New York, According to a new market research report published by Global Insight Services “Speech Analytics Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Speech analytics is the process of analyzing recorded speech to extract information and insights. It can be used to understand customer sentiment, identify customer needs, and uncover trends and patterns.
Speech analytics can be used to improve customer service by identifying areas where customers are struggling and need assistance. It can also be used to improve marketing and sales efforts by understanding what customers are saying about your product or service.
Speech analytics can be used to monitor compliance with regulations, such as call recording laws. It can also be used to improve the accuracy of voice recognition systems, such as voice-activated assistants.
Key Trends
There are several key trends in speech analytics technology. One is the increasing accuracy of speech recognition. This is thanks to advances in artificial intelligence and machine learning. Another trend is the increasing use of speech analytics in customer service and sales. This is because businesses are realizing the benefits of using this technology to understand customer needs and improve customer satisfaction.
Another trend is the increasing use of speech analytics in fraud detection. This is because speech analytics can be used to identify patterns of fraudulent behavior. Finally, there is an increasing trend towards the use of speech analytics in mobile applications. This is because mobile devices are becoming more powerful and have the ability to process large amounts of data.
Key Drivers
Some of the key drivers of the speech analytics market are the increasing adoption of cloud-based solutions, the need for improved customer experience, and the need for cost-effective solutions.
The adoption of cloud-based solutions is increasing due to the flexibility and scalability they offer. Cloud-based solutions are also easier to deploy and manage than on-premise solutions.
The need for improved customer experience is driven by the need to increase customer loyalty and retention. Speech analytics can help organizations to identify customer pain points and address them.
The need for cost-effective solutions is driven by the need to improve organizational efficiency and reduce operating costs. Speech analytics can help organizations to automate processes and reduce the need for manual intervention.
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Market Segments
By Deployment
- On-Premise
- On-Demand
By Size of Organization
- Small and Medium Enterprises
- Large Enterprises
Key Players
- NICE
- Micro Focus
- Verint
- Avaya
- OpenText
- Vonage
- Genesys
- Calabrio
- CallMiner
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Reasons to buy Speech Analytics Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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