Speech analytics finds application in market intelligence, risk and compliance management, business process, agent performance, and customer experience management (CEM).
Albany, NY -- (SBWIRE) -- 02/17/2017 -- Speech analytics technologies are used to extract information at customer contact points across various channels such as voice, chat, email, social channels, and surveys. Across the world, voice and phone interaction is the most common mode of communication used by consumers. Therefore, speech analytics is used in Voice User Interface (VUI) to derive insights at different contact points.
In current times, organizations across various industry sectors are undertaking programs for transcripting and analyzing customer and organizational media. This is mainly to take logical decisions for customer and business management with the help of speech and text intelligence. This is one of the prime factors driving the demand for speech analytics across various industry sectors. The increasing pressure upon businesses to protect their intellectual property in order to improve efficiency and agility in business operations is also leading to the deployment of speech analytics systems. Businesses are deploying speech analytics systems to mine extensive insights from the voice of customers. Various product types in this market include database management system, reporting and analysis, data integration tools, query, analytical tools, online analytical processing (OLAP), and visualization tools among others.
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Speech analytics finds application in market intelligence, risk and compliance management, business process, agent performance, and customer experience management (CEM). Other than this, speech analytics may find application in several other industry verticals such as banking, financial services, and insurance (BFSI), healthcare and life sciences, retail and consumer goods, energy and utilities, manufacturing, government, telecommunication and information technology, transportation and logistics, travel and hospitality, media and entertainment, and public sector among others.
The research report presents a definitive analysis of market dynamics, which includes market drivers, trends, and opportunities that will influence the development of the global speech analytics market between 2017 and 2025. The report is presented based on data collected from industry-centric sources and receiving valuable insights from opinion leaders.
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Global speech Analytics Market: Drivers and Restraints
The emergence of call centers, law to monitor adherence to business regulatory compliances, and increased focus on competitive intelligence are the major factors driving the global speech analytics market. The development of integrated software solutions, wherein workforce management solutions are integrated with speech analytics will offer immense growth opportunities to this market.
Furthermore, there is a rising demand for real-time analytics guidance tools. Speech analytics has emerged as an extension of trends within customer-centric enterprises and insightful management practices. Healthcare and life sciences is anticipated to display the highest growth rate in the market space.
Global Speech Analytics Market: Regional Outlook
The global speech analytics market can be segmented regionally into: North America, Europe, Asia Pacific, and Latin America. North America dominates the speech analytics market followed by Europe. The adoption of speech analytics by various industry sectors such as utilities, travel and tourism, and healthcare are the primary factors for the growth of the speech analytics market in these regions.
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Major Companies Mentioned in Report
Some of the leading companies in the global speech analytics market are Avaya Inc., Aspect Software Inc., NICE System Ltd., Verint Systems Inc., CallMiner Inc., Nexidia Inc., and Calabrio Inc.
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