Market Trends of North America Speech Analytics Industry
This section covers the major market trends shaping the North America Speech Analytics Market according to our research experts:
Increasing Call Center Capacity Expected to Boost the Market Growth
- The region is witnessing increased usage of voice controls by users across multiple platforms like PCs, tablets, connected TVs, automobiles, and wearables. Moreover, the total number of voice assistant devices is expected to reach 870 million in the United States this year, a 95% increase from a total of 450 million estimated in 2017, according to Consumer Technology Association Estimates. This has created a need for increasing call center capacity, especially in the United States.
- As a result, regional enterprises are adopting these solutions primarily to increase their customer service. For instance, one of the largest insurance companies in the United States, MetLife, adopted an AI system primarily to improve responses to its customers' emotional needs. The system was specifically developed to help the company's staff track and monitor customers' emotions during conversations, thereby enhancing the quality of customer service interactions.
- To cater to this demand, vendors in the region are adopting product innovations and partnerships as a part of their strategy. For instance, in September 2021, Scotiabank partnered with Google Cloud to strengthen the bank's cloud-first commitment and speed up its global speech, text, and data analytics strategy. Customers of Scotiabank in the Americas and worldwide will benefit from a more individualized and proactive banking experience owing to Google Cloud, a valued partner of Scotiabank for analytics. By implementing voice and data analytics utilizing Google Cloud, this relationship enables Scotiabank to provide financial services that are more specifically tailored.
- Speech analytics can identify troublesome callers, which is one of its advantages. Customers who are enraged or aggressive, who request refunds, or who contact customer support are examples of this. In order to resolve their issues and stop them from causing more disruption, agents can detect these calls with the aid of speech analytics.
- However, the high costs involved, such as the installed system, Hardware, maintenance, and skilled operator, are something that many companies may find overwhelming, and they might be reluctant to spend large amounts of sums on such technology. Moreover, other company systems, such as quality audio devices, may also need to be upgraded, as, with poor-quality audio, the entire system may be unable to produce correct insights. This may add extra burden on companies.
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United States Expected to Grow Significantly
- 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 innovating the existing speech analytics solutions to develop innovative and attractive solutions.
- The US defense sector has been investing billions of dollars over the recent decade in research and development projects like the Defense Advanced Research Projects Agency (DARPA), primarily to provide the nation's intelligence agencies and defense forces with advanced surveillance technologies.
- The US government agencies Consumer Financial Protection Bureau (CFPB) and the Commodities Futures Trading Commission (CFTC) aggressively examined phone recordings and discovered that certain phone representatives were overconfident about improving debtors' credit scores. It misrepresented the exclusion of collection costs and encouraged debtors to believe electronic payments were required. The CFPB examined and verified the audio data. Additionally, proactive risk prediction from the interactions was made using audio/voice analytics. In the field of enforcement, fraud can be found using audio analytics.
- Earlier this year, CallMiner, the industry's leading supplier of conversation intelligence for business improvement, announced new integrations with Genesys Cloud CX and Amazon Connect. These partnerships allow businesses to quickly and easily access robust real-time analytics capabilities within current or upcoming Contact Center as a Service (CCaaS) deployments.
- This year, CallMiner, and Boost.ai, a leading cloud-based conversational artificial intelligence (CAI) at scale provider, announced a new strategic relationship. Combined with Boost.ai, CallMiner enables businesses to record and examine text- and voice-based client conversations, allowing them to gain useful insights from all customer contacts, including those with virtual agents. The collaboration will rely on Boost.ai's conversational AI and its capacity for in-depth client dialogues.
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