Asia Pacific Speech Analytics Market - Growth, Trends, Forecasts (2022 - 2027)

Asia Pacific Speech Analytics Market - Growth, Trends, Forecasts (2022 - 2027)

The Asia Pacific Speech Analytics Market is expected to reach a CAGR of 22.5% during the forecast period. The growing demand for speech analytics in various industry verticals and increased focus on improving and enhancing overall customer experience are some of the major factors driving the growth of the market.

Key Highlights

• Risk and compliance management and investment in contact centers are some of the major factors driving the regional market growth. 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.
• According to Genesys Asia-Pacific Customer Experience Transformation Readiness Index 2021, APAC stands overall at 54% on the Customer Experience Readiness Index, indicating the untapped potential for innovation and implementation opportunities in the future. This also showcases the opportunities available to speech analytics vendors in the various end-user industries such as BFSI, Healthcare, Retail and government.
• Moreover, international players are entering emerging economies in Asia-Pacific due to the increasing demand. For instance, in November 2020, Google partnered with Singapore-headquartered cloud telephony firm Knowlarity to expand its speech recognition and analytics services in India. The tech giant expects its artificial intelligence-based speech analytics platform to take off among enterprises in various sectors. This further includes hospitality, banking and financial services sectors in the country.
• The impact of the COVID-19 crisis has forced the businesses to adhere to strict requirements to ensure the ongoing safety of their employees and customers alike. The need for remote working has resulted in a sudden shift from traditional on-premises contact centers to cloud-based contact centers. This could be observed as a notable trend in the foreseeable future, as remote working could become the new normal.​ The scenario has resulted in several players in the market to come up with product enhancements, new product launches, investments, collaborations, free product trails, etc. On the other hand, various enterprises in the end-user industries have deployed these solutions in order to ensure business continuity. Some of the instances are as follows.​

Key Market TrendsIT 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.

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.

Competitive Landscape

The market for speech analytics in Asia-Pacific is highly competitive owing to the presence of major players in the market. Moreover, the region is amongst the most advanced in terms of technology adoption and innovation and thus the market is expected to move towards fragmentation during the forecast period.

• October 2020 - Transcosmos has released TranspeecB.0, the upgraded version of its speech recognition solution designed for the contact center industry. Transpeech 2.0 adds Quality Control Platform, AI Defender, Emotion Analysis, and Dialogue Summary features. The Quality Control Platform seeks to improve call quality and contact center efficiency. With it, supervisors can monitor, evaluate, and visualize agents' performance and then coach them to provide better service, taking into consideration their past performance results. The AI Defender automatically detects at-risk agent behaviors, such as failing to deliver required notifications or using inappropriate language, and sends alerts to supervisors' desktops.
• July 2020 - Verint Systems Inc, The Customer Engagement Company, and Cloud9 Technologies, a leader in cloud-based communications, have joined forces to provide the financial services market with a fully compliant, cloud-enabled communications solution to support traders both on the trading floor and remotely, providing necessary flexibility as the industry continues to move to cloud-based platforms and work-from-home environments during and beyond the COVID-19 pandemic. This offering leverages Cloud9’s C9 Trader voice communication and analytics platform and Verint Financial Compliance with seamless integration into existing systems, addressing key compliance concerns around voice trading.
• February 2020 - Chinese technology company Sogou this week introduced the S1 and E1 smart recorders, offering advanced features like noise cancellation, voice recognition, simultaneous translation, and multi-lingual transcription. Sogou's latest premium smart recorder carries an eight-microphone array that can capture sound within 10 meters. Driven by Sogou's artificial intelligence, S1 features a noise-canceling function that can eliminate up to 40,000 types of unwanted noises. Sogou's smart recognition technology allows S1 to convert audio to text at high speed with an accuracy rate of 98 percent.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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