How Does Speech Analytics Works in Telecom Sector?

This technology can identify cost drivers, trend analysis, identify strengths and weaknesses with processes and commodities, and helps to understand how the marketplace perceives contributions.

The process is primarily used by customer contact centers to extract information buried in client interactions with an enterprise.Integration with existing systems and selection of the right approach and difficult to quantify Return on Investment (RoI) are restraining factors that would affect the growth of the market during the forecast period.

Focus on higher customer satisfaction, an increasing need for speech analytics solutions from the Business Process Outsourcing (BPO) sector and rising significance of real-time speech analytics are some of the major factors expected to drive the growth of the market during the forecast period.Speech Analytics Market Speech analytics market is segmented by component, application, deployment Model, organization Size, industry vertical, and region.

While using applications, the customer experience management applications segment is expected to hold the larger market share during the forecast period.

Among these, the cloud deployment model is likely to reach at a higher CAGR during the forecast period, as Cloud-based solutions are gaining a firm hold in the speech analytics market as is provides various benefits, such as resource pooling, and less implementation time cost control.Among verticals, the retail and e-commerce industry vertical is expected to grow at the highest CAGR during the forecast period.

The BFSI vertical is likely to hold larger market share during the forecast period, as the importance of speech analytics is growing to enhance the customer satisfaction, increase the retention rate, and reduce the customer churn rate.In case of organization size, large enterprises are likely to have larger market share during the forecast period, as they are keenly focusing on CEM to encourage repeat business and improve customer loyalty.

IT & Telecom, BFSI are the major industries in which speech analytics is used.

As these industries are growing at a good pace, the global speech analytics market is expected to witness growth in the future.

Innovations of solutions are required because of rising demand for risk, compliance management as well as increasing number of contact centers, so these solutions must help companies to understand the changing customer requirements.

however because of higher adoption it will be expected to witness maturity phase with service segment will gain from this help it for doing well in upcoming nine years.The service segment is expected to grow at the at rate more than 8 % of CAGR in forecasted period.

Services are necessary to manage the extensive portfolio of solutions that market offers which help organization to expand business process to gain competitive advantage.Deployment Insights:50% of the total revenue came from the on-premised employment in 2015.system furthermore data was better controlled by On-premise solutions however this segment might witness a sluggish growth because of high cost of deployment methods, requirement of dedicated IT staff for maintenance, requires high-end IT infrastructure as compared to the cloud deployment.As a result of this edge cloud based deployment segment gained a considerable share in 2015 this will drive high demand in the forecasted period.IT, BFSI, Media & entertainment will drive the demand for cloud deployment options.SMEs are also getting cost effective solutions from the New firms in the market.Enterprise Size Insights:40% of total share came from the SMEs in the year 2015 furthermore it will be expected to grow at a CAGR exceeding 8% in forecasted period.

Also cloud analytics will help to increase in the product demand among SMEs.End-Use Insights:Telecom sector accounted over 15% share in 2015 and expected to grow more in the forecasted period.

Speech Analytics MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Speech Analytics Market.

The growth sectors of the Speech Analytics Market are identified with precision for a better growth perspective.Speech analytics is a process of analyzing recorded calls for gathering customer information with an objective to improve communication and future interaction with customers.

The process is largely used by customer contact centers for extracting information suppressed in client interactions with the enterprise.

Speech analytics in contact centers is used to mine recorded interactions with customer to surface the intelligence essential for building effective cost control and customer service strategies.According to Market Research Future Analysis, Global Speech Analytics Market has been valued at US $ ~1.75 billion by the end of forecast period with CAGR of ~23% during forecast period 2016 to 2022.Market Research Future (MRFR) recognizes the following companies as the key players in the Global Speech Analytics Market: Verint Systems, Inc. (U.S.), Genesys Telecommunication Laboratories, Inc. (U.S.), Callminer, Inc. (U.S.), NICE Systems Ltd.( Israel), Avaya, Inc.( U.S.), HP Enterprise(U.S.), Calabrio, Inc.(US), Calabridge, Inc.(US), Aspect Software Inc.( U.S.), and Castel communications, LLC (U.S.) among others.Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:The demand for speech analytics is derived by increasing competition among organizations, need for customer relationship management (CRM), increasing number of contact centers, and growing importance of customer feedback.

The need to improve organization market intelligence capabilities and growing prominence of voice across multi-channel is expected to positively impact on speech analytics market growth.

Asia- Pacific will see a rise in the speech analytics market in the forecasted period as contact centers are using this technology to gain insights from customer interaction data.Market research Future has segmented the speech analytics into type, deployment and organization size.

May 24, 2019: The speech analytics market is expected to reach USD 1.64 billion by 2025, according to a new report by Grand View Research, Inc.

The market is estimated to witness a robust growth exceeding a CAGR of 10% over the forecast period.

This growth is ascribed to the increasing emphasis by organizations on improving the market intelligence capabilities along with the growing prominence of voice in the multi-channel world.The number of contact centers is increasing, resulting in industry players to innovate speech analytics solutions, which help companies understand the changing customer requirements.

The technology has been increasingly adopted in consumer electronics devices, including laptops, smartphones, and tablets, as it significantly increases the enterprise's scope as well as improves performance.

This, in turn, has resulted in elevating adoption of speech analytics solutions worldwide.

