Last week, Market Research Future released a report detailing its projections for the future of the speech analytics market. The report looked at industry reports as well as a multitude of surveys to help formulate its predictions for the future of the market. It foresees immense growth in the future of speech analytics. Over the next five years, the firm believes that the speech analytics market will grow at a compound annual growth rate of 23 percent, reaching a total market size of $1.75 billion by the end of 2022.
The main driver of this market growth is simply customer preference. When provided with the option of voice based communications alongside other options like email and social media messaging, customers report that they much prefer using voice, citing clearer communication as their main reason for doing so.
While companies obviously want to acquiesce to the desires of their customers, this creates a unique set of problems. Means of communications with customers that utilizes text are great for companies, because every customer interaction creates a lot of data that can easily be sorted and analyzed with even the most basic data analysis tools. Doing this is not so simple when the conversations are happening through voice communications, where nothing is written down.
This is why speech analytics services have become so important, and will continue to do so over the next five years. Software that can quickly and accurately transcribe voice conversations and then analyze those transcripts allows companies to gain much more insight into their customer interactions. This will allow sales representatives to finely tune their approach, customer service agents to hone in on trouble spots when assisting customers, and all workers who interact with customers the chance to see objectively what they do well and what they need to improve upon. Companies are always looking for ways to improve their customer service, and speech analytics are going to become a driving force in leading that improvement. It is for this reason that the market for speech analytics will see such rapid growth in the near future.