Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Europe Speech Analytics Market By Component (Service, Solution), By Deployment Mode (Cloud, On-Premises), By Organization Size (SMEs, Large Enterprise), By Application, By End-user, By Region, Competition, Forecast and Opportunities, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
In the dynamic landscape of business intelligence, the Europe Speech Analytics Market is poised for a flourishing journey during the forecast period of 2024-2028.
As the globalized economy continues to evolve, and distributed enterprise designs gain prominence, the utilization of speech analytics takes on an increasingly vital role. With the widespread use of end-use devices including smartphones, laptops, and tablets, businesses are extending their reach and interactions, thereby driving the demand for speech analytics solutions across Europe.
This expansion is fueled by heightened investments in client service, the continuous adoption of innovative technologies, and the steady rise in IT budgets. Over the forecast period, the trajectory of the market is set to be influenced by the growing adoption of cloud-based and real-time speech analytics solutions across emerging economies in the region.
At the heart of this market's growth lies the transformative practice of deriving actionable insights from audio recordings, enabling businesses to gather invaluable business intelligence. This technique, aptly known as speech analytics, finds application in diverse areas such as customer experience management, call monitoring and summarizing, sales and marketing management, risk and compliance management, sentiment analysis, and fraud detection & security.
The demand for speech analytics solutions is expanding across a multitude of industries, ranging from contact and call centers to healthcare and life sciences, as well as the vibrant realm of media and entertainment. As organizations from various sectors embrace the power of speech analytics, the technology is swiftly gaining traction, ushering in a new era of enhanced decision-making and customer engagement in Europe.
Rising Contact Center is Anticipated to Propel the Market Growth
Due to the requirement to identify insights within the data of client interactions, speech analytics is in high demand in call centers. The expansion of contact centers is a key component in the market's expansion. For instance, Sestek is an enterprise that creates artificial intelligence-powered solutions using text-to-speech, speech recognition, natural language processing, and voice biometrics technologies.
Sestek partnered with ING Bank with its speech analytics solution, which also led to a 10% increase in net promoter score, a 15% increase in sales quantity score, and a 3% decrease in the overall over-silence rate. It is anticipated that the results attained by end-user business clients will increase demand for speech analytics in the European market.
Expanding Applications in the Financial and Commercial IT Industries
The use of speech biometrics for user authentication is expanding due to the growing need to combat fraud and improve security in the banking industry. Due to technological advancements and an increase in contact centers, which automate the analysis of recorded data and customer experience management, the telecom and IT sector is anticipated to grow.
Additionally, suppliers are concentrating more and more on getting a competitive edge through mergers and acquisitions, partnerships, and collaboration. To improve its voice analytics, Nice Systems, a provider of sophisticated consumer analytics, acquired Nexidia.
In addition to these inorganic tactics, businesses are spending enormous sums on R&D to improve the correctness of their products.
Increasing Voice's Significance in a Multichannel Environment
The majority of firms believe multi-channel interaction strategies to be standard. Many companies expand their capacity to connect with and communicate with clients by utilizing social media platforms, desktop applications, mobile/text, and email communication channels.
Speech analytics is becoming more widely known outside of contact centers as a result of all these factors. Speech analytics also enables businesses to automatically keep track of current and previous voice chats. The ensuing knowledge provides businesses with crucial data on a variety of topics, including market perceptions, process management, and product design, which in turn is sharply increasing the demand for speech analytics.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Europe Speech Analytics market.
- ASC Technologies
- Avaya Inc
- Calabrio, Inc.
- Call Miner
- Clarabridge
- GemaTech Ltd
- Genesys Telecommunications Laboratories, Inc.,
- New Voice Media
- OnviSource, Inc.
- Nice Systems
Report Scope:
Europe Speech Analytics Market, By Component
- Service
- Solution
Europe Speech Analytics Market, By Deployment Mode
- Cloud
- On-Premises
Europe Speech Analytics Market, By Organization Size
- SMEs
- Large Enterprise
Europe Speech Analytics Market, By Application
- Call Monitoring
- Customer Experience Management
- Agent Performance Monitoring
- Sales Performance Management
- Competitive Intelligence
- Risk and Compliance Management
- Others
Europe Speech Analytics Market, By End-User
- BFSI
- Government & Defense
- Retail and eCommerce
- Healthcare and Life Sciences
- Energy and Utilities
- Media and Entertainment
- Travel and Hospitality
- Telecommunications and IT
- Others
Europe Speech Analytics Market, By Country:
- Germany
- United Kingdom
- Italy
- France
- Spain
- Netherlands
- Poland
- Russia
For more information about this report visit https://www.researchandmarkets.com/r/y4h20f
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