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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.
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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.
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.
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The speech analytics market is segmented by deployment, size of organization, end user, and region. By deployment, the market is divided into on-premise, and on-demand. By size of organization, the market is bifurcated into small and medium enterprises, and large enterprises. By end-user industry, the market is classified into BSFI, telecommunication, healthcare, retail, government, travel, and hospitality. By region, the market is classified into North America, Europe, Asia-Pacific, and the rest of the world.
The global speech analytics market includes players such as NICE, Micro Focus, Verint, Avaya, OpenText, Google, Vonage, Genesys, Calabrio, and CallMiner
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