainment, Government and Defence, Energy and Utilities, Travel and Hospitality, Others), Region (Europe, Asia-Pacific, North America, South America, Rest of the World), Industry Trends and Forecast to 2027″. Early buyers will get 10% customization on study.

To Avail deep insights of Speech Analytics Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.

Unlock new opportunities in Speech Analytics Market; the latest release from MarketDigits highlights the key market trends significant to the growth prospects, Let us know if any specific players or list of players needs to consider to gain better insights.

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Uncreasing need to improve customer journey and overall experience, growing demand to monitor and improve agent performance, and adherence to regulatory and compliance standards, are the major factors adding value to the speech analytics offerings, which is expected to provide opportunities for enterprises operating in various verticals in the speech analytics market. Complex data ecosystem leading to data breaches and security issues, lack of skilled workforce to articulate business opportunities, and expensive integration of speech analytics solutions with other analytics solutions are one of the major challenges in the speech analytics market. Moreover, need for integration with prevailing system, and inability to quantify Return on Investment (RoI) act as one of the key restraining factor in the market.

COVID-19 Impact on Global Speech Analytics Market

COVID-19 would have an impact on all the elements of the technology sector. The global ICT spending is estimated to decline by 4%–5% by the end of 2020. Moreover, the hardware business is predicted to have the most impact on the IT industry. Due 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 time. However, the adoption of collaborative applications, analytics, security solutions, and AI is set to increase in the remaining part of the year.

In a short time, the COVID-19 outbreak has affected markets and customers’ behavior and has a substantial impact on economies and societies. With offices, educational institutions, and manufacturing facilities shutting down for an indefinite period; major sports and events being postponed; and work-from-home and social distancing policies in effect, businesses are increasingly looking for technologies to assist them through these difficult times. Analytics professionals, business intelligence professionals, and professionals providing expertise in more advanced analytics such as AI and ML have been called for their expertise to help executives make business decisions on how to respond to the new business challenges caused by the COVID-19 outbreak.

The pandemic has broken down barriers to innovation that blocked progress in the contact center industry for decades. Agents across countries are comfortably performing their jobs in the same secure, compliant way as they would have in a physical office. Where there may have been a lack of trust around home working, the capabilities of cloud contact center technology, such as real-time screen reporting and quality management for supervisors, has enabled contact center managers to maintain the complete visibility over their remote agents’ wellbeing and workload. Never has the call to innovate in the contact center been more clearly heard than now. This pandemic will change several things. For the contact center, it will fundamentally alter the landscape forever, marking the start of a more caring, efficient, agile, and environmentally responsible industry.

Market Dynamics

Driver: Increasing need to improve customer journey and overall experience

In today’s highly competitive market scenario, delivering exceptional customer satisfaction is regarded as the most important strategy for any company’s growth and stability, and one way to do it is by adopting speech analytics. The goal for most organizations is to surpass customer expectations. Speech analytics enables companies to unlock hidden insights from customer conversations, thus helping them to better understand customer requirements and effectively anticipate changing customer needs. Speech analytics can also assist companies in gauging customer intentions and motivations by analyzing the tone of voice, pauses, and volume of speech, among other parameters.

As per an Oracle Study, 9 out of 10 customers switch brands primarily due to poor experience, while 86% of them are ready to pay higher charges to have an improved customer service experience. Speech analytics will enable companies to identify the root cause of customer attrition, and provide improved products and services based on customer experiences.

Restraint: Need for integration with prevailing system

Contact centers use multiple technology systems such as Interactive Voice Response (IVR), agent desktop, CRM, and social media monitoring tools. These systems need to be connected or integrated in-line with the speech analytics solutions; if not, it can result in the lack of a unified view about customer needs and concerns, and agent performance, leading to a reduction in the overall productivity of the company. If speech analytics is used with such disconnected systems, agents may end up logging into multiple screens to use the speech analytics applications while on a call, leading to further inefficiency in their performance.

Selecting the right speech analytics technology is not very straightforward and easy. There are several different approaches to gaining insights from data, such as phonetics, transcription, and matching key phrases mentioned by customers over a call. Choosing the approach best suited to an organization’s needs can be challenging. The presence of many speech analytics vendors with equally good offerings makes it even more difficult to select the best speech analytics solution. Hence, the need to integrate speech analytics with existing CRM systems for data insights, and finalizing the approach for gaining insights from data are major restraining factors for the adoption of speech analytics globally.

