Voice Analytics Market Size, Share, Growth Analysis, By Deployment Type(On-premises and Cloud-based), By Component(Solutions and Services), By Application(Sentiment analysis, Sales & Marketing Management, Risk & Fraud Detection, Call Monitoring and Others), By Organization Size(SMEs and Large Enterprises), By Vertical(BFSI, Retail & E-commerce, Telecommunication, Healthcare and Life Sciences), By Region - Industry Forecast 2024-2031

Drivers

Growing Demand for Better Customer Service

• One of the factors driving the growth of the global voice analytics market is the increasing demand for better customer service. As companies seek to deliver better customer experiences, they are turning to speech analytics solutions to analyze customer interactions and behavior. For example, a call center can use speech analytics to identify common customer complaints or problems and adjust their policies or training accordingly. This can help improve customer satisfaction and loyalty, and ultimately increase revenue.

Increasing Adoption of Artificial Intelligence and Machine Learning Technologies

• Another driver of the global voice analytics market is the increasing use of artificial intelligence and machine learning. This technology enables more accurate and effective speech content analysis, giving businesses deeper insights into consumer behavior and preferences. For example, a retailer might use speech analytics to track customer interactions dealing with their chatbot or virtual assistant and identifying areas for improvement in the user experience Chatbots or virtual assistants can help optimize and improve customer satisfaction.

Restraints

Need for Integration with Existing Systems

• One of the limitations of the global voice analytics market is the need for integration with existing systems. Contact centers use a wide range of technology systems such as interactive voice response (IVR), agent desktops, CRM, and social media monitoring tools. These systems need to be integrated or integrated with speech analysis solutions. Otherwise, there may be a lack of integrated perspective on customer needs and concerns, and lack of agent performance, which can reduce the overall performance of the company e.g., if speech analysis is applied to systems among which, agents multi-screen approach using speech analytics applications while calling can be done, resulting in significant inefficiency in their performance.

Challenge of Choosing an Appropriate Speech Analysis Technology

• Another factor restraining the global voice analytics market is the challenge of selecting the right speech analysis technology. There are many ways to gain insights from data, such as sorting through tone of voice, text, keywords customers talk about through calls and choosing the channel that best suits the needs of the organization can be difficult. Multiple speech analysis vendors with equally good offerings make it difficult to choose the best speech analysis solution. This allows companies to invest in solutions that don’t meet their needs or provide the desired return on investment.