IBM Corporation, Oracle Corporation, Internap Corporation, Packet Inc. (An Equinix Inc. Company), Scaleway Inc., Amazon Web Services Inc., Rackspace Inc., CenturyLink, Inc., and LightEdge Solutions, Inc. [Description of the Report] The Asia Pacific Speech Analytics Market is anticipated to grow at a CAGR of 22.5% over the course of the forecast period. The market is expanding as a result of a number of major factors, including an increased emphasis on enhancing the overall customer experience and the rising demand for speech analytics across various industry verticals.

Highlights Key factors driving the expansion of the regional market include investments in contact centers and risk and compliance management. HGS Digital LLC, for instance, announced a partnership with the AWS Contact Center Intelligence (CCI) solutions Partner program in August 2020. India is expected to see an increase in such developments over the next two years, indicating a positive trend in the adoption of cloud-based solutions.
Genesys's Asia-Pacific Customer Experience Transformation Readiness Index 2021 shows that overall, APAC ranks 54 percent on the Customer Experience Readiness Index, indicating the untapped potential for future opportunities for innovation and implementation. In addition, this demonstrates the opportunities speech analytics vendors have in various end-user sectors like government, healthcare, retail, and BFSI.
In addition, as demand rises, foreign firms are entering Asia-Pacific's emerging economies. For example, in November 2020, Google collaborated with Singapore-settled cloud communication firm Knowlarity to grow its discourse acknowledgment and examination administrations in India. The tech giant anticipates that businesses in a variety of industries will adopt its speech analytics platform, which is based on artificial intelligence. This also includes the country's hospitality, banking, and financial services industries.
Businesses have been forced to adhere to stringent requirements as a result of the COVID-19 crisis in order to maintain the safety of their employees and customers. Cloud-based contact centers have suddenly replaced traditional on-premises contact centers due to the demand for remote work. Several players in the market have come up with product enhancements, new product launches, investments, collaborations, free product trials, etc. as a result of the situation. This could be observed as a notable trend in the foreseeable future as remote working could become the new norm. In contrast, a number of businesses in the end-user industries have implemented these solutions to guarantee business continuity. Key Market Trends IT and Telecom Sector is Expected to Witness Significant Growth The telecommunications industry in the region is highly competitive, and businesses are increasingly utilizing speech analytics solutions because they can provide a competitive advantage through customer interaction insights. Some of the instances are as follows: as a result, businesses are forming strategic alliances to gain access to speech analytics and other cutting-edge technologies.
For example, in May 2020, Bharti Airtel procured an essential stake in Voicezen a beginning phase startup zeroed in on conversational artificial intelligence advances. The acquisition was made by the company as part of its Airtel Startup Accelerator Program, which is expanding quickly. Voicezen has been dealing with creating progressed arrangements that influence AI, simulated intelligence, discourse to text, and voice advancements to offer constant examination to assist brands with serving clients better. As a result of the investment, Airtel will have priority access to Voicezen's technologies, which can be used in a variety of languages at all of its customer touchpoints.
In addition, with the rising entrance of cell phones, Voice search is consistently supplanting the customary looking through process in mobiles. Voice searches account for over 20% of mobile searches, according to estimates. These voice-enabled intelligent assistants rely heavily on speech analytics, and the growing amount of structured and unstructured data coming from the IT and telecommunications industries is also one of the main factors affecting the market's expansion. For the equivalent, discourse examination sellers are consolidating most recent advancements, for example, simulated intelligence and AI. For instance, Verint Speech Transcription offers a straightforward, accurate, and automated transcription solution for all contact center calls. Through man-made brainpower (simulated intelligence) and computerization, Verint Discourse Record permits enormous information and examination groups to take advantage of an abundance of bits of knowledge from unstructured information.
India is Supposed to Enlist Huge Development
Discourse examination is supposed to build up momentum market in India attributable to the developing mechanical reception and the presence of worldwide players. Due to the proliferation of cloud technology, cloud-based contact centers are anticipated to see significant demand growth in the region. HGS Digital LLC, for instance, announced a partnership with the AWS Contact Center Intelligence (CCI) solutions Partner program in August 2020. India is expected to see an increase in such developments over the next two years, indicating a positive trend in the adoption of cloud-based solutions. Additionally, there are a lot of new companies working on Natural Language Processing, which is anticipated to accelerate the speech analytics market's expansion. Gnani.ai, for instance, is one of the most well-known Indian startups working on Indic NLP. Gnani.ai creates speech analysis and assistant software for multiple languages, including Indian.
In addition, in order to serve the expanding market, businesses in the region are introducing speech analytics solutions. Ozonetel introduced a Speech Analytics Dashboard for Call Centers powered by AI in February 2020. Discourse Investigation is the method involved with breaking down any voice recording utilizing artificial intelligence based apparatuses. Call center managers will be able to monitor and analyze ongoing calls in real time with the help of this brand-new Ozonetel tool.
In addition, in order to support advancements in AI, machine learning, and 3-D printing, the national government will increase its investment in its innovation program known as Digital India to Rs 3,063 crore in March 2020.
Due to the presence of major players in the market, the speech analytics market in Asia-Pacific is highly competitive. In addition, the market is anticipated to fragment during the forecast period due to the region's position as one of the most advanced in terms of technology adoption and innovation.

Transpeech2.0, an improved version of Transcosmos' speech recognition solution developed specifically for the contact center industry, will be available for purchase in October 2020. Transpeech 2.0 adds Quality Control Stage, simulated intelligence Protector, Feeling Examination, and Discourse Synopsis highlights. The goal of the Quality Control Platform is to boost call quality and efficiency in the contact center. With it, bosses can screen, assess, and picture specialists execution and afterward mentor them to offer better assistance, thinking about their past execution results. The AI Defender sends alerts to supervisors' desktops when at-risk agent behaviors, like not sending required notifications or using inappropriate language, are detected automatically.
July 2020: Verint Systems Inc., The Customer Engagement Company, and Cloud9 Technologies, a pioneer in cloud-based communications, have joined forces to offer the financial services industry a cloud-enabled, fully compliant communications solution to support traders both on the trading floor and remotely. This will give traders the flexibility they need as the industry shifts to cloud-based platforms and work-from-home environments throughout and after the COVID-19 pandemic. This service addresses key compliance issues related to voice trading by making use of Verint Financial Compliance and Cloud9's C9 Trader voice communication and analytics platform. It is easy to integrate into existing systems.
The S1 and E1 smart recorders, which come with advanced features like noise cancellation, voice recognition, simultaneous translation, and multi-lingual transcription, were unveiled this week in February 2020 by the Chinese technology company Sogou. The most recent premium smart recorder from Sogou has an array of eight microphones that can record sound within 10 meters. S1 is powered by the artificial intelligence of Sogou and has a noise-canceling function that can block up to 40,000 different kinds of unwanted noise. Sogou s brilliant acknowledgment innovation permits S1 to change sound over completely to message at fast with a precision pace of 98%."