Connect with us

Technology

Voice and Speech Analytics Market size is set to grow by USD 2.56 billion from 2023-2027, Growth in emotion analytics to boost the market growth, Technavio

Published

on

NEW YORK, July 10, 2024 /PRNewswire/ — The global voice and speech analytics market is experiencing robust growth, driven primarily by increasing adoption of emotion analytics and AI integration. According to Technavio, the market is projected to grow by USD 2.56 billion from 2023 to 2027, at a CAGR of 16.35%. Emotion analytics is a key driver, enhancing customer experience and operational efficiency. However, challenges such as accuracy issues persist. Major players include Avaya Inc., Calabrio Inc., CallMiner Inc., NICE Ltd., and Verint Systems Inc., among others.

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2023-2027

Base Year

2022

Historic Data

2017 – 2021

Segment Covered

End-user (Large enterprise, Small, and medium enterprise), Component (Solution and Services), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Avaya Inc., Calabrio Inc., CallMiner Inc., Castel Communications LLC, Dialpad Inc., Enghouse Systems Ltd., Invoca Inc., Liveperson Inc., Marchex Inc, NICE Ltd., Qualtrics LLC, Sabio Ltd. Co., Talkdesk Inc., ThoughtSpot Inc., Uniphore Technologies Inc., Verint Systems Inc., Voci Technologies Inc., VoiceSense Ltd, audEERING GmbH, and Genesys Telecommunications Laboratories Inc.

Key Market Trends Fueling Growth

The voice and speech analytics market is witnessing a significant trend with the integration of Artificial Intelligence (AI). This integration enhances the efficiency of voice and speech data categorization using machine learning. With the increasing volume and variety of unstructured voice and speech data, AI-based analysis becomes essential. AI enables automatic and efficient analysis of words, acoustics, and sentiments, revealing hidden opinions and emotions. Conventional solutions struggle with real-time analysis of minute conversation details. AI-integrated platforms optimize pattern recognition, providing proactive and real-time insights, particularly in customer management. This trend is positively impacting the global voice and speech analytics market. 

The Voice and Speech Analytics market is thriving with trends like Speech recognition, Machine Learning, and Natural Language Processing (NLP) leading the way. These technologies enable the extraction of valuable insights from Vocal words and Text records. Analytical tools use Patterns and Keywords to understand Customer sentiment, likings, and needs. Speech technology is transforming Contact centers, improving Agent productivity, and enhancing the Positive consumer experience. Speech analytical solutions aid Call center-based companies in addressing Low satisfaction rates, Non-compliance, and Staff quality assurance. Flexible and Scalable AI/ML-driven systems collect and analyze Voice records to provide actionable insights for Account Recovery, Agent improvement, and Customer support processes. Businesses leverage these intelligent systems to address Customer concerns, Requests, and Sentiments, saving Time and Money. 

Discover 360° analysis of this market. For complete information, schedule your consultation- Book Here!

Market Challenges

The voice and speech analytics market faces a significant challenge in delivering accurate and comprehensive analysis due to the intricate nature of voice and speech data. Humans use voice and speech to convey emotions and behaviors, making them complex subjects for software solutions to understand. Voice and speech are contextual and subjective, leading to potential inaccuracies and biases in the analysis provided by voice and speech analytics solutions. These solutions can only analyze a limited range of universally recognized voice and speech patterns, relying on assumptions and data extrapolation for the remainder. As a result, the market may experience hindered growth due to the uncertainty and potential inaccuracies of the insights generated by voice and speech analytics solutions.The Voice and Speech Analytics market is growing rapidly, offering valuable insights from customer interactions for businesses. However, challenges persist. Data security is a major concern, with personal data and sensitive information at risk during collection and file sharing. Cost of solutions can be high, making it difficult for some contact center professionals to adopt. Deployment analysis reveals cloud-based solutions are preferred due to lower IT infrastructure costs, but on-premise solutions offer greater control. LiveVox survey reveals price, internal resources, and compliance monitoring as key factors in decision-making. Deep analytics provide customer preferences, competitor insights, and compliance monitoring, but risk management and agent performance monitoring are also crucial. Startek highlights the need for a holistic approach, considering call drivers and root reasons, enterprise type analysis, and customer experience management. SMEs prioritize customer service, digital customer experience, efficiency, and sensitive data protection. Training is essential to maximize the benefits of voice and speech analytics.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This voice and speech analytics market report extensively covers market segmentation by

