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. 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. 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.
Speech analytics software is being deployed in various industries, such as retail, government, manufacturing, media & entertainment, healthcare, information technology & telecom, hospitality, and banking, financial services, and insurance (BFSI). In 2018, the highest deployment of the software was in the BFSI industry. Financial institutions struggle to engage customers, which is resulting in the deployment of this software to gain better visibility of customers and provide them a better experience. In the coming years, the fastest growth in demand in the speech analytics market is expected to be witnessed by the retail industry. With ever-changing requirements of customers, retailers are employing the software to understand the needs of customers to serve them better and enhance their brand image and up their customer retention rate.
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The demand for speech analytics software is rising from the small and medium enterprises (SMEs) by the day. These enterprises are taking help from the software for gauging customer preferences and current trends to expand their product portfolio and services. SMEs are including the software in their workflow to retain customers and offer them an improved service. Further, the cloud-based deployment of the speech analytics software has improved the accessibility of speech analytics solutions to SMEs, as it does not require any investments for any new hardware installation.
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