The speech analytics market is witnessing a significant growth due to rising adoption of the speech analytics tools across the Business Process Industry (BPO) industry. For More Information Visit – http://www.grandviewresearch.com/industry-analysis/speech-analytics-market

1. Speech Analytics Market Analysis, Market Size, Application
Analysis, Regional Outlook, Competitive Strategies And
Forecasts, 2014 To 2020
The speech analytics market is witnessing a significant growth due to rising
adoption of the speech analytics tools across the Business Process Industry (BPO)
industry. Introduction of advanced technological tools enables organizations to
take action on unstructured data acquired from customer interactions, thereby
enhancing customer experiences, and gaining a competitive advantage. The
technology works on three approaches, direct phase recognition, phonetic
recognition and Large Vocabulary Continuous Speech Recognition (LVCSR).
For More Information on "Speech Analytics Market Research Reports" visit
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market

2. The technology is used across several sectors, including healthcare, retail, IT &
Telecom, and Banking and Financial Services (BFSI), which is expected to drive
market demand over the forecast period. Speech analytics enables businesses to
identify market trends and issues, thereby helping companies improve their
product, service or quality issues, identify high-value customers, and comprehend
the performance of their marketing campaigns. In addition, the technology helps
organizations analyze market trends & opportunities, unproductive call volumes,
and factors driving high costs. Speech analytics plays a key role in assessing the
drivers of customer loyalty across the enterprise.

3. Growing prominence of voice across multi-channel and the need to improve
organizations’ market intelligence capabilities are further expected to favorably
impact the speech analytics market growth. Surging demand for risk management
solutions and cloud analytics are also expected to boost market growth over the
forecast period. The technology offers market growth, optimizes performance and
enhances customer experience. Speech analytics market encompasses tools such as
query engine, indexing & analysis software, reports, speech engine, and dashboard
solutions. Lack of awareness and rise in costs are expected to pose challenges to
the market growth.

4. The technology is perceived as a high-value analytic solution that provides
organizations insights into consumer behavior. Speech analytics plays a key role in
enhancing organizations’ CRM capabilities, and provides avenues for market
growth.
Speech analytics solution providers focus on developing a system that enables
summarizing and consolidation of high data volume efficiently. Developing
solutions that are scalable to the end-user requirements and presenting data in a
visually intuitive format form a critical element of a company’s core business
strategy. The key players in the speech analytics market are Interactive
Intelligence, Avaya Aurix, NICE Systems, Calabrio, Genesys, Uptivity, Castel,
Nexidia, VPI, and Verint Systems.
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and consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
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healthcare and energy.

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