In addition, upcoming technologies, such as voice print authentication, are estimated to spur growth over the coming years.Download sample Copy of This Report at: https://www.radiantinsights.com/research/speech-analytics-market/request-sample Furthermore, the rising demand for risk management solutions and cloud analytics is also anticipated to favorably impact growth over the next nine years.

Overview The telecom analytics market will witness a healthy growth from 2018 to 2023, a research report suggests.

During the forecast period, the market will be supported by high demand across industry verticals and advancements in technology.

The slow penetration of the technology on the other hand will challenge business intelligence sector based organizations functioning in the global telecom analytics market.

Analysts have studied the strategy of business intelligence segment based organizations to help new entrants and established businesses.

The business intelligence sector itself is supported by the increasing cloud-based solutions as well as the rapidly growing population.

Regional Overview Business intelligence market based companies in the telecom analytics market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world.

3 February 2020 - IT & Telecom, BFSI are the major industries in which Speech Analytics is used.

As these industries are growing at a good pace, the global speech analytics market is expected to witness growth in the future.

Innovations of solutions are required because of rising demand for risk, compliance management as well as increasing number of contact centers, so these solutions must help companies to understand the changing customer requirements.

however because of higher adoption it will be expected to witness maturity phase with service segment will gain from this help it for doing well in upcoming nine years.The service segment is expected to grow at the at rate more than 8 % of CAGR in forecasted period.

Services are necessary to manage the extensive portfolio of solutions that market offers which help organization to expand business process to gain competitive advantageDeployment Insights:50% of the total revenue came from the on-premised employment in 2015.system furthermore data was better controlled by On-premise solutions however this segment might witness a sluggish growth because of high cost of deployment methods, requirement of dedicated IT staff for maintenance, requires high-end IT infrastructure as compared to the cloud deployment.As a result of this edge cloud based deployment segment gained a considerable share in 2015 this will drive high demand in the forecasted period.IT, BFSI, Media & entertainment will drive the demand for cloud deployment options.SMEs are also getting cost effective solutions from the New firms in the market.Enterprise Size Insights:40% of total share came from the SMEs in the year 2015 furthermore it will be expected to grow at a CAGR exceeding 8% in forecasted period.

Also cloud analytics will help to increase in the product demand among SMEs.End-Use Insights:Telecom sector accounted over 15% share in 2015 and expected to grow more in the forecasted period.

Speech Analytics MarketMarket research Future has segmented the speech analytics into type, deployment and organization size.

Types of speech analytics available in the market are Solutions (such as analysis and query tools, dash boards and reporting tool, indexing and speech engine) and Services among others.

The technology is used in several end-users sectors such as BFSI, entertainment, government, retail, IT& Telecom and healthcare among others.The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry.

This increase in customer interaction by use of various channels is acting as a major driving force for business analytics market growth.The interest of organizations to analyze its customers and making decisions for customer’s interest is also boosting the growth of speech analytics market.

The pressure on business is currently to safeguard their intellectual property for gaining efficiency in business operations.

This is done by gaining insights from customer interactions.Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:The demand for speech analytics is derived by increasing competition among organizations, need for customer relationship management (CRM), increasing number of contact centers, and growing importance of customer feedback.

 The report "Telecom Analytics Market by Application (Customer Management, Sales and Marketing Management, Risk and Compliance Management, Workforce management, and Network Management), Component, Deployment, Organization Size, and Region - Global Forecast to 2023", The telecom analytics market size is expected to grow from USD 3.1 billion in 2018 to USD 6.0 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.3% during the forecast period.

The key factors driving the telecom analytics market include the growing need for churn prevention, increasing demand for streamlined and effective revenue management, and rising online attacks and suspicious activities.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=73969513The network management segment to grow at the highest CAGR during the forecast periodNetwork management incorporates network utilization analytics, capacity planning and management, traffic volume forecasting, call route optimization, and performance management.

Telecom service providers have adopted data and analytics solutions to support better capacity planning and traffic management, achieve service assurance level, and deliver enhanced customer experience, leading to higher subscriber retention and increased revenue.The services segment to grow at a higher CAGR during the forecast periodBased on components, the telecom analytics market is segmented into software and services.

Professional services and managed services help enterprises in building successful client relationships by continuously supporting them through the business tenure.

Furthermore, these services benefit enterprises by maximizing resource usage, improving project execution, and streamlining business operations.

The need for services, such as consulting services, would also grow, as the adoption of telecom analytics software increases.The on-premises deployment model to hold a larger market size during the forecast periodBased on deployment models, the market is segmented into on-premises and cloud.

According to Market Research Future (MRFR), the global speech analytics market size is projected to reach USD 1.75 billion at an estimated CAGR of 23% from 2016 to 2022 (forecast period).

The study discusses industry competition and global market patterns, offering a detailed overview of both growth drivers and constraints that could have a significant impact on market outlook over the forecast period.Speech Analytics is the process of analyzing recorded calls for the collection of customer information with the goal of enhancing communication and potential interaction.

The process is used by contact centers to extract information from clients' interactions with the organization.

Technology can detect cost drivers, strengths, and limitations in processes and products, analyses trends, and help explain how the marketplace recognizes the offerings.Market DynamicsThe key factors impelling the growth of the speech analytics market are the growing need for customer relationship management, an increase in the level of competition of existing players, new product development, and rigorous management.

Risk management, along with increasing compliance requirements, also attributes to the growth rate.

The demand for this sector rises with the expertise and awareness of third-party resources to implement such solutions.