End-user 1.1 Large enterprise1.2 Small1.3 medium enterpriseComponent 2.1 Solution2.2 ServicesGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Large enterprise-  The voice and speech analytics market in the large enterprise segment is growing due to the need for automated quality assurance processes and increased compliance with regulations. With numerous departments and expanding workforces in large organizations, advanced voice and speech analytics solutions are in high demand. These solutions enable the identification and categorization of customers through analysis of transcript data, providing insights for strategic decision-making. Handling a large volume of data from various channels such as chats, voice mails, voice calls, and voice messages necessitates comprehensive analysis. Voice and speech analytics solutions can analyze communication data across platforms, offering valuable insights. Additionally, these solutions provide services like mapping the customer journey on an individual level, monitoring interaction frequency and subject matter, and offering personalized services, enhancing customer satisfaction and loyalty. Large enterprises benefit from automating and enhancing existing processes through voice and speech analytics, making it a key driver for adoption in this segment and the market as a whole during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2023-2027) and historic data (2017 – 2021)  – Download a Sample Report

Research Analysis

Voice and speech analytics is a technology that uses speech recognition, machine learning, and natural language processing to extract valuable insights from vocal words and text-based customer interactions. This analytical tool identifies patterns, keywords, and key phrases from voice records to understand customer sentiment, likes, needs, and preferences. It is particularly useful for contact centers, improving agent productivity, customer satisfaction, and performance. Speech technology enables call center-based companies to collect and analyze data at scale, providing flexibility and scalability to meet business demands. Speech analytical solutions help businesses improve their customer support processes, reduce low satisfaction rates, and provide timely remediations. Additionally, speech analytics can assist in staff quality assurance, account recovery, non-compliance, and other areas, ultimately leading to a positive consumer experience and cost savings.

Market Research Overview

Voice and speech analytics is a technology that uses speech recognition, machine learning, and natural language processing to extract valuable insights from vocal words in voice records. This unstructured data is transformed into text for analysis using analytical tools. Key patterns, keywords, customer sentiment, likings, and needs are identified to improve customer experience, agent productivity, and performance. Speech technology is increasingly being adopted by call center-based companies to enhance the positive consumer experience, reduce low satisfaction rates, and address customer concerns and requests in real time. Speech analytical solutions offer predictive insights, root causes of issues, and remediations to businesses, helping them optimize customer support processes and sales effectiveness. AI/ML algorithms analyze unstructured data, including agent’s soft-skill behaviors, to identify trends, customer churn, and competitor insights. Deployment options include cloud-based solutions and on-premise, with considerations for privacy concerns, data security, cost of solutions, and IT infrastructure. Deep analytics provides valuable insights into customer preferences, compliance monitoring, and agent performance monitoring.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userLarge EnterpriseSmallMedium EnterpriseComponentSolutionServicesGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/voice-and-speech-analytics-market-size-is-set-to-grow-by-usd-2-56-billion-from-2023-2027–growth-in-emotion-analytics-to-boost-the-market-growth-technavio-302192959.html

SOURCE Technavio

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

On Track for A Low Carbon Future: CRRC to Unveil Passenger and Freight Rail Transit and Full Life-Cycle System Solutions at InnoTrans 2024

Published

on

By

BERLIN, Sept. 22, 2024 /PRNewswire/ — Under the theme of On Track for A Low Carbon Future, CRRC Corporation Limited (“CRRC”, SHA: 601766) will display its line-up of passenger and freight transportation offerings, alongside full life-cycle system solutions, at InnoTrans 2024 in Berlin, Germany. Highlighting the event, two innovative, eco-friendly, and intelligent trains will make their world premiere: the CINOVA H2 New Energy Intelligent Intercity Train and the Autonomous Rail Rapid Transit (ART) 2.0, at Stand 210, Hall 4.2 of the venue.

