Speech Analytics: The Future of Client Servicing

The ballooning focus of businesses on customer satisfaction is boosting the demand for speech analytics solutions across the world. Due to the establishment of numerous companies and businesses in the last few years, people have become spoilt for choice and as a result, are no longer loyal to only one particular brand. Moreover, people are nowadays more likely than ever to change their brand preferences if they face too many service-related issues, instead of product- or price-related ones. 


Apart from the above-mentioned factor, the rising requirement for adherence to compliance regulations is also pushing up the adoption of speech analytics solutions by organizations across the world. At present, the compliance regulations are consistently being updated for protecting consumer rights. As a result, organizations and businesses are required to stay updated all the time on various regulations such as the Fair Credit Reporting Act (FCRA) and the Telephone Consumer Protection Act (TCPA).

The speech analytics solutions have the ability to automatically analyze and monitor calls as per the mandatory regulations and eliminate the risk of lawsuits and fines associated with the non-compliance of these regulations. Because of these factors, the popularity of speech analytics solutions is growing rapidly all over the world. This is, in turn, propelling the growth of the global speech analytics market, with the market value predicted to surge from $1,010.4 million to $2,910.1 million from 2018 to 2024.

Between the speech analytics solutions and services, the demand for the former was found to be higher in the past years. This was because of the large-scale usage of speech analytics solutions in various industries for monitoring the performance of agents and enhancing the customer service. In the future years, the demand for speech analytics services would rise rapidly, mainly on account of the growing requirement for the integration, implementation, and consultation services associated with these solutions across the world. 

Geographically, the North American speech analytics market was observed to be the most lucrative one in the years gone by. This was because of the presence of an expanding service industry and numerous contact centers in this region, that are outsourced and managed by speech analytics solutions. The existence of several big industries, huge IT spending, and rapid technological advancements are the other factors that pushed up the adoption of these solutions in this region in the past.

In the forthcoming years, the demand for speech analytics software would rise rapidly in the Asia-Pacific (APAC) region, as per the forecast of P&S Intelligence, a market research firm based in India. This would be a result of the soaring investments being made in the IT sector in the developing nations of APAC such as India and China and the rapid establishment of numerous contact centers in many regional countries.

Hence, it can be said without any hesitation that the demand for speech analytics solutions would skyrocket all over the world in the upcoming years, primarily because of the growing requirement for advanced technologies that can help businesses improve their customer service and customer satisfaction in many countries around the world.

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