Market Trends of Europe Speech Analytics Industry
BFSI Industry is one of the Factor Driving the Market
- Banks increasingly turn to speech analytics to improve customer service, manage risk and identify compliance issues. Speech analytics involves analyzing recorded customer conversations, using natural language processing and machine learning algorithms to identify trends, sentiments, and essential keywords or topics. By analyzing this data, banks can gain valuable insights into customer needs and preferences and identify potential issues before they become more significant problems. Some of the benefits of speech analytics for banks include improving customer satisfaction, reducing compliance risk, optimizing operations, and driving revenue growth.
- One of the most regulated industries is finance. This can be observed in industries such as debt collecting. Unfortunately, many such organizations fail to guarantee that their agents carefully adhere to their scripts to assure compliance with these requirements and that all discussions respect clients' legal rights. As a result, thousands of Fair Debt Collection Practises Act cases are filed each year, and violations of the Fair Credit Reporting Act are rising. Even ignoring one non-compliant interaction might lead to disaster. Fortunately, a speech analytics tool can assist in avoiding a potential legal nightmare.
- Further, speech analytics can scrutinize every conversation to ensure that each agent strictly adheres to the approved script and identifies agents who may require additional training. Furthermore, script analytics can ensure that all talks correspond to the client's legal rights. It can also help identify agents that perform better under pressure, allowing them to be allocated more difficult cases while offering better training materials for other agents. Speech analytics can assist debt collectors in providing excellent client service, obtaining outstanding funds, and adhering to all industry standards.
- According to the Bank of England, Monetary Financial Institutions (MFI) are all banks and building societies in the United Kingdom that are permitted to accept deposits. As of May 31, 2022, 357 MFIs were operating in the United Kingdom, with 130 of them being UK headquartered (parent business). Such a huge number of financial institutes would create an opportunity for the speech analytics players to develop new solutions to cater to a wide range of needs of BFSI.
- Speech analytics is a tool that may be used to evaluate sales calls and identify areas where sales techniques can be improved. This can include analyzing common objections and obstacles that salespeople face and opportunities to upsell and cross-sell goods and services. Overall, speech analytics can provide useful information to FinTech organizations, allowing them to improve customer service, detect fraud, comply with legal requirements, learn about the sector, and increase sales. The technology can be tailored to the organization's needs and linked with existing systems.
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United Kingdom is Expected to Grow Significantly
- Germany has applied speech analytics technology in multiple areas, such as asylum seekers' assessment of origin, detecting subtle signs of depression with automated speech, analysis of speech for health, and developing speech recognition solutions for the German language. Companies and startups such as Ozonetel, OrecX, Observe.AI, and i2x have developed speech analytics software for various applications. Additionally, the ZD.B Chair of Embedded Intelligence for Health Care and Wellbeing at the University of Augsburg has researched state-of-the-art speech analysis for health.
- Speech analytics can be a valuable tool in the healthcare industry, especially for measuring stress in health professionals over the phone. One example of speech analytics software used in Germany is Observe.AI, which uses conversation intelligence to analyze customer interactions across various channels. Other speech analytics software that can be used in the healthcare industry include Nuance, which provides conversational AI for healthcare and customer service applications. It is worth noting that speech analytics in the healthcare industry may be subject to regulatory compliance requirements.
- To provide better services to the customers, the players in the market are collaborating. For instance, in February 2023, StageZero announced a new collaboration with German Autolabs. German Autolabs develops advanced automotive voice assistance systems in Berlin for professional drivers, couriers, and delivery teams. StageZero employs our proprietary technology to offer German Autolabs speech recognition training data for this project. This information is then employed in machine learning to help their AI system. The company's collaboration with StageZero has been critical in delivering high-quality utterance corpora for training proprietary language and semantic models.
- Further, Zoom Video Communications recently announced the acquisition of Karlsruhe Information Technology Solutions (KITES), a German machine translation firm. Zoom announced that KITES' team of 12 research scientists will assist Zoom's engineering team develop translation capabilities for Zoom users.KITES is one of Zoom's first purchases since its USD 1.75 billion share sale earlier this year. The KITES platform was initially intended to facilitate discussion among multinational academic teams, but it later evolved into a general-purpose, AI-driven translation framework.
- Small and Medium Enterprises (SMEs) use speech analytics to gain insights into customer interactions and competitive advantage. By analyzing recorded conversations between customers and agents or representatives, SMEs can gather valuable information on customer preferences, pain points, and behavior patterns. For instance, according to European Commission, in Germany in 2022, there were to be around 2.6 million Small and Medium-Sized Enterprises (SMEs). The vast majority of these businesses were micro-sized, employing up to nine employees. Small businesses employing 10 to 49 people totaled approximately 363,462, while medium-sized businesses employing 50 to 249 workers numbered around 55,518. Such a huge number of SMEs would create an opportunity for the studied market to grow.
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