Speech Analytics to See 22 Percent CAGR Through 2026, IMARC Expects

IMARC Group expects the global speech analytics market to grow at compound annual rate of around 22 percent through 2026.

Speech analytics, it said, refers to software that analyzes voice recordings and live customer calls to find useful information and provide quality assurance. It derives deep insights, trends, and metrics from each call using artificial intelligence, transcription, natural language processing, and speech recognition. The software identifies words from customer interactions in call centers to recognize their needs, wants, and expectations and indicates areas of improvement for call center agents and businesses. It also evaluates the performance of agents and monitors organization-wide strengths and shortcomings.

The global speech analytics market is primarily driven by the increasing need to improve overall customer experience, necessitating constant monitoring and improvement in agent performance. Speech analytics software also facilitates work on unstructured data acquired from customer interactions to gain a competitive advantage. Along with this, the integration of risk management and cloud analytics solutions has encouraged companies to adopt speech analytics as it provides insights about customer satisfaction, competitive intelligence, service issues, agent performance, and campaign effectiveness.

The report identified Almawave, ASC Technologies, Avaya, Calabrio, CallMiner, Clarabridge, GemaTech, Genesys, NICE inContact, OnviSource, and Verint as the key players in the industry.