Market Trends of Speech Analytics Industry
Telecommunications Sector is Expected to Occupy Significant Market Share
- Due to the huge volume of data generated by the introduction of the connected world idea, speech analytics has become increasingly popular in the telecom business. Initially, the recorded calls were assessed manually; however, as the number of calls has increased, so has the necessity for adequate and accurate assessment, resulting in speech analytics implementation.
- Telecom service provider businesses widely use speech analytics technologies. As the business market expands, many advantages, including higher margins, decreased fraud, reduced risk, improved service, and enhanced customer happiness, are helping attract and keep more clients.
- Organizations primarily use cloud-based communication analytics, which may identify high-value consumers and manage them appropriately throughout the customer life cycle to increase profits. This technology also assists in identifying potential dangers with real-time insights into customers. Most customer care interactions between customers and businesses are conducted over the phone, despite disruptive technology and the widespread usage of web and mobile tools.
- The goal of telecommunication firms' call centers is to enable these calls and gather information about consumer trends and behavior that can be gleaned from them. As data processing has become increasingly crucial for spotting opportunities, contact centers use technology based on more significant amounts of data.
- Various telecommunication companies are already using Speech Analytics solutions like Telefonica Brazil, the most vital telecommunication player in South America, which is taking complete advantage of Comdata's solution. The corporation uses IVR (interactive voice response) to manage an average of 40 million calls daily, with 9 million calls handled by humans. While those numbers are predicted to increase in the future, fewer human operators are anticipated to be employed in the following few years. Consequently, the problem is how to lower expenses while improving the quality of the client experience. Implementing a Speech Analytics solution is thus a crucial business solution.
- As per ITU, the total number of mobile subscriptions is estimated to have exceeded eight billion for the first time in 2019, reaching 8.3 billion subscriptions. As of 2022, there were a reported 8.6 billion mobile phone subscriptions worldwide, up from 8.4 billion in 2021. The number of 5G mobile subscriptions worldwide is expected to exceed 4.3 billion by 2027, with over 1.7 billion subscriptions expected in North East Asia alone. This rise in the total number of mobile (cellular) subscriptions worldwide will boost market growth and create ample opportunities in the future.
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North America is Expected to Hold Major Share
- The United States' speech analytics market is driven by various factors, such as increased digital marketing spending, increased technological spending by government agencies, and an increasing focus on treating people with mental illness in the region. Moreover, agencies like the CIA actively fund ideas that might help track terrorists and foreign spy activity. This also opens many opportunities for Silicon Valley startups, actively designing and innovating existing speech analytics solutions to build innovative and attractive solutions.
- Furthermore, the United States (US) defense sector invested billions of dollars in research and development projects like the DARPA (Defense Advanced Research Projects Agency) to provide the nation's intelligence agencies and defense forces with significantly advanced surveillance technologies over the last decade. Such investments are being done to improvise the system and enable the speech analytics system in the sector.
- The region is also seeing increased usage of voice controls by users across multiple platforms like connected TVs, PCs, tablets, automobiles, and wearables. Moreover, enterprises in the region adopt these solutions usually to increase their customer service. One of the largest insurance organizations in the United States, MetLife, adopted an AI system primarily to improvise responses to its customers' emotional needs and requirements. The system was specifically built to help the company's staff members track and monitor customers' emotions during conversations, thereby fostering the quality of customer service interactions.
- Acquisitions have allowed for the consolidation of operations in the marketplace. Moreover, in March 2023, Aural Analytics, Inc., a leader in clinical-grade speech analytics, announced that the US Food and Drug Administration (FDA) has designated its Speech Vitals - ALS technology as a Breakthrough Device. Speech Vitals - ALS is a software application that collects and analyzes speech recordings to help neurologists monitor adults with amyotrophic lateral sclerosis (ALS) in both clinic and home settings.
- Furthermore, players such as CallMiner, a provider of artificial intelligence-enabled speech and customer interaction analytics, have raised a sum of around USD 75 million in a "late-stage, growth equity" round from Goldman Sachs CallMiner aims to translate the interactions that its customers have with their customers, whether they occur over voice, email, chat, or text into "insights" and "actions so they may improvise and change their business across many different use cases.
- Furthermore, companies such as CallCabine prioritized the release of two targeted speech applications within their atmos voice analytics platform to deliver business-critical intelligence surrounding the COVID-19 pandemic and its impact on customer interactions. These innovations and deals are expected to create an enhanced customer experience with various added benefits and advantages, attracting more consumers, which is anticipated to impact the country's market growth positively.
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