Listening to a voice of the customer presents a challenge to most of the sophisticated contact center. Many different techniques are used to determine and evaluate the quality of customer interactions such as holding times, disconnection rates or reaction times. But this technique tells about events within customer interactions instead of the reason why they occurred. So here speech analytics plays an important role. With Speech analytics, one can automatically identify and extract relevant information from unstructured data for analysis. Speech analytics technology provides significant features like speech engine, mood detection, speaker isolation, query engine, search engine, analysis and indexing, dashboards and reports which deliver real- time analytics to the customer for instant decision making.  Many enterprises are adopting speech analytics technology to enhance their business process to boost the customer satisfaction continuously.

Speech AnalyticsMarket: Drivers and Challenges

By increasing number of call centers, increasing need for customer relationship management (CRM), technological advancement, rising demand for more accurate risk management solutions, and competition between enterprises are the major driving factor for speech analytics market growth. In addition to that, speech analytics technology helps many enterprises to analyze market trends and opportunities, and unproductive call volumes and the factors driving high costs. This technology also help many enterprises to work upon unorganized data which has been gather from customer interaction and enhanced customer experience. Therefore, the demand for speech analytics has been increased across various enterprises.

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Another driving factor for speech analytics is the cloud-based real-time speech analytics solutions which are providing many opportunities for enterprises.

In contrast to this, the increase in costs, lack of awareness of speech analytics technologies are restraining the speech analytics market growth.

Speech AnalyticsMarket: Segmentation

Segmentation on the basis of deployment:

• On-Premises

• Cloud based

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Segmentation on the basis of industry:

• IT and Telecommunications

• Manufacturing

• Transportation and Logistics

• Defense and Government

• BFSI

• Healthcare

• Retail

• Energy and Utilities

• Others

Speech AnalyticsMarket: key players

Some of the key players for Speech Analytics Market are, Interactive Intelligence Group, Verint Systems, NICE Systems, Genesys, inContact, IBM,  CallMiner, Voci Technologies, Almawave, Mattersight, Nexidia, Avaya, ZOOM International and Calabrio.

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