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Rising Penetration of Speech Analytics across Enterprise to Unleash Business Transformation and Boost Market Growth

Industry Synopsis

The speech analytics market is anticipated to witness the rapid growth rate over the forecast period. This next-generation analytics solution can reveal the intelligence vital for analytical opportunities, cost drivers, and trends. Speech analytics can mechanically extract and classify relevant data from unstructured data for an analysis difficult to conduct manually in a cost-effective way. It plays an important role in optimizing agent coaching or business processes and thrust consumer satisfaction continuously. Thus, it is a well-tested tool to enhance the quality of contact center interactions. This, in turn, will show a positive impact on overall industry growth in the forecast period.

This technology allows the monitoring of conversations, making it more adequate and accessible. Massive sets of data can be assessed with relevant calls extracted for flagged and review analysis. The suppleness of this analytics widens its use from communication centers to the entire enterprise. In addition, rising use of this technology to coach and monitor call center agents and manage consumers and their data will boost industry growth.

Factors such as lack of understanding regarding the enhanced features of these analytical tools and their impact on business values will restrain industry growth. In addition, integration of these tools with predictive analytics is costly and high cost of software licensing are the factors that will show a negative impact on overall business outlook. Data exchange is a major challenge as it leads to data security concerns for data-sensitive establishments like healthcare and banking, financial services, and insurance (BFSI). Use of cloud-based real-time speech analytics solutions will create novel avenues for several enterprises in the forecast period.

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Speech analytics industry is categorized based on products, applications, and regions.

Geographically, Asia Pacific is expected to witness the fastest growth rate over the forecast period owing to the presence of key economies such as Australia, China, New Zealand, and Singapore. In addition, rising investments and use of enhanced technology in contact centers that are adopting speech analytics solutions to gain insights from consumer data. 

This, in turn, will show a positive impact on overall industry growth in the forecast period. 
The prominent players of speech analytics market include Acapela, NICE Systems, ReadSpeaker, Iflytek Co. Ltd., Avaya, and Nuance. These players are continuously focusing on enhancing and building the brand experience for their consumers by investing in R&D activities, partnerships, and acquisitions to raise their industry share.
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