A report released by Market Research Future (MRFR) shows that the global speech analytics market is expected to reach USD 1.75 billion at an estimated CAGR of 23% during the forecast period (2016-2022). But why is it growing so rapidly? Because companies are recognizing that they need the insights hidden in call recordings to serve their customers better. Speech analytics is key to the overall understanding of the customer. It is the most literal representation of the Voice of the Customer, which can act as a basis for an outstanding customer experience.
Speech analytics also plays a key role in identifying the root cause of customer dissatisfaction. It helps to keep the company informed, which helps to minimize risk and to prepare its staff accordingly, in order to prevent such circumstances. Businesses can use this form of an analytical solution to improve their prediction of customer engagement outcomes. They can also recommend customized and efficient customer engagement processes (CRM). In addition, the increased adoption of these analytical solutions was motivated by an increased number of call centers, increasing advances in voice analytical technologies, increasing demand for more accurate risk management solutions, and a vast amount of voice data already available to the majority of large companies worldwide.
Speech analytics technology mainly scrutinizes any business-to-consumer interactions in real-time using advanced NLP technology combined with artificial intelligence and machine learning. These solutions can generate numerous signals from customer interaction to evaluate the user’s motive, sentiment, success, and various other outcomes that can help businesses enhance their marketing, sales, and service departments’ results. For example, Russia’s Sberbank uses a solution to make itself ready for the future. Sberbank’s AI acts as a passive third party in call center transactions, listens to interactions, and applies NLP techniques to what they hear. The program is presumed to learn enough in the next few years to extend its functionality and recommend responses to the call center operator, enabling completely human interactions to be assisted by the accuracy and speed of AI.
In addition, in May 2020, Silicon Valley customer experience management specialist Medallia released a speech analytics tool named Medallia Speech, which provides customers with a single view of customer experience on a single platform. Leslie Stretch Medallia Experience Cloud is used to manage the experience of consumers, employees, and people by collecting signals generated on daily journeys in person, digital, and IoT interactions and by applying AI technology to uncover customized and predictive insights. As part of the Experience Cloud, the latest Medallia Speech solution combines real-time voice transcription at large scale and speech analytics to analyze the millions of call hours – including the sentiment.
A further combination of text analytics, as well as insights from digital, video, and other channels, offers a ‘comprehensive’ view of the entire customer journey.
Speech analytics has become increasingly common in the telecommunications industry due to the vast amount of data produced by the emergence of the connected world concept. Initially, recorded calls were analyzed manually, but the increase in call volume demands for an adequate and reliable assessment, leading to the adoption of speech analytics. Telecom service provider companies are major end-users of speech analytics solutions worldwide. Various benefits, such as improved margins, fraud reduction, risk minimization, service enhancement, and customer satisfaction, lead to the acquisition of more customers and the retention of customers, which contribute to the growth of the industry’s market.