Latest News - Voice And Speech Analytics Market: Large enterprise is expected to lead the End-user segment during 2024-2028

The Voice And Speech Analytics Market is being driven by Growth in emotion analytics

The Voice And Speech Analytics Market is expected to grow at a CAGR of 19.52% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3765.3 million. The voice and speech analytics market is witnessing a significant trend of integrating Artificial Intelligence (AI) to enhance the efficiency of data categorization. With machine learning capabilities, AI can automatically and accurately analyze unstructured voice and speech data, including words, acoustics, and sentiments. This integration enables the extraction of hidden opinions and emotions, thereby providing more comprehensive insights. Given the exponential growth of big data, the ability to process and analyze vast volumes and varieties of voice and speech data is crucial. AI-driven voice and speech analytics is the solution to effectively manage and derive valuable business intelligence from this data. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Large enterprise
  • Small and medium enterprise
• Component
  • Solution
  • Services
• Deployment Model
  • On-premise
  • Cloud-based
  • Hybrid
• Application
  • Customer Experience Management
  • Sales and Marketing
  • Risk and Compliance Management
  • Emotion Detection
  • Call Monitoring and Agent Performance
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • India
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth in emotion analytics
• Demand from growing business process outsourcing (BPO) sector
• Adoption of speech analytics for financial trading

However, the market also witnesses some limitations, which are as follows:

• Lack of accuracy in voice and speech analytics
• Cost involved in setting up voice and speech analytics solution
• Lack of skilled workforce

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Market Scope in Voice And Speech Analytics Market Research Report

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Research Analysis Overview

The Voice and Speech Analytics market is a rapidly growing segment in the customer experience industry. This technology uses Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP), and Speech Technology to analyze customer interactions in call centers and identify key trends and insights. One of the primary applications of Voice and Speech Analytics is in reducing customer churn. By analyzing customer requests, concerns, and sentiments, businesses can identify the root causes of negative sentiment scores and take remedial actions to improve customer satisfaction and retention. Sales effectiveness is another area where Voice and Speech Analytics can make a significant impact. By analyzing agent's soft-skill behaviors, businesses can identify areas for improvement and provide targeted training to enhance agent productivity and deliver a positive consumer experience. Unstructured data from customer interactions is transformed into actionable insights through AI/ML and NLP. These predictive insights help call center-based companies optimize their collection efforts, improve staff quality assurance, and ensure compliance with regulations. Voice and Speech Analytics solutions offer scalability and flexibility to agencies and businesses of all sizes. They provide real-time monitoring and analysis of customer interactions, enabling quick response to low satisfaction rates and enhancing overall performance and satisfaction. In conclusion, Voice and Speech Analytics offer businesses valuable insights into customer needs, agent productivity, and call center performance. By analyzing sentiments, requests, and customer concerns, these intelligent systems help businesses save money and time while delivering a positive consumer experience.

Market Research Overview

According to Technavio, the global voice and speech analytics market is a segment of the expansive application software market, which falls under the larger IT software market. The application software market encompasses businesses specializing in the creation and distribution of software solutions for specific business or consumer applications. This market comprises enterprise and technical software, as well as cloud-based software offerings. Notably, it excludes companies classified under the interactive home entertainment sub-industry and those producing systems or database management software categorized under the systems software sub-industry. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/