The Voice Analytics Market Will Reach 3.6 Billion Dollars In 2024

According to a Mordor Intelligence report, the Speech Analytics market will reach 3.6 billion dollars in 2024, experiencing a compound annual growth rate (CAGR) of 21.6% during the next 5 years. Analytical voice solutions offer companies the ability to obtain more information so that they can make key business decisions.

Voice analytics, also known as Speech Analytics, refers to the process of evaluating users’ registered calls to gather information, with the aim of improving communication and future interactions. Thus, call recordings help a company obtain information about user satisfaction, service issues, agent performance and campaign effectiveness.

Benefits Of Implementing Speech Analytics Technology

The analytical voice solutions provide advanced functionalities and valuable information about user calls. This is used to discover data related to the strategy, operational problems and performance of the call center agent. Also, voice analytics software can give the company a significant competitive advantage:

• Helps obtain value-added information about the product and processes of a company, improving results and obtaining user satisfaction.

• It allows companies to reduce their operating expenses and save costs. Speech analytics includes essential elements of automatic voice recognition. Therefore, analytical speech tools help contact centers and organizations improve their operational process.

• Sales organizations use voice analytics tools to identify upselling and cross selling. This has led to an increase in sales conversion rates, as these solutions help to understand the result of the offers of the different demographic data of the users towards the offers made.

• Speech Analytics provides an analysis of the recorded telephone conversations of the company and its users. In addition, you can identify areas in which call center supervisors may require additional training or training and automatically control the customer service provided on calls. Several speech analytical solutions include speech engine, indexing, analysis and query tools, control panels and reports and statistics.

The importance of voice in the multichannel world increases with increasing demand from call centers and interactions with users. In this way, the intelligence needed to develop cost containment and effective strategies for customer service is obtained. Real-time voice analytics and voice engines help companies make decisions effectively and quickly.

Therefore, the adoption of analytical solutions by organizations from all sectors has increased rapidly over time. This is due to the greater focus of companies on market intelligence to gain a competitive advantage. Therefore, factors such as risk management, the need for greater operational efficiency by companies and the increase in the number of call centers in emerging countries are expected to boost the market over the next five years.

Organizations have implemented voice analysis through a combination of internally recorded data, social networks and external syndicated data to create cutting-edge analytical solutions, in order to gain a better understanding of the requirements of their users.

Voice analytics can also play a crucial role in understanding customer dissatisfaction. Keeps the organization informed, which helps mitigate the risk and train staff accordingly, to avoid such circumstances. With such an analysis solution, companies can improve their prediction of user engagement results. They can also prescribe the most likely and successful user participation (CRM) processes.

Key Market Trends

1) The Telecommunications Sector Will Occupy A Significant Market Share

Speech Analytics has become increasingly popular in the telecommunications industry due to the large amount of data generated through the arrival of the concept of “connected world”. Initially, recorded calls were evaluated manually, but the increase in call volume requires the need for adequate and accurate analysis, which leads to the adoption of Speech Analytics.

The organizations providing telecommunications services are the main end users of voice analysis solutions worldwide. Various benefits, such as increasing margins, reducing fraud, minimizing risk, improving service and customer satisfaction, and are leading to the acquisition and retention of users, which is helping market growth.

In particular, companies are adopting cloud-based communication analysis, which helps identify potential risks with real-time information about users, identifying those of high value and managing them accordingly throughout their business life cycles to improve income.

2) Europe Will Witness A Relevant Growth Rate

The growing number of call centers, the greater importance of voice in the multichannel world and the growing demand for cloud analysis are some of the main factors that affect the growth of the Speech Analytics market.

Contact centers increasingly use voice analysis to improve the customer service experience. Likewise, the retail and banking sectors have also been at the forefront of adopting solutions based on voice analytics in this region, mainly due to the growing need to improve user retention, in a highly contested market space.