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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Acoustic Vehicle Alerting System Market to be over $10,578.8 Million Investment Opportunity by 2030

The global acoustic vehicle alerting system market is predicted to advance at 11.9% CAGR from 2020 to 2030 and reach a valuation of $10,578.8 million by 2030. This would be because of the rising incorporation of acoustic vehicle alerting systems (AVAS) in electric vehicles including both passenger cars and two-wheelers. According to the findings of P&S Intelligence, a market research company based in India, as many as 24.7 million units of such systems were installed in electric vehicles in 2019.

The increasing pollution levels in several countries, rising consumer preference for electric vehicles over the fossil fuel-powered automobiles, surging implementation of strict emission norms and regulations, and the provision of subsidies, grants, and tax rebates by the governments of various countries on electric vehicles are the main factors propelling the acoustic vehicle alerting system market growth across the globe. Additionally, the incorporation of AVAS is increasingly being made necessary in EVs for enhancing pedestrian safety.

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Globally, the acoustic vehicle alerting system market is predicted to register the highest growth in the Asia-Pacific (APAC) region in the future years. This is because of the mushrooming sales of EVs in China, which is home to the largest EV industry in the world with sales of over 90% of the total electric two-wheeler sales (15 million units of scooter, motorbike, and moped) and nearly 50% of the total electric car sales all over the globe in 2019.

Hence, it can be said with full surety that the market would demonstrate explosive growth throughout the world in the upcoming years, mainly because of the growing adoption of electric vehicles and the rising enactment of government regulations all around the world that mandate the incorporation of AVAS in electric vehicles.

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What Advantages of Hybrid Cloud are leading to Growth of DWaaS Market?

The global data warehouse as a service (DWaaS) market is expected to generate a revenue of $23.8 billion by 2030, increasing from $1.4 billion in 2019, registering a strong growth of 29.2% during the forecast period (2020–2030), according to a report by P&S Intelligence. The major factors leading to the growth of the market are the swift adoption of cloud-based solutions and increasing focus on real-time data analysis. In terms of tool, the market is divided into visualization, data mining, analytics, and reporting. 

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Out of these, the analytics division is predicted to witness the fastest growth during the forecast period, owing to the increasing investments in AI and data analytics. The penetration if these technologies is growing due to the fact that companies are looking for predicting consumer behavior and preference for offering them with enhanced experience. The reporting division held the major share of the market in 2019. 

In terms of industry, the DWaaS market is categorized into IT & telecom, BFSI, manufacturing, retail & e-commerce, government, and healthcare, out of which, the retail & e-commerce industry is projected to register the highest CAGR during the forecast period. The online retail sector is expanding rapidly all around the world and enterprises are widely adopting AI for predicting consumer behavior through data analytics. The BFSI industry accounted for the largest share of the market in the past. 

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Geographically, North America dominated the DWaaS market in 2019 and is further expected to account for the major share of the market during the forecast period as well. The increasing use of data analytics in healthcare, BFSI, government, and retail and e-commerce industries and rising demand for personalized services from consumers are driving the growth of the regional market. The Asia-Pacific region is expected to witness the highest CAGR during the forecast period, owing to the rising adoption of cloud-based data warehousing solutions by financial institutions, banks, and insurance companies in the region.

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German Autonomous Vehicles Market Size, Key Vendors, Growth Rate, Drivers, Volume and Forecast Report

The German fully autonomous vehicles market is predicted to exhibit a CAGR of 20.2% between 2020 and 2030 andattain a valuation of $28.0 billion by 2030, as per the estimates of P&S Intelligence, a market research firm. The German autonomous vehicles market size is being driven by the increasing implementation of various government initiatives that encourage the deployment of autonomous vehicles in the country and the rising requirement for a more efficient and safer driving option all over the country.

The German government was the first one in the entire world to authorize fully and semi-autonomous driving systems. The government announced its plans to build autonomous driving facilities and infrastructure in the country in December 2016. This was followed by an amendment to the Road Traffic Act in June 2017, which allowed drivers to give away driving controls to autonomous vehicles. As a result, there are many semi-autonomous automobiles (level 1—3) running on German roads today.

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When vehicle autonomy is taken into consideration, the German autonomous vehicles market is divided into fully autonomous and semi-autonomous vehicles. Of these, the semi-autonomous vehicles had 100% share in the market in the years gone by. However, this will change in the future and the fully autonomous vehicles category will register the highest CAGR in the market between 2023 and 2030, owing to the development of fully autonomous vehicles, which are predicted to hit the market in 2023.

The German autonomous vehicles market is also divided, depending on application, into ride hailing, motor coaches, personal cars, transit buses, and logistics. Out of these, the motor coaches category is predicted to exhibit the highest CAGR in the market in the coming years. This would be because of the rising popularity of shared autonomous vehicles all over the country, on account of the growing consumer preference for these services over the personal ownership of vehicles.

