According to a recent report, the global voice analytics market is expected to be worth $2.5 billion by 2027 at a CAGR of 18.4%. The US, China, Japan, Canada, Germany are the key players in this space. Meanwhile, another report predicted the voice technology market to register a 2.8X growth by 2022 in India. The analysis — based on market size, revenue and adoption — suggests that the voice and speech analytics market is looking up and is anticipated to grow further. 

Gaining Traction 

Voice assistants such as Alexa, startups working in speech recognition and companies investing in voice technology have seen tremendous growth in the last few years. Several factors contribute to the increased traction in voice technology, such as:

Pandemic effect: Advances in voice analytics are changing products’ availability and experiences in the post COVID world. Voice-assisted chatbots are being adopted widely to increase efficiency and enhance customer interactions. The bots are getting good at human-like conversations and are slowly replacing them in many cases.

Increased adoption: The synergy between NLP and AI is blurring the boundaries between humans and machines. Many industries have started adopting voice tech. Healthcare is a good case in point. For instance, physicians rely on AI-assisted technologies to convert dictated clinical notes into machine-understandable electronic medical records. Many other industries, such as financial services, adopt voice technology to improve their core strengths and capabilities. They are also utilising speech analytics solutions for improving business processes, market intelligence, and customer experience.

Emotional intelligence: To ensure consumer engagement and adoption, companies are looking to bring in an element of emotional intelligence. Many efforts are underway to make conversations more human and improve interactions. Researchers have made headway in measuring intent from voice recognition and voice analytics. Integration of emotional intelligence will offer better experiences and customer service for companies and their customers. 

Advances in psycholinguistics: Companies and researchers are exploring an integration between computational linguistics with affective computing and scalability using AI. Much progress has been made in scalable approaches for automated speech recognition and computational linguistics in the last few years. Companies such as Google are committing a lot of resources to advance research in the space.

Local languages: The voice-enabled technology will expand to cover hundreds of global languages, including regional dialects within countries. The move has massive potential as it increases the catchment area. Amid COVID-19, Microsoft has announced that Microsoft Translator with AI and Deep Neural Networks will offer real-time translation in five additional Indian languages, allowing 90% of Indians to access information in their preferred language.

Key Indian Players

With increased internet consumption, there has been a rapid increase in the adoption of voice-based technology. India is a massive market for voice technology, from voice-assistant-enabled feature phones to connected devices like Alexa and Google Home. Reports suggest India is slated to see a growth rate of at least 30% in speech analytics. Industries such as banking and financial services, telecom, BPO, travel and hospitality, and others lead in the adoption of speech and text analytics solutions. Nearly 57% of the respondents in a survey said they are putting heavy emphasis on speech analytics.

The leading players in the Indian market are Verint, Uniphore, Ozonetel, and Liv.ai etc. The companies offer conversational services, automation platforms, speech recognition, and other managed services.

The numbers suggest the voice and speech analytics market are primed for growth, and companies are gearing up to ride the wave. 

The post What Accounts For The High-Decibel Growth Of Voice & Speech Analytics Market? appeared first on Analytics India Magazine.