Speech Analytics Market Recent Trends, Developments, Challenges & Opportunities

Posted by Devanshu Shrivastava on February 10th, 2021

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. 

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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 speech analytics market, with the market value predicted to surge from 1,010.4 million dollar to 2,910.1 million dollar 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. 

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