One of the primary advantages of the speech analytics technology is the ability to reveal the reason for customer issues or concerns, resulting in increased sales as well as improved customer satisfaction. Furthermore, the rising need to manage risk and compliance across different industry verticals, including BFSI, IT, and telecom, as well as increasing the number of contact centers has resulted in the development of speech analytics solutions by market players to 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 and compliance concerns that the regulations bring with them call for a stronger push for transparency in the call center operations. With the use of speech analytics solutions, organizations can automatically track calls for identifying the risk level associated with any aspect of compliance based on the content of the conversation, which allows reducing correctiveefforts of investigation and 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 is continuously increasing, owing to which the speech analytics market 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 increasing focus to 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 regarding rise 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: