The dream to reduce the workload and dictate a train of thought to the computer was crushed. The speech analytics market has certainly come a long way since then. The history of the introduction of speech recognition technology goes way back to the 1900s. It began with just the recognition of one word or just a few syllables. The technology came in the form of a dictation feature in Microsoft Encarta. Needless to say, it was pretty underwhelming.
Many people’s first known interactions with speech recognition were focused on numbers, not words. Bell Laboratories, in 1952, developed a design-“Audrey System”. This design could recognize a single voice speaking numbers aloud. Later in that decade, “Shoebox” by IBM understood and registered 16 words in English. The early part of the 2010s saw an explosion in the market competition.
Today, some of the largest tech companies are leading the competition in the speech analytics market. To herald the speech accuracy title, tech giants focus on launching innovative apps. With the advancements in core technologies, speech analytics applications are now relatively inexpensive. Consumers are becoming more and more comfortable talking to machines. The increasing market development has made it probable for voice to become the next dominant interface.
Speech analytics is a contact center intelligence tool that analyzes voice recordings or live customer calls. It is done to gather consumer information to improve communication and customer experience. Speech analytics software helps to get a handle on the customer’s intent, sentiment, and language to capture new insights. It uses smart technologies to convert raw files of audio recordings into intelligent information. The insights drawn are weighed against the emotional character of the speech. It allows an insight into the customer’s thought process. This allows businesses to make amends and adjustments according to the consumer’s demand.
Given its widespread proliferation across many end-user industries, the speech analytics market is expected to grow rapidly. It is estimated to register a healthy CAGR of 14.0% from 2022 to 2030. The speech analytics market surpassed the mark of US$ 2.13 billion in 2022. It is expected to attain a valuation of about US$ 6.09 billion by 2030. The potential benefits in the speech analytics market are significantly irresistible.
From Speech to Insights: The Power of Human Voice
Digital transformation isn’t just a buzzword anymore. In a world where businesses are competing to differentiate themselves, new technologies make speech analysis easier to achieve. In a digital age, live voice contacts matter as much as providing a high-quality customer experience. Businesses lose billions of dollars due to poor customer experience (CX). CX has become a crucial mandate to ensure the success of any business. A good CX leads to customer loyalty. But how to ensure a fruitful customer experience? This is where speech analytics comes into play.
Speech analytics is a multi-step process that automates the process of listening to customer interactions. The first step involved in the process is speech recognition. The associated metadata such as which agent handled the interaction, and the customer’s basic information is also fed into the engine. This process is called call injection. The software incorporates conversations from the source and turns it into a textual format.
The next step involves fine-tuning the acoustic signals such as agitation and silence to normalize into a consistent form. This step involves the segregation of the calls in the call library based on defined categories. The result is a unified communication data view represented categorically.
Finally, the software automatically analyzes the interactions for pre-defined categories or tag contacts. Key metrics are used to measure various performance indicators. This creates actionable reports for relevant terms. All this data can be put into action by providing direct feedback to analysts, supervisors, and agents through reports.
Speech Analytics Market as an Enhancement in Digital Transformation
Many companies struggle to capture and process customers ‘expectations over voice. An inability to analyze voice conversations makes it difficult to unlock the full potential of businesses. The good news for today’s companies is that speech analytics market players offer various ways to access feedback from customers. Digital investments and analytics drive significant customer service improvements. The evolution of the omnichannel contact center has allowed companies to provide strategic customer care.
Speech analysis has become a fundamental expectation across contact centers. The convergence of AI has led to the extraction of data from real-time and recorded conversations to provide deeper insights. If businesses plan meticulously, speech analytics will give them the required ROI within a shorter time frame. AI-powered techniques can record, transcribe, and analyze conversations. This helps to explore root causes and conduct sentiment analysis.
The results and insights obtained are crucial for innovation. The customer satisfaction score improves by a high percentage. The speech analytics market solutions help businesses gain visibility leading to higher sales. The analysis of solicited and unsolicited feedback to inspire new features into products boosts customer satisfaction. Companies that fail to leverage this information risk falling behind their competitors. The widespread adoption of digitally equipped tools leads to the expansion of the market.
Improved digitalization coupled with an upgrade from mono to stereo recording helps companies differentiate speakers. This helps in effectively unlocking the information inside the recorded conversations. Advanced artificial intelligence and natural language processing models power the interpretation of advanced computational linguistics. The recent developments in neutral-network language models consider more data. This results in more accurate transcriptions. The market players offer complementary capabilities such as automatic data masking and password protection. This strengthens their product portfolios.
Speech Analytics Market Capabilities- From Sales to Operational Excellence
Many companies have incorporated speech analytics as a part of their CRM strategy. Leveraging the insights of customers can help companies dig for hidden gems about their competitors. Speech analytics market solutions aid in unlocking the most pertinent data. It can assist in pinpointing the marketing campaigns to uncover trends. Modern-day solutions provide a snapshot of consumer’s sentiments. Extended speech emotion recognition tools gauge emotions to form predictions.
The speech analytics market is one of the fastest-growing segments in call center management technology. Companies offer personalized data-visualization dashboards and tailor-made solutions to address the specific needs of consumers. This lets clients see missed conversational moments and compliance violations to customer satisfaction. Automation of tools with AI transcription drives faster analysis. Keeping track of full call coverage becomes easier and more efficient. This can accelerate traditional and manual diagnostics by nearly 400 percent. Organizations can implement these results to improve their operational processes.
With a better understanding of customer demands, companies can curate coaching sessions for individual agents and supervisors. This will help in building organizational and cultural elements into the foundation of performance management. Speech analytics market tools indicate the rate of unsuccessful self-serve calls. These calls can be useful for companies to improve specific self-serve options that many callers found problematic.
The insights gathered from speech analytics tools can be used as an indicator of the performance review of agents. Agents can be provided incentives based on their numbers in upselling and cross-selling. Speech analytics solutions can help identify selling opportunities and identify operational issues. It also helps in monitoring regulatory compliance to improve performance. Leading companies integrate text analytics within speech analytics modules. This provides multi-channel customer insights reducing operational costs.
Mapping the Regional Landscape in the Speech Analytics Market
Promising Future of the Speech Analytics Market in North America
The speech analytics market in the region is likely to propel on account of the integration of robust technologies with these modules.
- The partnership between Aural Analytics and Medidata in July 2022 aims to expand the consumer reach in the region. Aural Analytics is a prominent leader in providing speech analytics solutions. The collaboration is done to incorporate Medidata’s cloud-based analysis solutions in Aural’s Speech Vitals Technology. This joint venture will serve many research segments that utilize speech as a function.
- The development of AI-powered solutions by Amazon Connect aids agents in chatting with Amazon Q. The AI-driven launch for Amazon Connect’s CcaaS platform provides the necessary solutions to customers’ inquiries. For improvement in customer support, it also provides auto-recommendations. This ensures a higher level of customer satisfaction.
Prominent leaders present in the region are making innovative breakthroughs. This plays a significant role in the market expansion in the region.
Contact Center Outsourcing in Asia Pacific to Augment Growth
The proliferation of customer communication channels in call centers is likely to create lucrative opportunities in the region.
- In February 2023, Bharti Airtel, India’s leading telecommunications company, partnered with Nvidia, a technology company that offers groundbreaking speech analytics solutions. This collaboration is envisioned to leverage Nvidia’s advanced AI to improve Airtel’s customer service experience.
The companies in the region are prioritizing the enhancement of customer experiences. This creates significant demand for speech analytics market solutions. The players in the region are frontrunners in the adoption and implementation of speech analytics technology. This solidifies the dominance of the region in the global speech analytics market.
Future Outlook of the Speech Analytics Market
Businesses are rapidly turning to speech analytics tools. This is because they recognize the value of offering a good customer experience. The speech analytics market is expected to penetrate the healthcare sector more to analyze patient interactions. This will also aid in raising the standard of patient care. Integration of speech analytics with artificial intelligence and other cloud-based solutions is a foreseen trend. The increasing use of real-time speech analytics is expected to drive the market growth.
Speech analytics market players are focusing on overcoming barriers that limit the growth potential. The high cost of adoption and issues regarding the security and privacy of customer data are expected to impede market growth. Creating unified customer profiles in the unified communication market is a longstanding contact center challenge. Market strategies to increase the adoption in the IT sector are expected to propagate growth. The increasing demand for customer experience management, call monitoring, sentiment analysis, and agent performance management is expected to open new avenues in the speech analytics.
References
Sonix- History of Speech Analytics
Call Miner- Speech Analytics and its Process
CX Today- AI-powered developments