Green Intelligent Passenger Transport Solutions

CRRC will showcase its environmentally responsible and intelligent passenger transport solutions, which include the Intelligent EMU, Intercity/Regional EMU, Intelligent Urban Rail Transit, and New Energy Passenger Transportation. These offerings cater to every speed level and application scenario, envisioning a future of passenger transport that is faster, greener, smarter, and more cost-effective.

The exhibition will highlight standout products that are redefining passenger mobility, including the 350 km/h High-Speed Intelligent EMU, the CINOVA 2.0 New Intelligent Intercity/Regional EMU, the 160 km/h Hydrogen Full-Automatic Intelligent Regional Train, and the Autonomous Rail Rapid Transit (ART).

Diversified Freight Transport Solutions

CRRC introduce a wide range of heavy-duty, fast, and environmentally responsible solutions during the event. To address the growing demand for higher freight capacity, CRRC plans to unveil several new products, among them, the 24-axle Freight Electric Locomotive and the 45-ton Axle Load Ore Car. The 350 km/h High-Speed Freight EMU, the fastest and the most spacious in the industry, will be a focal point. In line with the global push for green transportation, CRRC will launch its serialized new energy locomotives, including the diesel-battery hybrid locomotive, the power battery locomotive, and the hydrogen-battery hybrid locomotive, with power levels from 1000KW to 2000KW. The diversified solutions offer more choices for the global railway freight industry.

Full Life-Cycle System Solutions

CRRC will showcase its expertise beyond just train units with the Train-Ground Integrated Electromechanical System (TIES), a game-changer that centers on the vehicle and incorporates all related operating scenarios. The system reconstructs, integrates, and optimizes the electromechanical system for power supply, signaling, track, depot and passenger service scenarios. It exemplifies the Train-Ground Integration concept, driving overall efficiency gains across disciplines and throughout the entire vehicle-road-station-depot lifecycle.

Focusing on user experience and the diverse needs of the global rail transit market, CRRC will give a detailed presentation on its Digital Life-Cycle System Solution (DLS) at the event. The flexible solution accommodates various city sizes and populations through tailored system designs that support diverse business models such as PPP (public-private partnership), system integration, and electro-mechanical turnkey projects.

For more information about CRRC at the exhibition, please visit https://www.crrcgc.cc/en/.

View original content to download multimedia:https://www.prnewswire.com/news-releases/on-track-for-a-low-carbon-future-crrc-to-unveil-passenger-and-freight-rail-transit-and-full-life-cycle-system-solutions-at-innotrans-2024-302255003.html

SOURCE CRRC Corporation Limited

Continue Reading

Technology

Reshaping Future Lifestyles: Markor Unveils AI Strategy at the Apsara Conference

Published

on

By

BEIJING, Sept. 21, 2024 /PRNewswire/ — On September 19, the 2024 China Apsara Conference, a major annual event for the Chinese cloud computing industry, commenced in Hangzhou. Over three days, industry representatives, media professionals, and numerous AI technology enthusiasts gathered to witness the event’s grandeur.

This year’s summit, themed “AI on Cloud: Recharging• Innovating • Transforming,” spotlighted the evolution of cloud computing across various sectors in the AI era, presenting the world’s largest showcase of generative AI applications. Industry giants including NVIDIA, Intel, Alibaba Cloud, and Tesla were in attendance. Markor distinguished itself as the sole home furnishing company represented at the summit, presenting its cutting-edge “AI Smart Home” system, which introduced a new era of AI-driven home consumption experiences, attracting significant attention.

Live at the Scene: Markor’s AI Smart Home Takes a Giant Leap Forward

From its transition to new retail in recent years to its embrace of AI, the home furnishing industry’s exploration and implementation of AI have drawn immense attention. It has been recognized as a long-term strategy that will influence the future of urban living and people’s quality of life.
In 2023, dubbed the first year of AI in China, Markor led the industry by launching its AI-powered home application, “AI Smart Home.” This program integrates cutting-edge AI model technology with a curated selection of best-selling products, offering features such as a home knowledge encyclopedia, lifestyle analysis and recommendations, design style suggestions, furniture recommendations, and one-click product replacements, providing users with 24/7 intelligent home design and easy home setup solutions.

