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The global speech analytics market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 22% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Speech analytics refers to the automated process of extracting audio recordings or live calls and analyzing them to find relevant business insights. It is performed using specialized software that can understand the spoken word of many dialects and translate it into text. It is widely utilized in healthcare and banking, financial services, and insurance (BFSI) sectors, which have compliance requirements regarding customer data storing and searching. Nowadays, it can be combined with customer relationship management (CRM) strategies to help businesses increase their bottom line and improve customer retention rates.
Contact centers have become a major source for gaining customer feedback. However, the volume of call recordings exceeds the contact center’s ability to review and analyze them manually. This represents one of the significant factors influencing the demand for speech analytics for automatically providing insights about customer satisfaction, competitive intelligence, service issues, agent performance, and campaign effectiveness. Additionally, due to the escalating need for risk and compliance management, organizations worldwide are adopting speech analytics to help retain existing customers, reduce the need for additional marketing, advertising, and on-boarding costs for acquiring new customers. Moreover, speech analytics is gaining traction in the information technology (IT) and telecommunication sector to help organizations expand their consumer base and overall profits. Apart from this, several market players are providing economical, cloud-based solutions, which is anticipated to promote the adoption of speech analytics across small and medium-sized enterprises (SMEs) worldwide.
IMARC Group provides an analysis of the key trends in each sub-segment of the global speech analytics market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, type, deployment, enterprise size and end use.
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The competitive landscape of the industry has also been examined along with the profiles of the key players being Almawave S.p.A., ASC Technologies AG, Avaya, Calabrio, Inc., CallMiner, Clarabridge, GemaTech, Genesys, inContact (NICE Systems), OnviSource Inc., OPEX Hosting and Verint System Inc.
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