Opportunity: Rising need to predict customer intent and monitor agent behavior

Most of the traditional audio mining software relied on spotting keywords, phonetics, and phrases, often missing out on the context, relevance, and hence the precise intent or meaning of the interaction. Speech analytics, with its ability to quickly analyze the intent of customers and drive actionable insights form calls, has proved to be a valuable alternative, especially for companies operating in the BPO industry. Marketing teams are using speech analytics to predict which customers are at risk of diverting from a product. They are then able to devise retention strategies and propose incentives to such customers, such as discount coupons or product upgrades. Next-generation, conceptual speech analytics tools can unlock meaningful information and provide actionable insights into customer and agent behavior and expectations. Speech analytics aggregates voice calls to understand patterns such as the behavior of a single customer or group of customers, or how agents react to particular problems or sales interactions. In today’s competitive scenario, such insights are very essential to facilitate decision-making and improve customer satisfaction.

Challenge: Complex data ecosystem leading to data breaches and security issues

Data consolidation helps to transform the gathered data into a single format, thus simplifying the decision-making process for companies. Data exchanges and data ecosystems deliver the tools to analyze the collected data at a centralized location, and help extract and cross-check business-critical components. The development of data exchanges and data ecosystems varies based on the assumptions made on the value of the data for each customer segment. However, since centralized data is more prone to cyberattacks, data exchanges are a major concern for data-sensitive organizations in industry verticals such as Banking, Financial Services, and Insurance (BFSI) and healthcare, which deal with individual data. Such organizations need to take extreme care to ensure the safety of customers’ personal information. Data breaches impact an organization’s identity and security, and fool-proof security measures are a priority. In some countries, the concerned organizations are partially responsible for the damage triggered by the loss of confidential data. Enterprises must also ensure the security of data outsourced to a third-party BI vendor for analysis. However, with companies increasingly adopting data security solutions, consumer data security is not expected to be a major issue for long.

By solution, the indexing and query tools solutions segment is expected to account for the higher market share during the forecast period

By solution, the indexing and query tools solutions segment is expected to account for a higher market share during the forecast period. The high market share of the indexing and query tools segment is attributed to the need to analyze the recorded calls of customers in order to recognize customer intent and perform behavior analysis. Speech analytics solutions comprise speech engines; indexing and query tools; reporting and visualization tools; workforce optimization; and others (emotion detection, root cause analysis, and quality management tools). These solutions help businesses maintain audit and compliance needs, and obtain the right insights on the right people at the right time. Most of these solutions are said to be easy to deploy, and are feature-rich to address the rigors and requirements of communication centers. The solutions help to analyze all forms of audio — VoIP, analog, and digital telephony, and offer— support for a wide range of Private Branch Exchange (PBX) platforms, extensions, and IP switches. These processes help to derive meaningful data from customer conversations. The speech engine helps recognize and understand conversations, based on which it derives outputs. The indexing, analysis, and query tools help to extract words directly from the speech or search for the words in the inbuilt vocabulary, so that emotions can be analyzed. The reporting and visualization tools help in drilling down and filtering out the overall customer conversation details. These solutions are further capable of creating a detailed analysis of the voice communication through the integration of various technologies, such as analytics, NLP, and AI, to deliver actionable insights to businesses. Most of the enterprises leverage the speech analytics solutions to understand the conversational data generated and leverage the same to achieve operational efficiencies. Speech analytics solution providers offer end-to-end solutions to cater to the industry-specific requirements of verticals such as BFSI, retail and eCommerce, IT and telecom, manufacturing, travel and hospitality, healthcare and life sciences, government, media and entertainment, and others (education, transportation and logistics, and energy and utilities).

By application, the competitive intelligence segment to record the higher CAGR during the forecast period

In the speech analytics market by application, the competitive intelligence segment is expected to record the higher CAGR during the forecast period. The speech analytics market is segmented on the basis of applications into customer experience management, call monitoring, competitive intelligence, agent performance monitoring, sales and marketing management, risk and compliance management, and others (business process management, and predictive analysis). These applications have made a huge difference to the way that contact centers connect and communicate, thus improving the performance of enterprises. Speech analytics solutions can transform an organization by providing many ways of ensuring that they are delivering a consistent quality of service and a secure experience at every customer touchpoint.

