Businesses these days are focusing intently on satisfying their customers, since customers these days are not really loyal to a single brand. They have a large number of options to choose from, which is why, the burden on companies has risen increasingly. They need to incorporate customer satisfaction strategies into their marketing campaigns, otherwise, customer retention would become hard. Therefore, in order to enhance customer experience, improve customer retention, sales, and new customer acquisition, companies are widely making use of speech analytics.
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The process of analyzing live customer calls to contact centers and voice recordings through speech recognition software for finding useful information and providing quality assurance is referred to as speech analytics. The technology analyzes audio patterns and identifies words for detecting emotions and stress in the voice of the speaker. The wide utilization of this technology is predicted to result in the growth of the speech analytics market in the years to come.
The global speech analytics market is predicted to attain a value of $2,910.1 million by 2024, increasing from $1,010.4 million in 2018, progressing at a 19.9% CAGR during the forecast period (2019–2024). When offering is taken into consideration, the market is divided into service and solution, between which, the solution division accounted for the major share of the market in 2018. A large number of industries are adopting speech analytics solutions for providing customers with improved service and monitoring agents’ performances.
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The demand for the speech analytics technology is particularly rising from SMEs. The number of such companies has risen widely across the globe since the past few years and they are increasingly making use of new and advanced technologies to get ahead in the market. Speech analytics technology can significantly aid SME when it comes to expanding their shares and product portfolios. Furthermore, SMEs are also adopting speech analytics for retaining their consumer base and improving their customer services.
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