Since customer experience management is critical to a brand’s success, speech analytics is used in almost every industry, including banking, financial services, and insurance (BFSI), information technology (IT) telecom, hospitality, healthcare, manufacturing, media entertainment, government, automotive, retail, energy utilities, oil gas, and logistics. Among these, the BFSI sector is the largest user of these solutions because of the growing customer base and level of competition.

In the coming years, retailers will adopt these solutions at the highest pace, to interact with customers in a more-effective way. Due to the costly and advanced nature of these solutions, North America has been the largest speech analytics market till now. Moreover, the awareness of such technology is higher in the region, which is also home to a large number of multinational corporations with a sea of customers they need to connect with.

Apart from North America, the usage of speech analytics is growing rapidly in Asia-Pacific (APAC), which offers a huge customer base for companies across industries. Moreover, with the availability of cloud-based solutions, small and medium enterprises are adopting them. This is the reason that among the numerous applications of this technology, such as customer experience management, agent performance monitoring, call monitoring, risk compliance management, competitive intelligence, and quality management, customer experience management has been the most significant in recent years.

To make communicating with customers and analyzing their emotions better, companies are using speech analytics solutions with phonetic indexing. Compared to the conventional transcription technique, phonetic indexing is easier to deploy, use, and manage. It saves the speech analytics software from having to scan a dictionary of thousands of words, instead converting the words to phonemes and scanning a small list.

Hence, as the importance of analyzing conversations with customers to recommend them better products and resolve their queries more effectively is realized, the demand for speech analytics solutions will grow.