Speech analytics software initially referred to as word detection tools or audio mining software was earlier used to track words and phrases for security reasons. The technology enables users to process audio and video files using a large vocabulary recognizer and convert the speech into text form while identifying pre-defined words or phrases with a moderate accuracy rate. With the use of phonetics-based technology, the accuracy of the speech analytics solution has recently risen exponentially. The phonetic-based search provides users with the flexibility of mining words, phrases, names, and sentences previously not listed in the dictionary database.
Speech analytics allows organizations to identify actionable data and effectively gain insights from voice calls. The technology can handle a broad range of customer interactions by combining recorded and omnichannel data for a better understanding of customer requirements and the root cause of customer churn and dissatisfaction. It helps organizations evaluate the calls in an end-to-end manner and train agents to mitigate risks by leveraging analytical tools to improve customer engagement processes.
Quadrant Knowledge Solutions’ Speech Analytics market research includes a detailed global market analysis of major vendors. The research comprises vendors’ product features and functionalities, as well as competitive differentiating factors. The research provides competitive landscape and vendor analysis to enable technology vendors to enhance their understanding of the market and implement a growth-oriented technical roadmap.
The research includes detailed competition analysis and vendor evaluation with the proprietary SPARK Matrix analysis. SPARK Matrix includes the ranking and positioning of leading Speech Analytics vendors with a global impact. This research study includes an analysis of various key vendors, including Almawave, Avaya, CallMiner, Chorus.ai, Cogito, Dialpad, Genesys, Invoca, NICE, OpenText, Plum Voice, Prodigal, Qualtrics, Salesken, Talkdesk, Tethr, and Verint.
According to Ganesh Reddy, Analyst at Quadrant Knowledge Solutions, “Owing to growing demand and application of speech analytics, vendors must strive to make their current offerings more effective by being on par with market standards and organizational requirements. Vendors will continue to focus on enhancing their current offerings with the help of ML algorithms and toolkits, along with available data for model developments, as this has the potential to drive the market in the adoption of predictive analytics to forecast and inform outcomes in customer interactions.
2023 Speech Analytics SPARK Matrix
Source: Quadrant Knowledge Solutions
Table of Contents
Executive Overview
Market Dynamics and Overview
- Market Definition
- Market Overview
- Key Marketplace Development Platform capabilities
Competition Landscape and Analysis
- Competitive Overview and Analysis
- Factors and Technology Differentiators
SPARK Matrix™: Speech Analytics, Q1, 2023
Vendor Profiles
Research Methodologies
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