North America to account for the largest market size during the forecast period

North America is expected to hold the largest market size in the global speech analytics market during the forecast period. The key factor favoring the growth of the market in North America is the increasing demand for enhanced customer support services to strengthen customer retention initiatives. Europe is expected to be in second position in terms of market size and market share during the forecast period. The growing demand to reduce enterprise workloads related to internal and external communication monitoring is boosting the adoption of speech analytics solutions in Europe. APAC is expected to record the fastest growth rate during the forecast period. The speech analytics market is expected to witness considerable developments and adoption of solutions across APAC during the forecast period. The increasing number of players across different regions is further expected to drive the market.

Key Market Players

NICE (Israel), Verint (US), Micro Focus (UK), Avaya (US), Genesys (US), Google (US), AWS (US), Vonage (US), OpenText (Canada), Calabrio (US), CallMiner (US), Clarabridge (US), Eleveo (US), Voci Technologies (US), Almawave (Italy), Marchex (US), Enghouse Interactive (US), Castel (US), Aspect (US), Sabio (UK), Business Systems (England), Talkdesk (US), VoiceBase (US), Tech Mahindra (India), Invoca (US), Tethr (US), Cognito (US), Intelligent Voice (UK), Kwantics (India), Batvoice AI (France), Speech Village (UK), Speech-i Ltd (UK), SpeechTech (US), Gnani.ai (India), Observe.AI (US), and Deepgram (US).

Scope of the Report

The research report categorizes the speech analytics market to forecast the revenues and analyze trends in each of the following subsegments:

By Component

  • Solutions
  • Services

By Application

  • Customer Experience Management
  • Call Monitoring
  • Agent Performance Monitoring
  • Sales and Marketing Management
  • Competitive Intelligence
  • Risk and Compliance Management
  • Others (Business Process Management, and Predictive Analysis)

By Deployment Mode

  • Cloud
  • On-premises

By Organization Size

  • SMEs
  • Large Enterprises

By Vertical

  • BFSI
  • Retail and eCommerce
  • IT and Telecom
  • Energy and Utilities
  • Travel and Hospitality
  • Government
  • Healthcare and Life Sciences
  • Media and Entertainment
  • Others (Education, Transportation and Logistics, and Manufacturing)

By Region

  • North America
  • Europe
  • APAC
  • MEA
  • Latin America

Recent Developments

  • In July 2020, Verint and Cloud9 Technologies joined forces to provide the financial services market with a fully compliant, cloud-enabled communications solution to support traders both on the trading floor and remotely, providing necessary flexibility as the industry continues to move to cloud-based platforms and work-from-home environments during and beyond the COVID-19 pandemic. This offering leverages Cloud9’s C9 Trader voice communication and analytics platform and Verint Financial Compliance with seamless integration into existing systems, addressing key compliance concerns around voice trading.
  • In July 2020, OpenText announced the availability of its Content Services technology for Microsoft Teams. This new integration enables the use of OpenText Content Services for information governance and control. OpenText Extended ECM for Microsoft Office 365 integrates content and collaboration tools into business processes. With the announcement, OpenText adds its market-leading information governance tools and systems to Teams, making an expanded set of compliance, records management, and archiving options available to Teams users and administrators.
  • In June 2020, Wavenet joined a financial compliance partner program managed by Verint Systems. Wavenet’s TeamsLink Direct Routing solution for voice calling in Microsoft Teams will use Verint’s Financial Compliance technology to support businesses in their voice and collaboration recording efforts. These capabilities are augmented by automated operational assurance, proactive communication governance and an open approach to facilitate integration and address sophisticated requirements for record-keeping, monitoring and reporting.
  • In June 2020, Verint unveiled enhancements to its WFM solution, adding new capabilities to meet the needs of the workforce transition back to the office. To meet the challenging requirements of the new normal, Verint’s new WFM supports regular rotation of employees in and out of the office; distancing scheduling by building capacity broken down by zone, workspace and floor; the need for staggered start times; scheduled employee health checks; and mobile scheduling requests and notifications to agents on schedule changes.

Key Questions Answered in Competitive Landscape-

  • Detailed information about Key Top Competitors in the Global Speech Analytics Market
  • What is the expected Market size and growth rate of the Speech Analytics market for the forecast period
  • Where is the largest and fastest growing market for Speech Analytics market
  • How does the market relate to the overall economy, demography and other similar markets
  • What forces will shape the market going forward
  • Can I include additional segmentation / market segmentation
  • Speech Analytics market global report answers all these questions and many more.

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