Speech analytics software is a solution that applies speech-to-text and Natural Language Processing (NLP) technologies to analyze recordings or conversations to identify the emotion and intent of the speakers. Speech analytics software analyzes the audio patterns for certain features, such as tone, stress, tempo, pitch, and rhythm. It helps enhance customer satisfaction, augments competitive intelligence, reduce customer churn by predicting at-risk customers, and identify risks and frauds. Such voice analytics solutions find major adoption across Banking, Financial Services, and Insurance (BFSI), telecommunication, retail, healthcare, and government verticals.
Visionary leaders in speech analytics software market are the leading market players in terms of new developments such as product launches, innovative technologies, and the adoption of growth strategies. These players have a broad product offering that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.
Dynamic Differentiators in speech analytics software market are established players with very strong business strategies. However, they have a weaker product portfolio compared to the visionary leaders. They generally focus only on a specific type of technology related to the product.
Innovators in the competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. The companies have focused on product portfolios. However, they do not have very strong growth strategies for their overall business, when compared with the visionary leaders.
Emerging companies in speech analytics software market have niche product and service offerings. Their business strategies are not as strong as that of the established vendors. The emerging vendors include the new entrants in the market, emerging in terms of product portfolio and geographic reach, and require time to gain significant traction in the market.