India Speech Analytics Market to be led by Growing need for Real-Time Insights through 2029
Rising Adoption of Artificial Intelligence (AI) and Natural
Language Processing (NLP) driving the implementation of the Speech Analytics in
the Indian market.
According to
TechSci Research report, “India Speech Analytics Market -
By Region, Competition, Forecast and Opportunity, 2019-2029F”, The Indian Speech Analytics
market has witnessed a significant evolution, driven by the growing recognition
of its transformative potential across various industries. Speech analytics
technology, involving automated analysis of audio recordings and conversion
into structured data, has emerged as a game-changer in understanding customer
sentiments, enhancing agent performance, and optimizing business operations.
The market's growth is fueled by a confluence of factors, including the
increasing demand for improved customer experiences, proliferation of call
centers and customer service operations, and the need for data-driven insights
to gain a competitive edge.
One of the key drivers of the
Indian Speech Analytics market is the unwavering focus on Customer Experience
Management (CEM). Businesses are increasingly realizing that customer
interactions hold a wealth of information that can shape their strategies. By
analyzing voice data, companies can comprehend customer sentiments,
preferences, and pain points, enabling them to customize their products,
services, and marketing efforts to align with customer expectations.
Furthermore, the advent of
Artificial Intelligence (AI) and Natural Language Processing (NLP) has
propelled speech analytics capabilities to new heights. These technologies
facilitate real-time sentiment analysis, emotion detection, and context
understanding, enabling businesses to extract nuanced insights from
conversations. This has applications not only in customer service but also in
agent performance monitoring, sales optimization, and compliance adherence.
The Indian Speech Analytics
market also thrives due to the country's expanding call center industry, which
has grown in parallel with the global demand for outsourced customer service.
As businesses seek ways to differentiate themselves in a competitive landscape,
speech analytics provides a powerful tool for gaining insights that lead to
operational efficiency and customer satisfaction.
However, challenges exist,
including data privacy and compliance concerns, multilingual and accent
variations, and the initial investment required for implementing speech
analytics solutions. Businesses must navigate these hurdles by adopting robust
data security measures, leveraging advanced language models to address
linguistic diversity, and considering the long-term return on investment.
In conclusion, the Indian
Speech Analytics market is characterized by a strong emphasis on Customer
Experience Management, enabled by advancements in AI and NLP. With a growing
call center industry and a commitment to leveraging data for insights, the
market is poised for continued growth and innovation. As organizations
increasingly recognize the value of speech analytics, its role in shaping
business strategies and fostering improved customer interactions is set to
solidify its position as a transformative technology in the Indian business
landscape.
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Figures spread through 85 Pages and an in-depth TOC on the "India Speech Analytics Market"
India Speech Analytics Market
is segmented into component, deployment mode, organization size, application,
end user. Based on component, the market is segmented into service and
solution. Based on deployment mode, the market is bifurcated into clouds and
on-premises. Based on organization size, the market is segmented into SMEs and
large enterprises. Based on application, the market is divided into call
monitoring, customer experience management, agent performance monitoring, sales
performance management, competitive intelligence, risk & compliance
management, and others. Based on end user, the market is segmented into BFSI,
government & defense, retail & ecommerce, travel & hospitality,
healthcare & life sciences, energy & utilities, media &
entertainment, travel & hospitality, Telecommunications & IT, and
others.
The component type solutions segment
dominated the speech analytics market in 2022 and is expected to maintain its
dominance during the forecast period. Enterprises across the country have
rapidly deployed speech analytics solutions in a variety of applications such
as customer experience management, compliance management, agent performance management,
etc. These are the most widely utilized solutions installed in analytical
platforms to reducing customer churn and mitigating compliance and risks. Also,
there is a rising need for advanced analytics, particularly for the customer
experience to understand customers better across the industry, which will
support their market expansion in the ensuing years. Therefore, it is
anticipated that several advantages of speech analytical solutions will fuel
the segment's expansion.
The cloud segment in deployment
mode is gaining popularity in several industry sectors while also driving down
operating expenses. Cloud-based services are being offered by emerging
companies to give SMEs affordable options. This has forced existing businesses
to stay updated with the rapidly evolving speech analytics technology and offer
creative solutions, which are expected to increase market growth.
Small and medium-sized
businesses (SMEs) accounted for a significant part of the market in 2022, and
this growth is predicted to continue. This expansion is related to the
expanding availability of cloud services. Additionally, SMEs are working with
research institutes to build cutting-edge spoken conversation systems, tools
for fine-tuning voice applications, and speech analytics solutions, which is
fueling the demand for the solution.
The telecommunications &
IT segment in end user is expected to register fastest growth during the
forecast period. Among these industries, the BFSI segment is expected to gain
the maximum traction in the market over the forecast period. This is since most
speech analytics are used by information technology sectors for data security
and managing the data efficiently. Telecommunications companies are utilizing speech
analytics extensively to gather more actionable information in minimal time. Organizations
in the telecommunications sector are using such speech analytics for absolute
customer satisfaction and maximize their profits. Moreover, most of the
companies have already implemented advanced solutions to optimize their
resources, customer retention by building loyalty and maintaining customer
relationships with remarkable success.
Key market players in the India
Speech Analytics market include:
- Uniphore Technologies
Inc.
- Aculabs Inc.
- Avaya Inc.
- DialogTech, Inc.
- Verint System
Inc.
- Nexidia Inc.
- Voci Technologies
Private Limited
- IBM India Private
Limited
- C-Zentrix India
Pvt Ltd
- VoiceBase, Inc.
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“West region is projected to
experience the highest compound annual growth rate (CAGR) during the forecast
period. The region is anticipated to hold a significant share of the Speech
Analytics market as the region hosts a significant cluster of BPO and IT
companies, serving as major adopters of speech analytics solutions. These
companies leverage speech analytics to enhance customer service and operational
efficiency. Organizations in the Western region of India are placing a growing
emphasis on enhancing their customer experience. Leveraging speech analytics
solutions enables organizations to promptly identify and resolve customer
issues, thereby improving overall customer experience. Moreover, the region's
emphasis on strong IT infrastructure, which is conducive to the adoption of
speech analytics solutions. This includes the availability of high-speed
internet, as well as the presence of many IT professionals further contribute
to the anticipated growth. As the country continues to harness the potential of
speech analytics to meet its operational efficiency needs, it is poised to
maintain a substantial share and lead in the market's expansion, cementing its
position as a pivotal player in the India Speech Analytics market,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
“India Speech Analytics Market By Component (Service,
Solution), By Deployment Mode (Cloud, On-Premises), By Organization Size (SMEs,
Large Enterprise), By Application (Call Monitoring, Customer Experience
Management, Agent Performance Monitoring, Sales Performance Management, Competitive
Intelligence, Risk & Compliance Management, Others), By End-user (BFSI,
Government & Defense, Retail & eCommerce, Travel & Hospitality,
Healthcare & Life Sciences, Energy & Utilities, Media &
Entertainment, Telecommunications & IT, Others), By Region, Competition,
Forecast and Opportunities, 2029”, has
evaluated the future growth potential of Speech Analytics and provides statistics and information on market structure,
size, share, and future growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the India Speech Analytics market.
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