TMCnet News
Speech Analytics Market worth $7.3 billion by 2029 - Exclusive Report by MarketsandMarkets™CHICAGO, Feb. 28, 2024 /PRNewswire/ -- Advances in artificial intelligence (AI) and machine learning (ML), real-time analytics, multilingual and multichannel support, emotion and sentiment analysis, conversational AI integration, customer experience, compliance, integration with CRM and CX platforms, and industry-specific solutions are what will shape the Speech Analytics Market in the future. These factors will also drive innovation and value creation in customer interaction analysis and decision-making processes. The Speech Analytics Market is projected to grow from USD 3.3 billion in 2024 to USD 7.3 billion by 2029, at a compound annual growth rate (CAGR) of 17.5% during the forecast period, according to a new report by MarketsandMarkets™. Key driving factors include the rising demand for improving omnichannel integration capabilities, the increasing emphasis on monitoring and improving agent performance, and the growing importance of utilizing analytics for customer retention and enhanced customer satisfaction. Browse in-depth TOC on "Speech Analytics Market" 260 - Tables Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=17297779 Scope of the Report
Emotion detection software functionality segment to register largest market size during forecast period Emotion detection functionality in speech analytics software plays a crucial role in understanding and analyzing the emotional aspects of customer interactions. By utilizing advanced algorithms and machine learning techniques, this feature enables organizations to identify and classify various emotions expressed by customers during conversations, such as happiness, frustration, anger, or satisfaction. Emotion detection allows supervisors and managers to assess the emotional tone of customer interactions and evaluate agent performance accordingly. By identifying instances of customer dissatisfaction or stress, organizations can provide targeted coaching and training to agents to improve communication skills and handle challenging situations more effectively. Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=17297779 Services segment to witness higher CAGR during forecast period Services are integral to the Speech Analytics Market, providing vital support and expertise to organizations embarking on the adoption journey. These services encompass consulting and advisory, implementation and deployment, training and education, support and maintenance, customization and integration, as well as data analysis and insights. Through these offerings, service providers empower organizations to effectively deploy, optimize, and derive actionable insights from speech analytics solutions, ultimately driving business growth, enhancing customer experiences, and ensuring operational excellence. VOIP and messaging platforms to register for the highest market size during the forecast period Speech analytics software increasingly integrates with VOIP (Voice over Internet Protocol) and messaging platforms to enhance customer interactions and glean valuable insights from communication channels. The speech analytics software deployed across VOIP and messaging platforms offers organizations a comprehensive solution for monitoring, analyzing, and optimizing customer interactions across various communication channels. This integration enables organizations to gain deeper insights into customer behavior, enhance agent performance, and deliver more personalized and effective customer experiences. Asia Pacific to witness highest CAGR during forecast period In the Asia Pacific region, the adoption of speech analytics solutions is steadily increasing as organizations recognize the importance of leveraging customer insights to enhance operational efficiency and drive business growth. The region is experiencing rapid economic growth, leading to increased consumer spending and a greater focus on customer service excellence. Organizations across various industries, including banking, telecom, retail, and healthcare, invest in speech analytics solutions to gain actionable insights from customer interactions and improve service delivery. Many countries in the Asia Pacific are undergoing significant digital transformation, driven by technological advancements and changing consumer preferences. As businesses digitize their operations and expand their online presence, the need for advanced analytics tools, such as speech analytics, to understand customer behavior and preferences becomes more evident. Top Key Companies in Speech Analytics Market: Some major players in the Speech Analytics Market include NICE (US), Verint (US), Avaya (US), OpenText (Canada), Google (US), Vonage (US), Genesys (US), Calabrio (US), CallMiner (US), Almawave (Italy), Five9 (US), AWS (US), Qualtrics (US), Talkdesk (US), Alvaria (US), Castel Communications (US), VoiceBase (US), Intelligent Voice (UK), CallTrackingMetrics (US), 3CLogic (US), Sprinklr (US), Uniphore ( US), Enthu.ai (India), Deepgram (US), Gnani.ai (India), Observe.ai (US), Batvoice (France), Kwantics (India), Covin (India), Salesken (US), Tethr (US), Gong (US), and Clari (US). Recent Developments:
Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=17297779 Speech Analytics Market Advantages:
Report Objectives
Browse Adjacent Markets: Analytics Market Research Reports & Consulting Related Reports: Social Media Analytics Market - Global Forecast to 2028 Data Mesh Market- Global Forecast to 2028 Intelligent Document Processing Market - Global Forecast to 2027 Contact Center Analytics Market- Global Forecast to 2027 Speech to Text API Market- Global Forecast to 2026 About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/speech-analytics-market-worth-7-3-billion-by-2029---exclusive-report-by-marketsandmarkets-302073688.html |