Hence, it can be concluded that the market would demonstrate rapid expansion in the future years, primarily because of the rising implementation of initiatives by the government that support the deployment of autonomous vehicles and the growing consumer demand for safer and more efficient vehicles in the country.

 

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Deep Learning Market | Analysis, Post Covid-19 Impact | Potential Business Impacts for Key Players

The deep learning technology massively reduces the problem resolution time in contact centers by efficiently routing the calls, depending on their nature, to the concerned people who have the required technical expertise and know-how to solve the query. Apart from significantly boosting the revenue of contact centers, deep learning algorithms also help businesses reduce their operational costs. This is another key factor fueling the progress of the deep learning market across the globe.

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The market is classified, on the basis of component, into software, hardware, and service. Amongst these, the hardware category recorded considerably high revenue growth in the deep learning market during the past few years, due to the large-scale adoption of hardware such as storage devices and graphics processing units that assist in storing huge volumes of data for deep neural networks and training various deep learning models. In the future, the software category will exhibit rapid growth in the market.

Depending on application, the deep learning market is categorized into natural language processing (NLP), signal recognition, image recognition, data mining, and recommendation engine. Out of these, the natural language processing category will register rapid growth in the market in the coming years, because of the growing requirement for integrating NLP and deep learning for enhancing machine-human interactions. The adoption of deep learning algorithms in NLP greatly improves the customer query understanding ability of voice assistants and chatbots.

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As a result, the voice assistants and chatbots can resolve the queries more efficiently without any human intervention, which, in turn, enhances the customer experience. Globally, the deep learning market is predicted to register substantial growth in Europe and North America in the upcoming years, primarily because of the rapid technological advancements, soaring investments being made in AI-based solutions by many European governments, and the existence of numerous deep learning solutions providing companies in the regional countries.

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Ambient Lighting Market Outlook By Share, Demand Status Of Type, Applications And Future Forecast

The global ambient lighting market is expected to generate a revenue of $156.5 billion by 2030, increasing from $60.8 billion in 2019, advancing at a 9.2% CAGR during the forecast period (2020–2030). On the basis of type, the market is divided into surface-mounted lights, suspended lights, strip lights, recessed lights, and track lights. The recessed lights division held the major share of the market in 2019. These lights can be utilized for an extensive range of settings, such as commercial and residential. Recessed lights further improve the quality of lighting and provide better feel and look to the space. 

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In terms of end user, the market is categorized into automotive, residential, corporate, industrial, healthcare, and hospitality & retail, out of which, the automotive category is predicted to register the faster growth during the forecast period. The adoption of interior lighting solutions in vehicles has risen significantly, along with which, the production of vehicles has grown substantially as well, thereby driving the demand for ambient lighting solutions in the automotive industry. 

In addition to this, the emergence of the Industry 4.0 and growing penetration of IoT in home solutions these days is also leading to the growing demand for smart ambient lighting solutions. Since energy conservation and connected domestic devices have become an important aspect of lifestyle these days, due to which, manufacturers are introducing solutions which utilize latest technologies for enhancing performance, functionality, and aesthetics. 

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The Asia-Pacific (APAC) region dominated the ambient lighting market in 2019, and the region is further predicted to account for the largest share of the market during the forecast period, as per a report by P&S Intelligence. The adoption of ambient lighting is increasing the commercial and residential in APAC, owing to the increasing disposable income, rising population, and expanding IT market. Within the region, India is predicted advance at the fastest pace.

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Shavers Market In-depth Analysis of the Industry with Future Estimations | P&S Intelligence

The focus on physical appearance has increased considerably these days. People are becoming more and more conscious by the passing day regarding different fashion trends, which themselves keep changing regularly. The increased penetration of social media platforms in both developing and developed countries can be said to be a major reason when it comes to this shift in the perception of people. Body image is regarded with importance on such platforms, due to which, the general public is now also becoming influenced. These factors have led to a rising demand for personal grooming products, including shavers, across the globe.

The shavers market has further been witnessing growth due to the fact that a large number of females have also started making use of these products. Gender constraints of the society have been rather hard on females, owing to which, they are expected to maintain a certain level of physical hygiene. The situation has changes radically of course these day, however, some notions, like having hairless and smooth skin are still persisting. Since shaving is pain free and provide instant results, various women have started opting for shavers rather than waxing.

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On the basis of distribution channel, the shavers market is divided into online retailing, supermarket & hypermarkets, and others (including department stores, drugstores, and beauty specialists). Out of these, the supermarkets & hypermarkets division dominated the market historically, which can be attributed to the offers and discounts that are provided by such stores. Geographically, the European region has been creating the largest demand for shavers up till now; however,as per a study conducted by P&S Intelligence, the demand for these products is also expected to increase in Asia-Pacific as well in the coming years. This is due to the rising disposable income and enhancing living standards of people in the region.

In conclusion, the demand for shavers market around the world is growing because of the increasing consciousness regarding physical appearance and rising number of female users.

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