For years, companies have relied on in-depth insights to drive better business intelligence. Unfortunately, while the conversations held in the contact centre provide an almost endless stream of valuable information, they’re almost impossible to evaluate manually. The good news is technology can offer an opportunity to understand and assess speech like never before.
Speech analytics, a component of natural language processing, AI, and business intelligence, provides companies with the tools they need to read between the lines in customer conversations. According to Reports and Data, this market will reach a value of at least $4.24 billion by 2026, as companies search for new opportunities to understand the customer journey.
Speech analytics technology is crucial to understanding an increasingly demanding consumer base, full of people who expect the highest quality of care. The following speech analytics statistics help to highlight the value of the industry.
The Rise of Speech Analytics
Speech analytics technology can detect and analyse spoken words in a contact centre or any environment allowing for communication between multiple people. Growing focus on competing via customer satisfaction has driven a massive increase in the demand for speech analytics too. Between the years 2021 and 2026, the environment is expected to grow at a CAGR of around 22.14%.
Speech analytics tools can help customers to understand the core reasons for customer dissatisfaction, improve employee training, and predict customer engagement outcomes.
- While the speech analytics market covers several geographies, the market in the APAC region is expected to experience the highest CAGR up to the year 2026. Due to widespread adoption in Australia, China, Japan, and India, the market is experiencing a rapid expansion, particularly among call centres. – Reports and Data.
- Organizations leveraging call analytics tools, from speech analytics systems to sentiment analysis tools, can reduce average handling time by around 40%. Analytics solutions can also improve self-service containment rates by up to 20%.- McKinsey & Company
- The most popular applications for speech analytics tools in the current landscape include sentiment analysis, risk and fraud detection, call monitoring, and sales and marketing tools, according to the Global Voice and Speech analytics report. – Voice and Speech Analytics Market Report.
- Speech analytics offer a behind-the-scenes view of the customer journey. One of the driving factors behind the sector’s growth is the increasing demand for predictive service. 75% of customers say they expect companies to anticipate their needs and make relevant suggestions. – State of the Connected Customer
- Global business intelligence markets are growing. According to reports, the market accounted for a value of $22.16 billion in 2020 and is expected to reach a value of around $42.95 billion in 2028, with speech and AI analytics as some of the main elements driving company growth. – Zion Market Research
- 40% of companies say they rely on artificial intelligence to help with their CX strategy, and 71% find AI useful in personalizing the customer experience. Additionally, almost half of top marketers say AI has a positive impact on the interactions they have with clients. – IT Pro Portal.
- The natural language processing (NLP) market has grown consistently worldwide since 2017. Currently, the projected value of the industry sits at around $43 billion by 2025, creating a market almost 14 times larger than it was in 2017. – Statista
A Successful Future for Speech Analytics
Over the last few years in particular, companies have begun to recognise just how important the right technology and analytics can be to driving great customer experiences.
Unfortunately, only around 37% of organisations feel they’re using analytics correctly to create value for their customers. As CX continues to be the number one differentiator for leading brands, companies must begin exploring the benefits of an analytics-driven contact centre.
- AI analytics tools and speech analytics are growing more important as the amount of data we create continues to skyrocket. According to experts, 90% of the world’s data has been created in the last two years, and we’re producing around 2.5 quintillion bytes per day. – The Next Tech.
- Natural language understanding and speech analytics allow AI bots to gain a better understanding of customer interactions and deliver better service. A case study by Netomi found the NLU bot resolved 87% of chat tickets for WestJet, significantly improving team productivity. – CMS Wire.
- Implementing speech analytics and AI technology into the business workflow in the contact centre can reduce repeat calls by 15%. – SQM Group
- Agents who work with AI solutions like speech analytics tools report a 69% improvement in their satisfaction levels when working at a call centre. Having access to speech analytics tools that drive better routing experiences and deeper insights into the customer journey could help to reduce employee churn. – Orange Business
- 90% of enterprise professionals agree that data and analytics, from multiple different points in the customer journey, are essential to building a successful strategy for digital transformation. The right speech analytics tools can offer an end-to-end view of the workplace. – Gartner
- The pandemic helped to accelerate the demand for contact centre virtual assistants with speech analytics technology. Between only February and April in 2020, the number of people using the NLP Watson Assistant offered by IBM increased by 40%. – IBM
- Speech analytics tools can also help to enable employees by giving them access to relevant information for solving customer issues.
- 82% of customers say agents must have access to the right resources to resolve their issues. 79% also say they want to be immediately routed to the agent most knowledgeable about their specific issue – this is something speech analytics solutions could help with. – Connected Customer report.
There’s no denying the rapid growth of speech analytics in the contact centre and customer experience landscape. To serve our customers in today’s landscape, we need to be able to fully understand them.