This growth, Technavio said, is being fueled by businesses looking to understand people's feelings with emotion analytics, increasing demand for personalized customer experiences, and the integration of artificial intelligence in business processes.
Voice and speech analytics have a huge presence in contact centers, which rely heavily on speech recognition, machine learning, and natural language processing (NLP) to analyze live interactions and voice recordings, the data showed.
The technology also plays a pivotal role in account recovery, addressing non-compliance issues, and staff quality assurance, according to Technavio, which said that businesses benefit from these solutions by gaining insights into their customer support processes and agent productivity.
Moreover, voice and speech analytics offers flexibility and scalability, making it crucial for various applications, including customer service, virtual assistants, and voice search, Technavio concluded in the report.
The report also notes that a big problem for the global market is that the tools "often don't get everything right. People use their voices to show how they feel or act, which is really tricky for software to understand. Voices and speech are different depending on the situation and who's talking. So, analyzing them can be kinda tricky and not always fair," the report states. "The tools can only handle a few basic patterns of voices and speech, so they might miss a lot. They mostly rely on guesses and some data, which makes it hard to trust what they say. This lack of accuracy makes the insights they give not very reliable. This could slow down how much the market grows in the future."
The future of voice and speech analytics, it said further, lies in the development of more sophisticated systems that can understand context, sentiment, and intent.
The report identified Avaya, Calabrio, CallMiner, Castel Communications, Dialpad, Enghouse, IBM, Invoca, Liveperson, Marchex, NICE, Nuance Communications, Qualtrics, Sabio, Talkdesk, ThoughtSpot, Uniphore, Verint, Voci Technologies, VoiceSense, audEERING, and Genesys as the top companies in the voice and speech analytics market.