Speech Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The speech analytics market was valued at USD 1649.34 million in 2020 and is expected to reach USD 5460.66 million by 2026 and grow at a CAGR of 22.14% over the forecast period (2021-2026). Speech analytics solutions can convert call recordings to actionable data, and then translate the data into valuable insights that are effective across the enterprise. These solutions are used to handle a broad range of interactions with customers. Enterprises across the globe have incorporated speech analytics through a combination of internally recorded data, social media as well as external syndicated data primarily to create a cutting -edge solution, to gain a better understanding of their customer requirements and reduce churn.

• Speech analytics also plays a crucial role in understanding the root cause of customer dissatisfaction. It helps keep the organization informed, which helps them mitigate risk and train their staff accordingly, to avoid such circumstances. Businesses can leverage this type of analytical solution in improving their prediction of customer engagement outcomes. They can also prescribe customized and successful customer engagement processes (CRM). Moreover, the increased adoption of these analytical solutions have been driven by an increased number of call centers, increasing advancement in voice analytical technologies, rising demand for more precise risk management solutions, and a massive volume of voice data already existing with the majority of large enterprises worldwide.
• Speech analytics technology primarily analyzes any business-to-consumer interactions in real-time using advanced NLP technology coupled with artificial intelligence and machine learning. These solutions can generate multiple signals from customer interaction to determine the user's intent, sentiment, success, and various other outcomes that can help enterprises improve their marketing, sales, and service departments' results. For instance, the Sberbank of Russia is using a solution to make itself future-ready. Sberbank's AI is acting as a passive third party in call center transactions, listening to the interactions, and applying NLP techniques to what they hear. The program is expected to learn enough in the next few years to expand its role and suggest responses to the call center operator, allowing for fully human interactions to be supported by the accuracy and speed of AI.
• Furthermore, in May 2020, Silicon Valley customer experience management specialist Medallia launched a speech analytics tool called Medallia Speech, providing clients a single view of customer experience insights in one platform. Leslie Stretch Medallia Experience Cloud is used to manage the experience for customers, employees, and citizens by capturing signals created on daily journeys in person, digital and IoT interactions, and applying AI technology to uncover personalized and predictive insights. As part of the Experience Cloud, the new Medallia Speech solution adds real-time voice transcription at a large scale, and speech analytics to analyze the millions of call hours - including the sentiment. Further combination with text analytics, as well as insights from digital, video, and other channels, provides a 'comprehensive' understanding of the entire customer journey.
• Further, with the pandemic of COVID -19, the Coronavirus Customer Thinktank yielded a few other interesting insights into the state of the contact center business, which has been upended as a result of COVID -19. While some companies had already moved to a work -from -home (WFH) model before the pandemic, an estimated 90 % of the workforce still worked in a traditional contact center environments, according to CallMiner. Also, according to CallMiner, call volumes in contact centers have dropped by about 25 % during COVID - 19, which reflects the overall slowdown in the economy as a result of the coronavirus pandemic. Text interactions are staying pretty steady. In May 2020, the folks at CallMiner had theories about what their speech analytics software would turn up when they launched an informal coronavirus customer research program in March.