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Speech or voice analytics refers to the assessment process for collecting data on recorded customer calls. It is designed to enhance communication and customer interaction in the future. Call recordings help an organisation gain rare insights about customer satisfaction, competing intelligence, service issues, agent performance, and campaign efficiency. One of the main factors driving the global voice analytics market growth is the introduction of AI into voice and speech analytics. This integration can improve the categorisation efficiency of voice and speech data with machine learning. The AI-based categorisation of voice and speech data can also efficiently analyse words, acoustics, and feelings, as well as derive emotions.
The North American is a significant regional market for voice analytics due to the higher adoption of technology in the region. During the forecast period, the Asia Pacific is expected to have considerable growth opportunities. There is fragmented competition in this region, as cloud companies are looking to extend the base of solutions to the countries in the region as a result of infrastructure improvement and other strategic business moves.
In May 2021, Verint Systems Inc. (NASDAQ: VRNT) announced the launch of the latest Microsoft Teams recording integration. This collaboration will help businesses across industries seamlessly capture, maintain, review and recover all messages from Microsoft Teams calling and meeting scenarios – including voice calls, chat, online meetings, screen sharing, and more. Verint's native integration with Microsoft Teams allows businesses to exploit the new digital communication platforms while staying consistent with changing regulations. Such developments are expected to positively influence the market in the coming years, especially as remote working and work-from-home models are increasingly being adopted by organisations.
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The major players in the global voice analytics market are Calabrio, Inc., Vocalis Health, Inc., Thoughtspot Inc., VoiceSense Ltd., VoiceBase, Inc., Talkdesk, Inc., Verint Systems Inc (NASDAQ: VRNT), NICE Ltd., and Uniphore Technologies Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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