The global speech analytics market is anticipated to grow considerably at a CAGR of 19.0% during the forecast period (2024-2031). The key companies across the globe are adopting different business strategies including expanding their technological advancements, geographic presence, R&D activities, new product approvals, mergers & acquisitions, partnerships, and collaborations to increase market share. Among these, a collaboration of the major players post-pandemic for the improving existing technologies in the speech analytics solution, which is high in demand as social distancing and work from home model is in effect, is one of the major factors that are propelling the growth of the market.
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In January 2021, Clarabridge, a global leader in Customer Experience Management (CEM) for some of the world’s most recognizable brands, announced that its Clarabridge CX Analytics solution now integrates with Amazon Web Services (AWS) Contact Center Intelligence (CCI), bringing Clarabridge into the AWS Partner Network for the first time. Organizations can easily add machine learning (ML)-driven speech and text analytics to existing contact center technologies using AWS CCI solutions and Clarabridge’s omnichannel analytics, resulting in measurable improvements in customer service quality, comprehensive risk/compliance management, and cost reduction in the contact center.
In October 2020, NTT TechnoCross has established a cooperation with CallMiner, one of the leading providers of AI powered voice and customer contact analytics in Japan. Within the CallMiner Eureka platform, CallMiner has leveraged the NTT speech to text transcription engine to allow analytics for Japanese speakers. The NTT-TX ForeSight Voice Mining system records audio from contact center interactions and analyses it to improve agent effectiveness and improve customer experience. The CallMiner Eureka platform has complement ForeSight intelligence by providing behavioral insight from the customer’s voice, as well as comprehensive data-backed details. Customers of CallMiner can now take advantage of the company’s highly accurate speech-to-text transcription, as well as a layer of enhanced speech analytics to better optimize agent performance.
In July 2020, Verint and Cloud9 Technologies have partnered to provide the financial services industry with a fully compliant, cloud-enabled communications solution to support traders both on the trading floor and remotely, allowing for the necessary flexibility as the industry continues to migrate to cloud-based platforms and work-from-home environments during and after the COVID-19 pandemic. Thus, the major effective speech analytics solution with improved technologies are providing by the key players due to the collaborations of top players in the industry is to drive the global speech analytics market during the forecast period.
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Market Coverage
- Segment Covered-
o By Deployment Type
o By Organization Size
o By Type
o By End-User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Calabrio Inc., Calabridge Inc., Avaya Inc., AlmavivA S.p. A., IBM Corp., Microsoft Corp., NICE Ltd., ThoughtSpot Inc., among others.
Recent Strategies Adopted by Major Players in the Global Speech Analytics Market
- In July 2020, OpenText has made its Content Services technology available for Microsoft Teams. OpenText Content Services can now be used for information governance and control. Content and collaboration technologies are integrated into business processes with OpenText Extended ECM for Microsoft Office 365. With this announcement, OpenText brings its market-leading information governance tools and processes to Teams, giving users and administrators a wider range of compliance, records management, and archiving choices.
- In March 2020, Genesys, a global leader in cloud experience and contact center solutions, has acquired nGUVU, a long-time partner, to expand its workforce engagement management (WEM) suite with gamification. nGUVU, based in Montreat, Canada, is a cloud-based software supplier of gamified solutions that leverage machine learning and behavioral analytics to boost employee engagement and performance.
Global Speech Analytics Market Report Segment
By Deployment Type
- On-Premise Deployment
- Cloud-Based Deployment
By Organization Size
- Large Enterprise
- Small and Medium-Sized Enterprises (SMEs)
By Solution
- Speech Engine
- Indexing, Analysis, and Query Tools
- Dashboard and Reporting Tools
By End-User
- BFSI
- IT and Telecommunication
- Government and Defense
- Retail
- Healthcare
- Media and Entertainment
- Travel and Hospitality
- Others
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