The AI Smart Home system revolutionizes traditional home setup processes, enabling users to enjoy services conveniently via mobile devices. At the summit, Markor provided live demonstrations of the AI Smart Home system, with an interactive area for hands-on experiences. The system’s ease of use, wide range of style options, instant results, one-click sharing, and seamless purchasing capabilities ushered in a new era, allowing attendees to transition from imagining AI-powered home setups to instantly experiencing full-room services. The audience was left impressed and full of praise.

As the world’s first AI multimodal model for professional interior design, and the only AI application to incorporate a large language model in home furnishing retail, the AI Smart Home offers flexible and dynamic solutions that go beyond pre-existing layout-generated designs. It represents a groundbreaking leap in the home industry, emerging as a leading tool that reshapes service ecosystems.

Open, Shared, and Collaborative AI Business Achievements Define AI’s Sustainable Future

As a traditional home furnishing retailer closely tied to people’s daily lives, the success of AI Smart Home is no coincidence. Markor’s global strategy and presence ensure that the brand remains open and internationally competitive. Whether through prestigious awards or its global manufacturing footprint, each leap in innovation is supported by its competitive edge.
Since the beta launch of AI Smart Home by Markor Furnishings, a home furnishing brand under Markor, it has recorded over 50,000 page visits in a short time, with tens of thousands of users generating sales orders worth tens of millions of yuan. This achievement has boosted confidence in the traditional industry’s digital transformation.
A representative of Markor at the summit stated, “AI represents openness, and Markor has always embraced the times through an open ecosystem to meet users’ needs. With over 20 years of accumulated lifestyle experience, we aim to extend the reach of quality living experiences through AI interaction and expansion. The true sustainable future of AI lies in achieving shared success among users, brands, and technology platforms.”

It is evident that Markor is not simply focused on app development; it is committed to a long-term strategy that builds AI-driven lifestyles and reshapes business models. By creating personalized shopping experiences and innovating marketing models that cater to new consumer demands, Markor’s AI-based tools like “AI Xiaomei” and “AI Smart Home” serve as personalized recommendation and virtual design solutions. The company is poised to further enhance its services by leveraging AI to accurately predict market trends, optimize advertising effectiveness, and upgrade customer solutions, thus driving marketing conversion opportunities. Through disruptive shopping experiences and business models, Markor aims to become the world’s first AI-driven home furnishing brand with a fully digital and intelligent shopping experience.

Pioneering Future Living with AI: Unlocking New Opportunities

Markor is committed to leveraging technological convenience, unlocking potential, and sharing technological benefits. As a trailblazer in quality living, its development path consistently follows a “science + art” approach, which has proven to be a long-term strategy in line with current market trends. In 2024, Markor was honored with the title of “Outstanding Home Furnishing Brand Enterprise of 2024.” Its sub-brand, Markor Furnishings, reached a new brand value of over 32.2 billion yuan, securing a spot in the “Top 100 New Quality Home Brands of 2024” and winning the “Home Service Excellence Award” for the 13th consecutive year.
Backed by its national-level Industrial Design Center, robust R&D systems, and global operational capabilities, Markor continues to invigorate the ecosystem through digitalization, intelligence, and supply chain integration. With AI Smart Home as the bridge, Markor is reigniting public interest and confidence in AI’s potential and advancing the commercialization of AI technologies like natural language processing. It is building a continually open-source platform for both DTC end-users and B2B interior designers.
In July 2024, Markor hosted the “Art + AI + Life” forum in Beijing and launched a national AI painting and design competition, further embedding AI practices in the industry. In September, it signed a strategic partnership with the AI technology leader Shengshu Technology to break new ground in product design, manufacturing, marketing content innovation, and service experience. This collaboration will fuel the company’s efforts toward smart, personalized home furnishing upgrades, setting new benchmarks in the industry. These initiatives underscore Markor’s determination to use AI to enhance its future competitiveness.

