This report includes analysis before and after the COVID-19 pandemic, with the final report also incorporating an examination of the impact of both the Russia-Ukraine war and COVID-19 on this industry.
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Customer-centric
1. Does this report consider the impact of COVID-19 and the Russia-Ukraine war on the Europe Speech Analytics market?
Certainly. The report has taken into account the impact of both COVID-19 and the Russia-Ukraine war on Europe Speech Analytics market. These events have had a significant effect on global supply chains and the pricing of raw materials, and we have addressed their influence in detail throughout the report, particularly in dedicated chapters on the industry.
Explore the comprehensive report that offers an exclusive and in-depth analysis of the niche sector. With detailed tables, figures, and charts, you can access vital statistics, trends, and competitive landscape information that is crucial for making informed decisions
2.How do you determine the list of the key players included in the report?
To provide a comprehensive analysis of the competitive landscape within an industry, we consider not only prominent global enterprises but also regional small and medium-sized companies that play significant roles and have the potential for growth. Our approach aims to present a complete picture of the key players in the industry.
During the forecast period, the Europe Speech Analytics Market is anticipated to grow at a CAGR of 17.5%.
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Expanding reception across different huge undertakings and SME s and developing spotlight on improving and upgrading by and large client experience are a portion of the essential drivers of the market.
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Highlights Important information about customer satisfaction and agent performance can be found in call center interactions. End-users can learn a lot about agent performance and customer satisfaction from Speech Analytics. They greatly benefit from this in terms of customer satisfaction.
For example, Sestek, an organization that creates computer based intelligence controlled arrangements utilizing text-to-discourse, discourse acknowledgment, regular language handling, and voice biometrics advances furnished ING Save money with its discourse examination arrangement which further brought about 10% expansion in net advertiser score, 15% increment in deals amount score, and, 3% diminishing over quiet rate in general. It is anticipated that the end-user industry customers’ results will increase demand for speech analytics in the European market.
To expand their customer base and enhance their product lines, the region’s businesses are forming strategic partnerships. For instance, in October 2020, VoiceBase, a company that specializes in AI-powered voice analytics, announced a strategic partnership with ThoughtSpot, a search and AI-driven analytics platform, with the goal of revolutionizing the method by which businesses are able to gain insights from their voice data more quickly by means of novel search capabilities.
VoiceBase customers can give their employees the tools they need to find powerful, contextual insights in their voice, text, and other contact center data by collaborating with ThoughtSpot. The straightforward hunt interface has made it feasible for organizations to get noteworthy, granular bits of knowledge from their voice information all alone, without requiring long stretches of preparing or depending on specialized specialists. VoiceBase and ThoughtSpot have made it simpler to search voice data, personalize these insights, share them, and use them to drive action that adds value to a business.
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Potential end-use industries are adopting cutting-edge technology-enabled speech analytics solutions during the COVID-19 outbreak, further boosting the market’s expansion. The pandemic has accelerated the process of workplace automation, which has long been limited to call centers. During the forecast period, this is also expected to alter product offerings and combine them with virtual agents to speed up and improve speech analytics results.
Market vendors are offering customers the option of automation through multi-level IVR number systems, thereby reducing the number of service agents and working hours spent on the job. Key Market Trends Increasing adoption across various large enterprises and SMEs Speech analytics solutions are being implemented by large and medium-sized businesses in an effort to gain insights while simultaneously reducing costs and further increasing efficiency.
Aberdeen, which has offices in the United Kingdom, France, and Spain, conducted a survey of 369 CX executives worldwide from December 2018 to January 2019 to determine the major trends and best practices affecting CX programs in 2019. Contrary to popular belief, 76% of businesses still use voice (phone or IVR) in their CX channel mix, according to this study’s findings.
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In addition, businesses anticipate a 27% rise in phone traffic in 2019 and a 39% rise in IVR traffic. Just 11% of firms expect a decrease in telephone traffic and a simple 7% expect a decrease in IVR traffic. The speech analytics market is anticipated to benefit financially from the rising traffic.
