Market Trends of Asia Pacific Speech Analytics Industry
This section covers the major market trends shaping the APAC Speech Analytics Market according to our research experts:
IT and Telecom Sector is Expected to Witness Significant Growth
- The telecommunications industry is highly competitive in the region, and companies are increasingly using speech analytics solutions as they can provide a competitive advantage through customer interaction insights. and for the same, the companies are adopting strategic partnerships for availing speech analytics and other advanced technologies.
- For instance, in May 2020, Bharti Airtel acquired a strategic stake in Voicezen an early-stage startup focused on conversational AI technologies. The acquisition has been made by the company under its fast-expanding Airtel Startup Accelerator Programme. Voicezen has been working on developing advanced solutions that leverage machine learning, AI, speech to text, and voice technologies to offer real-time analytics to help brands serve customers better. The investment will give Airtel preferred access to Voicezen's technologies, which can be deployed across its customer touchpoints in multiple languages.
- Moreover, with the increasing penetration of mobile phones, Voice search is continuously replacing the traditional searching process in mobiles. It is estimated that over 20 % of mobile searches are voice searches. Speech analytics plays a vital role in these kinds of voice-enabled intelligent assistants.
- The increasing structured and unstructured data from the IT and telecommunication industry is also one of the major factors impacting the growth of the market. For the same, speech analytics vendors are incorporating latest technologies such as AI and machine learning. For instance, Verint Speech Transcription provides a accurate, automated transcription solution for 100 percent of contact center calls in an easily accessible format. Through artificial intelligence (AI) and automation, Verint Speech Transcription allows big data and analytics teams to tap into a wealth of insights from unstructured data.
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India is Expected to Register Significant Growth
- Speech analytics is expected to gain a high traction market in India owing to the growing technological adoption and the presence of international players. Cloud-based contact centers are expected to see significant growth in demand in the region due to cloud technology proliferation. For instance, in August 2020, HGS Digital LLC announced a partnership with AWS Contact Center Intelligence (CCI) solutions Partner program. Such developments are expected to increase over the next two years in India, showing a positive trend in adopting cloud-based solutions.
- In addition, there are many emerging startups working on Natural Language Processing which is expected to accelerate the growth of the speech analytics market. For instance, Gnani.ai is one of the well-known startups in India working on Indic NLP. Gnani.ai develops speech analysis and assistant products for Indian languages and other multiple languages.
- Furthermore, companies in the region are launching speech analytics solutions to cater to the growing market. In February 2020, Ozonetel launched an AI-powered Speech Analytics Dashboard for Call Centers. Speech Analytics is the process of analyzing any voice recording using AI-based tools. This new tool from Ozonetel will allow call center managers to track and analyze on-going calls in real-time.
- Moreover, in March 2020, the national government has multiplied its investment in its innovation program known as Digital India to Rs 3,063 crore so as to support progress in AI, machine learning, and 3-D printing.
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