Speech analytics is a must-have in any company. It helps the organization to understand the customer’s ails and changing trends. Speech analytics is a process of analyzing the recorded calls of customers to improve communication, products, services, and process.
Are You Listening?
NICE Systems Ltd. is an Israel-based company, is a pioneer in business intelligence and customer experience analytics platform. The company acquired US-based Nexidia, an interactive analytics software company and introduced Nexidia Interaction Analytics®.
Nexidia Interaction Analytics will unveil hidden information to provide customer satisfaction, operational efficiency, and better performance. This solution is an amalgamation of the best of the technologies for post-call evaluation as well as real-time speech analytics. It will help the organization to analyze and categorize 100% of the voice communication.
The technology will convert the conversation into basic speech units and instantly identify a predefined list of words or independent words. This helps assess calls as they are taking place to trigger the next-best-step to guide the telephone operator.
The speech-to-text transcription (STT) technology will convert the audio exchanges into text for better data mining. This will help the service provider to reach the root of the problem. This will also help in phonetics indexing.
Nexidia Interaction Analytics technology will use talk-over analysis to provide better analysis of the conversation during simultaneous conversations. It will provide the end-user with information such as who said what during the call. It will also gauge the emotional status of the customer and highlight the frequent topics mentioned by the customers, to identify the trending customer satisfaction.
Market Insight
According to a new report by Grand View Research, Inc., the speech analytics market is predicted to reach USD 1.64 billion by 2025. These analytics are vastly used in government, healthcare, hospitals, retail, IT, telecommunication, and Banking, Finance service, and Insurance (BFSI), and others. Proliferation of smartphones, tablets, and laptops can drive this technology.
Competitors
Call Miners, Nice Systems, Verint Systems, and Avaya Incorporated are the leading competitors of the speech analytics market. They are involved in strategic alliances to gain an advantage over other competitors.
In-Depth research report on speech analytics market:
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