One of the primary advantages of the speech analytics technology is the ability to reveal the reason for customer issuesor concerns, resulting in increased sales as well as improved customer satisfaction. Furthermore, the risingneed to manage risk and compliance across differentindustry verticals,including BFSI, IT,and telecom,as well as increasing the number ofcontact centers hasresulted in the development of speech analytics solutions by market playersto help companies understand the changing requirements.
However, in a complex regulatory environment, compliance with federal and state regulations is important for the success of call centers.The potential penalties andcompliance concerns that the regulations bring with themcall for a stronger push for transparency in the call center operations.With the use of speech analytics solutions, organizations can automatically track callsfor identifyingthe risk level associated with any aspect of compliance based on the content of the conversation, which allows reducingcorrective efforts of investigationand action.
Asia-Pacific offers potential growth opportunities ascribed to a rise in the technology penetration and larger investments in contact centers that are turning towards speech analytics solutions to gain insights from customer data.
The demand for high accuracy is driving large enterprises and SMEs to adopt speech analytics solution from leading players.The demand for risk management solutions and cloud analytics iscontinuouslyincreasing, owing to which the speech analyticsmarket is anticipated to witness expansion over the coming years.In addition, speech analytics tools help organizations work on unstructured data acquired from customer interactions to enhance the experience of customers and gain a competitive advantage.
The increasingfocusto improve organizational market intelligence capabilities along with the prominence of voice in the multi-channel world are anticipated to be the key factors driving market growth. Speech analytics helps organizations automatically monitor the recent and historical voice conversations. Nevertheless, lack of awareness for the technology among customers and issues regardingrise in the cost are estimated to challenge industry growth in the coming years.
In-depth report on global speech analytics market by Grand View Research: