Growing importance of speech analytics in call centers
Speech analytics is one of the most important technologies in call centers. The speech analytics technology is primarily being used in call centers to extract valuable business intelligence. Traditionally, a call center was significant only to centralize calls, reduce costs, and support sales team. Now, the situation has changed, and enterprises have begun to consider it as one of the most important profit centers for improving their overall business performances. Daily, thousands of calls are being recorded in call centers where importance is paid to each and every call to improve customer experience, enhance service quality, reduce operating cost, and detect new opportunities. All these things can be achieved with the implementation of new technologies in call centers.
Speech Analytics market is expected to grow from $456 million in 2014 to $1.33 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 23.9% from 2014 to 2019. LA and MEA regions are growing rapidly with CAGRs of 38.2% and 35.6%, respectively from 2014 to 2019.
Adoption of real time speech analytics
Real-time speech analytics is a new product trend in the speech analytics market. This new trend creates win-win situation for both vendors and end users. The real-time speech analytics analyzes conversations as soon as they happen. It takes less time as compared with traditional speech analytics to analyze and identify real-time actions on customer conversations. The new solution identifies new opportunities for efficient agent performance management and compliance management-based standard operating procedures. The majority of speech analytics vendors are focusing on this new trend to grab the growing opportunity of real-time analysis.
Market trends
The speech analytics technology is growing rapidly because of call centers, increased importance of voice in multichannel world, increased focus on competitive and market intelligence, and risk and compliance management. Speech analytics has been gaining good traction in the market; most of the enterprises are implementing these analytics to ascertain valuable information from call recordings. Speech analytics solutions analyzes call recordings, presents data in various patterns, and uses advanced analytics and visualization tools for real-time analysis. The speech analytics market consists of various types of solutions, such as speech engine, indexing and analysis software, query engine, reports, and dashboards. Professional, support, and maintenance services support each type of solution in the speech analytics market. Indexing and analysis software accounts for the largest market share in the overall speech analytics solutions market. The telecommunication and IT vertical is driving the overall speech analytics market, and media and entertainment, healthcare and life sciences, government, defense and aerospace are the emerging verticals.
Competitive ecosystem
Speech analytics ecosystem consists of standalone speech analytics software, emotion detection software, workforce optimization suite, and speech and query engine software providers. Major companies in the market are HP Autonomy, Envision, Nexidia, NICE Systems, Calabrio, eLoyalty, Aspect, Avaya and CallCopy, KnoahSoft, and CallMiner.
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