Key Market Players in the Speech Analytics Market and Opportunities

Speech Analytics Market

The Speech Analytics Market size was USD 941.1 Million in 2017 ­and is projected to reach USD 2,175.8 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period as per a report by MarketsandMarkets.

The key forces driving the speech analytics market include the need for higher customer satisfaction, rising significance for real-time analytics, and increasing need of speech analytics solutions to the growing BPO sector.

Why rising need to predict customer’s intent and monitor agent’s behavior is an opportunity?

As most of the traditional audio mining software relied on spotting keywords, phonetics, and phrases, and missing out on the context, relevancy, and hence the precise intent or meaning of the interaction, speech analytics proved to be useful for companies operating in the BPO industry, as it assists them to further enhance their overall business value by being able to quickly analyze precise intent of the customers and drive actionable insights from the call. Speech analytics has provided an opportunity for the marketers to predict the customers who are at risk of leaving and diverting from a product. The marketer could devise retention strategies and propose incentives to customers such as discount coupons or product upgradation. Next-generation, conceptual speech analytics tools can unlock meaningful information and provide actionable insights into customer, and agent behaviors and expectations. Speech analytics aggregates voice calls to understand the pattern; these patterns can be a behavior of single customer or group of customers, and pattern about how agents react to particular problems or sales interactions.

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Key Market Players for Speech Analytics Market

The global speech analytics market is fragmented in nature, as no single vendor dominates the market. Major vendors that offer speech analytics software and services include Verint Systems (US), Avaya (US), Calabrio (US), CallMiner (US), Clarabridge (US), Almawave (Italy), Voci Technologies (US), Zoom International (Czech Republic), NICE Systems (Israel), Genesys (US), and HPE (US). The major players in the speech analytics market have adopted various strategies to expand their global presence and enhance their market shares. They have adopted partnerships, collaborations, new product launches, and acquisitions to expand their product portfolios and gain a competitive edge in the market.

NICE Systems has undertaken product launch as its major development strategies to gain a leading position in the market. NICE Systems collaborated with Microsoft to deploy the NICE Investigate digital policing solution on the Microsoft Azure Government cloud platform to provide law enforcement agencies with a comprehensive Criminal Justice Information Services (CJIS)-compliant cloud solution for managing investigations and digital evidence. NICE Investigate streamlines the collection, analysis, and sharing of digital evidence, thereby making it an effective tool for customer interaction analytics.

Verint Systems, another major provider of speech analytics solutions and services, has adopted a mix of organic and inorganic growth strategies to gain a strong foothold in the market. Verint acquired Contact Solutions, one of the leading providers of real-time, contextual, customer care solutions, to deliver optimized customer care solutions and help an enterprise achieve superior results at a sustainable cost. The acquisition would strengthen Verint’s product portfolio, enabling decision-makers to anticipate, respond, and make more informed, effective, and timely decisions over a single call.

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