Global Speech Analytics Market: New way of understanding our customers.

"The global speech analytics market is forcasted to grow with an impressive CAGR of 22% for the year 2016-2023 notes OBRC analyst Amol Meshram." In just last one decade, speech analytics has grown from understanding the ‘words’ with phonetics to machine learning or AI(artificial intellegence).With the rapid development in automation and machine learning the speech analytics market is expected to go beyond the level of understanding. This technology is witnessing a huge demand due to growing need of analyzing the customer interaction data, importance of customer feedback and need for customer relationship management (CRM).

Emotion detection, an emerging application of speech analytics is the new trend.

Understanding the tone of the speaker or the customer, calculating the pitch of the voice and analyzing the data with various algorithm, speech analytics can now be used to track emotions. Likewise there are different types of actions required depending upon the situation like, anger, happiness or sadness. There may be number of other benefits like improved sales, customer retention, improved marketing, streamlined escalations. This technology is expected to have tremendous applications in future which we are unaware rightnow.

Integration of speech analytics with cloud based system and IoT (internet of things) driving the market.

The availabilty of IoT (internet of things) based deployment option has further boosted the demand for speech analytics across various verticals. Now clients can get the analyzed data anywhere around the world. Also with the use of of cloud computing they don’t actually need to keep the date with themselves, they can use cloud to store the data which they can acess around the world. Both the techniques along with speech analytics providing extra boost to market.

Due to the presence of a large number of analytics vendors head quartered in North America, it is expected to withness a CAGR 21.49% during the forcast period year 2016-2023, covering the largest market share approx 71.4%, and dominate the market of speech analytics.APAC region also has the hidden potential because the region is witnessing large investments in contact centers and towards speech analytics solution also there are rise in technology penetration.moreover in latin america new contact centers are emerging with high growth rate which is eventually leading the market there.