Why is Customer Satisfaction Important and how can Speech Analytics Aid in improving it?

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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Speech Analytics Market Growth Rate, Developments In Major Areas, Market Size, Dynamics, Opportunities, & Forecast With Demographic Data Till 2030

In today’s competitive world, companies are finding it difficult to engage customers for the long-term. Due to many choices available to customers, it is being observed that they are no more brand loyal. Despite being provided with a better price and product quality, customers prefer buying products from competitors, if they face any service-related problems. Therefore, customer satisfaction, in terms of product-quality, pricing, and customer services, has become a major focus area for all businesses.

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Valuing $1,010.4 million in 2018, the speech analytics market is predicted to garner $2910.1 million, advancing a 19.9% CAGR in the coming years. The applications of the speech analytics software are risk & compliance management, agent performance monitoring, call monitoring, and customer experience management.

To enhance customer experience, companies are working to improve the customer retention rate and new customer acquisition process for higher product sales. One of the ways employed by business entities is the adoption of speech analytics software that helps in the monitoring and analyzing of all the attended calls.

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The software helps organizations evaluate the responses by agents as well as keep a track of changing demands of customers and gauge their level of satisfaction.Speech analytics software reviews and analyzes live customer calls and recordings to draw an analysis of overall customer experience, and help organizations in devising strategies for enhancing customer experience.

In 2018, the largest application area of this software was customer experience management. In fact, in the near future as well, it will continue being the largest application area of speech analytics software. This can be attributed to the rising need for the evaluation of the overall customer experience and further predict the customer satisfaction score to help companies improve their product and services sales.

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How Rising Business Competition Impacts Speech Analytics Market?

There is a popular saying, “The customer is always right”. Despite its literal meaning not always being true, what it actually means is that all requests, queries, and demands of customers must be tended to, if a company hopes to retain them and make consistent profit. In today’s times of intense competition, where fortunes can be made and destroyed in days, providing a satisfactory customer experience has become more important than ever. This is why an increasing number of companies are setting up customer support departments or outsourcing the task to contact centers.

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Thus, with the increasing number of contact centers, the speech analytics market is also prospering. Compared to $1,010.4 million in 2018, the sale of such software is expected to be worth $2,910.1 million in 2024, with the revenue increasing at a 19.9% CAGR during 2019–2024 (forecast period). As the term suggests, speech analytics software studies the speech on various parameters, such as volume and pitch, to determine the emotions of the speaker. Currently, among all applications of such software — call monitoring, agent performance monitoring, customer experience management, and risk and compliance management — it is mostly widely used for customer experience management.

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Speech analytics determines why the customer has called, their mood, and reactions to the products and services on offer. This helps customer support teams with pinpointing the areas where the team members need improvement, while interacting with customers, with a thorough knowledge of customers’ expectations and requirements. The better companies serve their customers, the more likely they are to retain them, which is why customer experience management has become an important focus area. As a result, even in the coming years, the use of speech analytics for this very purpose will grow the fastest.

The growing usage of this software is being mirrored by a shift of people from phonetic transcription to phonetic indexing. Compared to the former, the latter is easier, as it doesn’t require the scanning of a vast dictionary of words, which is also why it is faster than transcription. Speech analytics software working on the indexing method converts audible speech into a series of phonemes, following which it scours for just a predetermined words’ list. Therefore, with such solutions, a higher call volume can be analyzed without an increase in the number of servers.

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