Democratizing design empowers everyone to shape their dreams and take control of their future. Markor’s ongoing AI strategy not only provides opportunities for those pursuing a better life but also highlights new possibilities in the ever-evolving home living landscape.

 

View original content:https://www.prnewswire.com/news-releases/reshaping-future-lifestyles-markor-unveils-ai-strategy-at-the-apsara-conference-302255015.html

SOURCE Markor International Home Furnishings

Continue Reading

Technology

Huawei Launches the ICT Talent Cultivation Solution and Smart Campus Exhibition Center

Published

on

By

SHANGHAI, Sept. 23, 2024 /PRNewswire/ — At HUAWEI CONNECT 2024, Huawei launched the ICT Talent Cultivation Solution at the global education summit themed Cultivating ICT Talent to Amplify Education Intelligence. In addition, Huawei and University of Shanghai for Science and Technology (USST) jointly launched a smart campus exhibition center to help cultivate well educated ICT talent and accelerate intelligent transformation of the education industry.

Participants of the solution launch were: Youssef Ben Halima, Advisor to the Minister of Higher Education and Scientific Research of Tunisia; Dr. Suthiporn Truktrong, Acting Vice President of Prince of Songkla University; Hu Yining, Deputy Director and Doctoral Tutor of the Network and Information Center, Southeast University; Li Junfeng, Vice President of Huawei and President of the Global Public Sector; Liu Jiansheng, President of Huawei Learning & Certification Services Dept; and Sun Gang, Director of Huawei ICT Talent Partner Development Dept.

Huawei ICT Talent Cultivation Solution Empowers Various Industries

As the global digital economy and ICT industry rapidly develop, the need for ICT talent is on the rise. To help cultivate well educated ICT talent, Huawei has developed an innovative ICT talent cultivation solution. This solution provides comprehensive ICT courses, powerful industry ecosystem advantages, and a global professional trainer system. By providing a one-stop digital talent development platform, innovative teaching resources, and practical training tools, this solution helps universities accelerate ICT talent cultivation and support high-quality development of the digital economy.

Huawei has collaborated with over 2700 universities and educational institutions worldwide to train new ICT professionals who meet market demands. Specifically, Huawei works with Shenzhen Polytechnic University to continuously improve teaching quality by jointly developing new curricula, training teachers, and building training bases. So far, more than 4800 students have passed Huawei’s certifications and are taking up positions in informatization, contributing to the advancement of the digital economy and industry.

Li Junfeng, Vice President of Huawei and President of the Global Public Sector, said that Huawei has a strong commitment to the education industry and has partnered with colleges and universities worldwide to gather successful practices in digital and intelligent transformation. Based on customer demands and their characteristics, Huawei teams up with partners to deliver scenario-based solutions and services such as ICT Talent Cultivation, Smart Classroom 3.0, Scientific Research Computing, and Smart School Campus.

Smart Campus of USST Sets a Global Benchmark

Huawei and USST have collaborated to create a smart campus exhibition center that showcases advanced concepts and serves as a model for smart campus construction in China and beyond. To build an all-digital intelligent university, USST focuses on the two main aspects of data and application. It also and works with Huawei to promote the implementation of one-stop online service, management, and learning, thoroughly boosting management efficiency and service levels.

Zhao Ming, Vice President of USST, said that the university is dedicated to accelerating intelligence in education and building a first-class university of science and engineering with outstanding features. USST will continue to promote intelligent education and optimize teaching, research, and management to grow into a smarter educational institution.

Huawei plans to keep delving into the education sector and prioritizing customer needs. We will collaborate with international partners to develop cutting-edge technologies and solutions as well as hasten the digital and intelligent transformation of education, creating smarter campuses, and fostering more forward-thinking, high-caliber professionals.

Photo – https://mma.prnewswire.com/media/2511627/Launch_Huawei_ICT_Talent_Cultivation_Solution.jpg
Photo – https://mma.prnewswire.com/media/2511628/Launch_smart_campus_exhibition_center.jpg 

View original content:https://www.prnewswire.co.uk/news-releases/huawei-launches-the-ict-talent-cultivation-solution-and-smart-campus-exhibition-center-302255026.html

Continue Reading

Trending