Speech Analytics Market and its Key Opportunities and Challenges

Speech Analytics Market and its Key Opportunities and Challenges

“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)”
Speech Analytics Market by Component (Solutions (Speech Engine, Indexing, Analysis & Query Tools, Reporting & Visualization Tools) and Services), Application, Deployment Model, Organization Size, Industry Vertical, and Region – Global Forecast to 2022

The Speech Analytics Market is expected to grow from USD 756.9 Million in 2016 to 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. 

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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How inconsistent link between business semantics and business goals to pose a major challenge?

Focusing on business semantics and making notes about common rules and policies about the structure, methodology, flow, quality, culture, and security of data must be the top priority for organizations. Inconsistent business semantics and failure to determine the authenticity of the data can lead to loss of data, creation of large volumes of unstructured data, incompatible databases, and wrong decision-making. To overcome inconsistency, business organizations must set up nomenclatures and rules, which must be accepted and understood by all stakeholders within and outside the organization. Organizations need to create a corporate definition of all terms, so that the agreed definitions conform to the standards, while still maintaining distinct local definitions. Hence, establishing a data structure, and achieving semantic disambiguates and consistent interpretation in accordance to the business goals for implementing speech analytics is the key challenge for speech analytics.

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Major vendors offering 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).

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