Why Speech Analytics Market is Poised to Grow Exponentially between 2015 and 2020?
Speech analytics solutions are constantly evolving with better and newer capabilities. Extending beyond the boundaries of a contact center, speech analytics tools are now helping organizations sharpen their competitive edge by providing valuable market intelligence. Projected at 22% CAGR, Speech analytics market is estimated to grow from $589.1 million in 2015 to $ 1.6 billion by 2020, as per a report by Research and Markets.
Despite the rise of numerous digital channels, phone continues to be the customers’ most preferred channel of interaction with an organization. According to Ovum, phone still remains the key channel to resolve issues for customers. A recent survey by Ovum specified that 75% customers could successfully resolve their issues on phone as compared to 11% on a website and 5% through social media. As a matter of fact, customers may start their interaction through web self-service or mobile applications, but to reach the final resolution, they depend on telephonic conversations.
The growing significance of voice across the multi-channel world is likely to uphold the growth of speech analytics market globally. With speech analytics market poised to grow exponentially, organizations will use this technology all the time more to improve customer experience, operational efficiency, customer retention and sales effectiveness. However, challenges like paucity of in-house expertise and initial set-up cost are forcing organizations to look for managed services as a way to derive maximum returns from their speech analytics investment.
Adoption of speech analytics solutions is likely to also accelerate with the growing maturity of these solutions and the resources handling them. Availability of managed analytics teams with the knowledge and experience in deploying and managing these solutions will fuel the speech analytics uptake on a larger scale. Industry experts believe that speech analytics will soon become a mission-critical functionality for organizations.
Some of the key drivers of speech analytics market are shown in the figure given below:
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The given below figure demonstrates the categorization of the speech analytics market by company type, designation and region.
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The complexity of speech analytics solutions and the need for specialized skill-set and knowledge is causing the demand for managed services deployment in the speech analytics market. With this, from 2015 to 2020, professional services segment is likely to grab a major share in the speech analytics services market.
For more information on speech analytics challenges and solutions, read R Systems’ white paper “Maximize ROI through Successful Deployment of Speech Analytics”.
About Sheetal Kumari
Sheetal is an MBA with 6.5 years of experience in the publishing and the IT industry. She is currently working as an Assistant Manager in the RSI Marcom department.

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