Speech Analytics Market Expected to More Than Double in 5 Years
Research firm MarketsandMarkets valued the current global speech analytics market at $1.525 billion and projects it to reach $3.82 billion by 2025, growing at a compounded annual reate of 20.2 percent.
In its latest research report, the firm notes that speech analytics is "a software tool that automates the overall process of delivering insights from customer interactions."
The types of speech analytics solutions covered include speech engines, indexing and query tools, reporting and visualization tools, workforce optimization, 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 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.
"Nowadays, speech analytics solutions can sift through unstructured call data (human voice interactions) to identify the probable causes of failure and success and identify relationships. These solutions provide a complete analysis of the speaker separation, customer discontent, root-cause analysis, call-topic, and visual context for enhanced customer experience," it continued.
"The speech engine helps recognize and understand conversations," it said further. "The indexing, analysis, and query tools help extract words directly from the speech or search for the words in the built-in vocabulary so that emotions can be analyzed. The reporting and visualization tools help in drilling down and filtering out overall customer conversation details. These solutions are further capable of creating a detailed analysis of voice communication through the integration of various technologies, such as analytics, natural language processing, and artificial intelligence, to deliver actionable insights to businesses."
The report also identifies complex data ecosystems leading to data breaches and security issues, lack of skilled workers to articulate business opportunities,expensive integration with other analytics solutions, and difficulty quantifying return on investment as major challenges in the speech analytics market.
The report highlights NICE, Micro Focus, Verint Systems, Avaya, Opentext, Google, Amazon Web Services, Vonage, Genesys, Calabrio, Eleveo, Callminer, Clarabridge, Voci Technologies, Almawave, Marchex, Enghouse Interactive, Castel, Aspect, Sabio, Business Systems, Talkdesk, Voicebase, Tech Mahindra, Invoca, Tethr, Cogito, and Intelligent Voice as industry leaders. It also highlights several key industry startups, including Kwantics, Batvoice AI, Speech Village, Speech-I, Speechtech, Gnani.AI, Observe.AI, and Deepgram.