Speech analytics and other similar solutions are being adapted by government agencies as well as small and large businesses. One European police department, for instance, wanted to use voice analytics to classify calls coming into its police call center. In order to deliver an operational solution that would offer a continuous and adaptable view of call demand, the police team decided to collaborate with HPE and HPE Pointnext, NVIDIA, and Intelligent Voice. The solution would access the impact of demand reduction measures and identify actions to reduce failure demand using speech and NLP. The department was also able to correlate shifts in demand caused by external factors like the closure of mental health facilities, the absence of social services, and seasonality thanks to the solution.
Over a seven-week period, the police department’s call center received 2,475 calls about custody. That amounted to approximately 200 hours, or 4.1 hours per day, spent answering calls by call center employees. The calls lasted on average 5.7 minutes. The categorization accuracy of these calls was 98% in this instance. The initial goal had an accuracy of over 80%.)
The speech analytics market in the United Kingdom is expected to expand significantly. New implementation areas, an increase in demand for cloud analytics and risk management solutions, and a growing number of call centers are some of the market’s drivers.
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NICE, Verint, HP Autonomy, CallMiner, and Nexidia, as well as other prominent players in the sector, are also to blame for the rising demand in the region. In addition, the market is becoming more competitive as a result of partnerships and expansion in the region by global and regional players.
For instance, in September 2020, Speechmatics, a UK provider of any-context speech recognition technology, announced a partnership with Nuix, a cutting-edge developer of software that converts data into intelligence that can be used in specific circumstances. Through a complete software solution, Speechmatics and Nuix provide businesses with highly accurate, safe speech recognition technology.
Speechmatics intend to continue transforming the market as part of the partnership by co-creating increasingly valuable solutions alongside Nuix’s extensive support for difficult data types, human-generated data, powerful analytics, and rapid document review.
In addition, the AI-enabled speech analytics software company CallMiner announced in December 2019 that it had raised USD 75 million from Goldman Sachs. Except for Antarctica, CallMiner has customers on every continent. The company intends to expand its existing markets in Asia, Europe, and Latin America with this new funding. Additionally, the company intends to expand its product, sales, and marketing departments by approximately 50-100 individuals the following year.
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Competitive Landscape Due to the greater presence of global players, the region’s speech analytics market is moderately fragmented. Fews players in the market hold most of the amarket share. Additionally, new entrants face an obstacle to entry due to the constantly evolving and highly advanced technology required to survive in the market.
July 2020 – CallMiner, a supplier of discourse and client commitment collaboration examination, delivered Enlighten, a man-made consciousness driven search component to assist organizations with finding, concentrate, and follow up on experiences from voice and text communications with clients.
April 2020 – At Big business Interface, VoiceBase, a noticeable supplier of discourse investigation for the cloud, reported that it is wanting to send off VoiceBase EU, an European occasion of its administrations stage.
By processing and storing data entirely within the European Union, the European expansion will assist VoiceBase customers in adhering to Directive 95/46/EC and the upcoming General Data Protection Regulation (GDPR). Customers of enterprises and service providers who had previously resisted deploying cloud-based speech analytics solutions due to concerns about data privacy can now have their calls processed locally.”
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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Key Questions Answered in The Report:
- What are the strengths and weaknesses of the key vendors?
- Who are the Leading key gamers and what are their Key Business plans in the close to future?
- What will be the market increase price and measurement in the coming year?
- What are the principal key elements riding the market?
- What are the key market tendencies impacting the increase of the world Market?
- Which are Trending elements influencing the market shares of the pinnacle areas throughout the globe?
- What is the have an effect on of The Russia-Ukraine Crisis on the modern industry?
- Who are the key gamers and what are their strategies in the international Market?
- What are the market opportunities and threats confronted by using the carriers in the world Market?
- What industrial trends, drivers, and challenges are manipulating its growth?
- What are the key consequences of the 5 forces evaluation of the world industry?
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