NEW
YORK, July 10, 2024 /PRNewswire/ -- The global
voice and speech analytics market is experiencing robust growth,
driven primarily by increasing adoption of emotion analytics and AI
integration. According to Technavio, the market is projected to
grow by USD 2.56 billion from 2023 to
2027, at a CAGR of 16.35%. Emotion analytics is a key driver,
enhancing customer experience and operational efficiency. However,
challenges such as accuracy issues persist. Major players include
Avaya Inc., Calabrio Inc., CallMiner Inc., NICE Ltd., and Verint
Systems Inc., among others.
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Forecast
period
|
2023-2027
|
Base Year
|
2022
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
End-user (Large
enterprise, Small, and medium enterprise), Component (Solution and
Services), and Geography (North America, Europe, APAC, South
America, and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Avaya Inc., Calabrio
Inc., CallMiner Inc., Castel Communications LLC, Dialpad Inc.,
Enghouse Systems Ltd., Invoca Inc., Liveperson Inc., Marchex Inc,
NICE Ltd., Qualtrics LLC, Sabio Ltd. Co., Talkdesk Inc.,
ThoughtSpot Inc., Uniphore Technologies Inc., Verint Systems Inc.,
Voci Technologies Inc., VoiceSense Ltd, audEERING GmbH, and Genesys
Telecommunications Laboratories Inc.
|
Key Market Trends Fueling Growth
The voice and speech analytics market is witnessing a
significant trend with the integration of Artificial Intelligence
(AI). This integration enhances the efficiency of voice and speech
data categorization using machine learning. With the increasing
volume and variety of unstructured voice and speech data, AI-based
analysis becomes essential. AI enables automatic and efficient
analysis of words, acoustics, and sentiments, revealing hidden
opinions and emotions. Conventional solutions struggle with
real-time analysis of minute conversation details. AI-integrated
platforms optimize pattern recognition, providing proactive and
real-time insights, particularly in customer management. This trend
is positively impacting the global voice and speech analytics
market.
The Voice and Speech Analytics market is thriving with trends
like Speech recognition, Machine Learning, and Natural Language
Processing (NLP) leading the way. These technologies enable the
extraction of valuable insights from Vocal words and Text records.
Analytical tools use Patterns and Keywords to understand Customer
sentiment, likings, and needs. Speech technology is transforming
Contact centers, improving Agent productivity, and enhancing the
Positive consumer experience. Speech analytical solutions aid Call
center-based companies in addressing Low satisfaction rates,
Non-compliance, and Staff quality assurance. Flexible and Scalable
AI/ML-driven systems collect and analyze Voice records to provide
actionable insights for Account Recovery, Agent improvement, and
Customer support processes. Businesses leverage these intelligent
systems to address Customer concerns, Requests, and Sentiments,
saving Time and Money.
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Market Challenges
- The voice and speech analytics market faces a significant
challenge in delivering accurate and comprehensive analysis due to
the intricate nature of voice and speech data. Humans use voice and
speech to convey emotions and behaviors, making them complex
subjects for software solutions to understand. Voice and speech are
contextual and subjective, leading to potential inaccuracies and
biases in the analysis provided by voice and speech analytics
solutions. These solutions can only analyze a limited range of
universally recognized voice and speech patterns, relying on
assumptions and data extrapolation for the remainder. As a result,
the market may experience hindered growth due to the uncertainty
and potential inaccuracies of the insights generated by voice and
speech analytics solutions.
- The Voice and Speech Analytics market is growing rapidly,
offering valuable insights from customer interactions for
businesses. However, challenges persist. Data security is a major
concern, with personal data and sensitive information at risk
during collection and file sharing. Cost of solutions can be high,
making it difficult for some contact center professionals to adopt.
Deployment analysis reveals cloud-based solutions are preferred due
to lower IT infrastructure costs, but on-premise solutions offer
greater control. LiveVox survey reveals price, internal
resources, and compliance monitoring as key factors in
decision-making. Deep analytics provide customer preferences,
competitor insights, and compliance monitoring, but risk management
and agent performance monitoring are also crucial. Startek
highlights the need for a holistic approach, considering call
drivers and root reasons, enterprise type analysis, and customer
experience management. SMEs prioritize customer service, digital
customer experience, efficiency, and sensitive data protection.
Training is essential to maximize the benefits of voice and speech
analytics.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This voice and speech analytics market report extensively covers
market segmentation by
- End-user
- 1.1 Large enterprise
- 1.2 Small
- 1.3 medium enterprise
- Component
- 2.1 Solution
- 2.2 Services
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Large enterprise- The voice and speech
analytics market in the large enterprise segment is growing due to
the need for automated quality assurance processes and increased
compliance with regulations. With numerous departments and
expanding workforces in large organizations, advanced voice and
speech analytics solutions are in high demand. These solutions
enable the identification and categorization of customers through
analysis of transcript data, providing insights for strategic
decision-making. Handling a large volume of data from various
channels such as chats, voice mails, voice calls, and voice
messages necessitates comprehensive analysis. Voice and speech
analytics solutions can analyze communication data across
platforms, offering valuable insights. Additionally, these
solutions provide services like mapping the customer journey on an
individual level, monitoring interaction frequency and subject
matter, and offering personalized services, enhancing customer
satisfaction and loyalty. Large enterprises benefit from automating
and enhancing existing processes through voice and speech
analytics, making it a key driver for adoption in this segment and
the market as a whole during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2023-2027) and historic data (2017 -
2021) - Download a Sample Report
Research Analysis
Voice and speech analytics is a technology that uses speech
recognition, machine learning, and natural language processing to
extract valuable insights from vocal words and text-based customer
interactions. This analytical tool identifies patterns, keywords,
and key phrases from voice records to understand customer
sentiment, likes, needs, and preferences. It is particularly useful
for contact centers, improving agent productivity, customer
satisfaction, and performance. Speech technology enables call
center-based companies to collect and analyze data at scale,
providing flexibility and scalability to meet business demands.
Speech analytical solutions help businesses improve their customer
support processes, reduce low satisfaction rates, and provide
timely remediations. Additionally, speech analytics can assist in
staff quality assurance, account recovery, non-compliance, and
other areas, ultimately leading to a positive consumer experience
and cost savings.
Market Research Overview
Voice and speech analytics is a technology that uses speech
recognition, machine learning, and natural language processing to
extract valuable insights from vocal words in voice records. This
unstructured data is transformed into text for analysis using
analytical tools. Key patterns, keywords, customer sentiment,
likings, and needs are identified to improve customer experience,
agent productivity, and performance. Speech technology is
increasingly being adopted by call center-based companies to
enhance the positive consumer experience, reduce low satisfaction
rates, and address customer concerns and requests in real time.
Speech analytical solutions offer predictive insights, root causes
of issues, and remediations to businesses, helping them optimize
customer support processes and sales effectiveness. AI/ML
algorithms analyze unstructured data, including agent's soft-skill
behaviors, to identify trends, customer churn, and competitor
insights. Deployment options include cloud-based solutions and
on-premise, with considerations for privacy concerns, data
security, cost of solutions, and IT infrastructure. Deep analytics
provides valuable insights into customer preferences, compliance
monitoring, and agent performance monitoring.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Large Enterprise
- Small
- Medium Enterprise
- Component
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio