Driving Forces Behind the Speech Analytics Market
Surge in Demand for Enhanced Call Center Operations
Speech analytics technology offers a powerful tool for dissecting telephone conversations between customers and call center agents, empowering organizations to enhance customer experience and drive operational efficiency. Call centers leverage speech analytics solutions to glean real-time insights, identify upselling opportunities, and ensure compliance, thereby elevating overall service quality.
Proliferation of Cloud-Based Solutions
In recent years, there has been a notable emphasis on cloud-based call center platforms offering voice analytics solutions to bolster agent performance and streamline contact center operations. For instance, TCN Inc. introduced Voice Analytics—a suite of advanced tools for search and discovery combined with automated call transcription. Such innovations facilitate quick retrieval of calls and provide valuable insights, contributing to the market's growth.
Innovation Driving Market Expansion
Prominent players in the speech analytics landscape are committed to product enhancement and technological innovation. For instance, Verint Systems Inc. introduced a new AI innovation aimed at expanding real-time agent assist capabilities. Leveraging advanced deep neural network (DNN) models, this innovation enhances transcription accuracy and comprehension, thereby ensuring a nuanced understanding of complex call center conversations.
Key Insights from the Speech Analytics Market Study
Dominance of Solutions Segment
In 2022, the solutions segment is poised to dominate the speech analytics market, driven by the rising adoption of speech analytics software across call centers and retail industries. The segment's growth is further propelled by the escalating demand for reporting tools, customer experience solutions, and compliance management tools.
Sales and Marketing Management Leading the Way
Within the realm of applications, sales and marketing management emerges as the dominant segment, fueled by the need for improved customer experience and effective sales strategies. The segment's growth is underpinned by the rising demand for call monitoring solutions, sentiment analysis, and the identification of cross-selling opportunities.
IT Telecommunications Spearheading Market Growth
The IT telecommunications sector is slated to lead the speech analytics market in 2022, driven by the increasing demand for actionable insights among telecom companies. Factors such as customer retention strategies, cross-selling initiatives, and data analytics contribute to the sector's dominance.
Asia-Pacific: A Hotbed of Growth
In 2022, the Asia-Pacific region is poised to witness the highest CAGR, fueled by escalating technology expenditures and the growing adoption of speech analytics solutions among SMEs. Countries like Australia, China, and India are at the forefront of this growth, driven by a surge in technology adoption and increased awareness of speech recognition technologies.
Key Players
The key players operating in the global speech analytics market are NICE Ltd. (Israel), Verint Systems Inc. (U.S.), CallMiner, Inc. (U.S.), Genesys Cloud Services, Inc. (U.S.), Avaya Holdings Corp. (U.S.), Audio Analytic Ltd. (U.K.), Calabrio, Inc. (U.S.), Batvoice Technologies (France), Qualtrics, LLC (U.S.), Dialpad, Inc. (U.S.), WinterLight Labs (Canada), The Plum Group, Inc. (U.S.), Aural Analytics, Inc (U.S.), Amazon.com, Inc. (U.S.), Uniphore Technologies Inc. (India), Intelligent Voice Ltd (U.K.), Kwantics (India), Gnani Innovations Private Limited (India), and SAS Institute Inc. (U.S.).
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Key questions answered in the report-
- Which are the high-growth market segments in terms of the component, application, organization size, deployment mode, and end-use industries?
- What is the historical market for speech analytics market across the globe?
- What are the market forecasts and estimates for the period of 2022–2029?
- What are the major drivers, restraints, and opportunities in the global speech analytics market?
- Who are the major players in the global speech analytics market, and what share of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global speech analytics market?
- What are the different strategies adopted by the major players in the market?
- What are the geographic trends and high-growth countries?
- Who are the local emerging players in the global speech analytics market, and how do they compete with the other players?
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