The increasing focus of enterprises on customer satisfaction has resulted in the large-scale adoption of speech analytics solutions in these organizations. In recent times, it has become essential for businesses to provide exceptional customer service for improving their customer retention rates and expanding their customer base, as customers can choose from an ocean of brands nowadays. , .
Moreover,customers, these days, are more likely to buy products from companies that offer better quick and better solutions to product or price-related problems. Additionally, the surging requirement for adherence to compliance regulations is expected to drive the speech analytics market at a CAGR of 19.9% during the forecast period (2019–2024). According to P&S Intelligence, the market revenue stood at $1,010.4 million in 2018, and it is expected to reach $2,910.1 million by 2024.
At present, compliance rules are constantly evolving to protect customer rights, owing to which, organizations need to stay updated with regulations such as the Fair Credit Reporting Act (FCRA) and the Telephone Consumer Protection Act (TCPA). Moreover, the escalating preference for phonetic indexing is also fueling the adoption of speech analytics solutions in business operations. As compared to the conventional transcription technique, the phonetic indexing method is easier to implement and manage.
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Additionally, the latter is quicker than the former because it does not scan umpteen dictionary words. Speech analytics solutions based on phonetics convert audio conversations into a thread of phenomes and then choose only a predefined list of words. This allows the system to evaluate a greater volume of calls and achieve business insights quickly with the same number of servers.
This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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