For years, companies have relied on in-depth insights to drive better business intelligence. Unfortunately, while the conversations held in the contact centre provide an almost endless stream of valuable information, they’re almost impossible to evaluate manually. The good news is technology can offer an opportunity to understand and assess speech like never before.
Speech analytics, a component of natural language processing, AI, and business intelligence, provides companies with the tools they need to read between the lines in customer conversations. According to Reports and Data, this market will reach a value of at least $4.24 billion by 2026, as companies search for new opportunities to understand the customer journey.
Speech analytics technology is crucial to understanding an increasingly demanding consumer base, full of people who expect the highest quality of care. The following speech analytics statistics help to highlight the value of the industry.
The Rise of Speech Analytics
Speech analytics technology can detect and analyse spoken words in a contact centre or any environment allowing for communication between multiple people. Growing focus on competing via customer satisfaction has driven a massive increase in the demand for speech analytics too. Between the years 2021 and 2026, the environment is expected to grow at a CAGR of around 22.14%.
Speech analytics tools can help customers to understand the core reasons for customer dissatisfaction, improve employee training, and predict customer engagement outcomes.
- While the speech analytics market covers several geographies, the market in the APAC region is expected to experience the highest CAGR up to the year 2026. Due to widespread adoption in Australia, China, Japan, and India, the market is experiencing a rapid expansion, particularly among call centres. – Reports and Data.
- Organizations leveraging call analytics tools, from speech analytics systems to sentiment analysis tools, can reduce average handling time by around 40%. Analytics solutions can also improve self-service containment rates by up to 20%.- McKinsey & Company
- The most popular applications for speech analytics tools in the current landscape include sentiment analysis, risk and fraud detection, call monitoring, and sales and marketing tools, according to the Global Voice and Speech analytics report. – Voice and Speech Analytics Market Report.
- Speech analytics offer a behind-the-scenes view of the customer journey. One of the driving factors behind the sector’s growth is the increasing demand for predictive service. 75% of customers say they expect companies to anticipate their needs and make relevant suggestions. – State of the Connected Customer
- Global business intelligence markets are growing. According to reports, the market accounted for a value of $22.16 billion in 2020 and is expected to reach a value of around $42.95 billion in 2028, with speech and AI analytics as some of the main elements driving company growth. – Zion Market Research
- 40% of companies say they rely on artificial intelligence to help with their CX strategy, and 71% find AI useful in personalizing the customer experience. Additionally, almost half of top marketers say AI has a positive impact on the interactions they have with clients. – IT Pro Portal.
- The natural language processing (NLP) market has grown consistently worldwide since 2017. Currently, the projected value of the industry sits at around $43 billion by 2025, creating a market almost 14 times larger than it was in 2017. - Statista
A Successful Future for Speech Analytics
Over the last few years in particular, companies have begun to recognise just how important the right technology and analytics can be to driving great customer experiences.
