Published : April 19, 2023Advanced technology and AI have brought about a paradigm shift in the way industries and call centers manage their customer care and relationships. This is done through the use of speech analytics software.
This software uses cutting-edge technology to address issues that could potentially lead to customer churn. Specifically, voice analytics software is designed to analyze speech patterns and recognize emotions in a customer’s voice.
The speech analytics software market is booming. It is expected to touch atleast $4.24 billion by 2026 and advance rapidly. With this software, businesses have significantly improved their customer relations, and the call center industry has made notable strides. Continue reading if you wish to explore more about speech analytics software.
What Is Speech Analytics?
Speech analytics market represents a state-of-the-art technology that leverages the power of artificial intelligence to comprehend, process, and scrutinize human speech.
The progression of speech analytics technology is occurring at an unparalleled rate. This facilitates the development of increasingly sophisticated and real-time analytical capabilities.
These advances extend beyond the realm of phone calls and encompass various other modes of communication, such as emails, text messages, and other interactions between a company and its customers.
To boost contact center performance, speech analytics software vendors scrutinize call recordings and transcripts obtained from various digital communication channels, such as chat and text messages.
The exceptional features of speech analytics applications make them suitable for a variety of important tasks. These primarily include problem identification and management, quality management, and the voice of the customer.
Importance of Speech Analytics Software in 2023
The importance of speech analytics tools continues to grow, and businesses that fail to implement them risk being outpaced by their competitors. Below mentioned are some of the key benefits that speech analytics software can provide to businesses. Let’s dig deep!
1. Unmatched Customer Experience
Providing excellent customer service has never been more important in today’s highly competitive business landscape. Customers expect a personalized experience when dealing with businesses, and failure to meet these expectations can result in negative reviews.
Speech analytics software enables businesses to analyze customer interactions in real-time, identify pain points, and provide customized solutions. By deeply understanding customers’ needs, businesses can tailor their approach, resulting in happier customers and increased sales.
2. Cost Reduction
Speech analytics software can help businesses cut costs by automating certain tasks, minimizing the need for human intervention, and streamlining workflows. For example, it can automatically route calls to the appropriate department, saving time and reducing the need for staff.
Additionally, by identifying common customer issues, businesses can proactively address them, reducing the need for customers to call back and lowering overall call volume.
3. Data-driven training and performance improvement
Speech analytics solutions analyze customer interactions to provide valuable insights into the performance of individual employees. This data can easily be used to identify areas for improvement and provide targeted training. This eventually results in improved performance and customer satisfaction.
Additionally, the software can help businesses identify top-performing employees and best practices that boost overall performance.
4. Reduced customer churn
Businesses can get an in-depth understanding of their customers with the help of voice analytics software. This is done by identifying patterns that indicate a customer is at risk of leaving and proactively addressing their concerns.
For example, if a customer has called multiple times with the same issue, the software can alert the business, allowing them to provide a personalized solution. Through this, retaining customers and increasing their lifetime value becomes an easy task.
"Speech analytics software can give businesses a strong competitive advantage. It helps in tracking agent performance, assessing call quality, and reducing customer churn. Make sure to go through all market options to select the best speech analytics software vendor for your organization to increase bottom-line results instantly."
How To Choose the Right Speech Analytics Software?
When it comes down to choosing the right choice for speech analytics software, one needs to consider multiple factors.
1. Assess the compatibility
First and foremost, assess the compatibility of the software with the specific type of customer interactions you aim to analyze, such as customer service, sales, or marketing calls.
Be on the hunt for features that cater to your organization’s requirements, such as high speech recognition accuracy, advanced natural language processing capabilities, and other sophisticated speech analysis and functions. Take advantage of available tools to compare speech analytics software based on factors like price, features, integrations, user reviews, and more.
2. Evaluate the features
Thoroughly evaluating the software’s capability upholds huge significance. It helps to collect and analyze the types of data you need, such as customer sentiment scores or keyword searches.
Research whether the software offers effective data capture and analysis functionalities for your specific requirements. Also, consider the ease of integration with your existing technologies to ensure seamless data processing and mining.
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3. Take a closer look at the pricing
Gain a comprehensive understanding of the costs associated with the software, including licensing fees and subscription costs. It’s critical to verify that the vendor provides robust security measures for their handling and storage technologies to safeguard sensitive information.
By dedicatedly considering all the above-mentioned factors when evaluating speech analytics solutions, you can confidently choose a solution that aligns with the unique needs of your business.
After extensive research and analysis, we have curated a list of speech analytics software. These softwares are carefully selected based on usability and satisfaction scores, including features, ease of use, customer support, ratings, and reviews from SoftwareSuggest, G2, and Capterra. Our aim is to assist businesses in identifying the most suitable software to streamline their operations.
Top 15 Speech Analytics Software In 2023
| Brand Name | Rating | Key Features | Pricing |
|---|---|---|---|
| CallHippo | Call forwarding Call recording Voicemail Text messaging | Basic: $0 Bronze: $16 /month Silver: $24 /month Platinum: $40 /month | |
| Enthu.AI | Call transcription Agent evaluation Personalised coaching | Getting started: Free trial Growth: $59 Enterprise: Customer | |
| Talkdesk | Omnichannel support Advanced IVR Real-time analytics | CX Cloud Essentials: $75 /month CX Cloud Elevate: $95 /month CX Cloud Elite: $125 /month | |
| Genesys | Inbound call routing Call analytics Call scripts | Genesys Cloud CX 1: $75 Genesys Cloud CX 2: $110 Genesys Cloud CX 3: $140 | |
| Google Cloud’s Speech-to-Text | Timecode management Closed captioning Voice files | Forever Free version |
The utilization of speech analytics software equips businesses with advanced technological capabilities that enable them to monitor, record, and evaluate customer and agent phone conversations, thereby enhancing overall customer experience.
With features such as sentiment analysis, transcription, and language detection, the software provides valuable insights into customer preferences, behavior, and pain points. Here are the top 12 speech analytics software. Let’s take a look at them!
1. CallHippo
Being a market leader in the virtual phone system landscape, CallHippo has been the ultimate game-changer. With its effective Speech Analytics, it provides a fast and powerful way to evaluate all the calls, extracting relevant insights on the way.
With the exception of call QA and streamlined coaching, CallHippo tends to increase your overall team performance while reducing costs. You can get deep insights into compliance gaps, customer objections, and necessary comparisons to better understand the working of your team.
To top it all, CallHippo also helps in improving your business decision-making by offering crucial customer behavior insights that tell you about your target audience.
Key Features
- Takes lesser time for call evaluation
- Offers call recording & transfer
- Has live call monitoring
CallHippo Pros and Cons
- Helps better assess your workforce
- Provides insights for more strategic decisions
- Easy to get started with and use
- Offers demo
- Customizable
- The Return on Investment of the Speech Analytics tool comes only when you have three or more calling agents
Pricing
Get in touch with our experts to know the exact prices.
2. Enthu.AI
Speech analytics and call monitoring/quality software like Enthu.AI help you identify top coaching opportunities for your sales agents. The software is configurable to the needs of a sales team and the types of conversations they make with their customers.
The quality insights generated by the tool are funnelled back into agent training and coaching programs, making mediocre sales people rockstars.
Enthu.AI offers call quality assurance across 100% of your calls encompassing speech-to-text conversion, call summaries, and identification of top moments or ideas that might have been missed. The software automatically surfaces agent improvement opportunities,and pinpoints the areas that need attention.
What’s remarkable is its ability to evaluate sales conversations without listening to every single minute, saving time and human effort.Enthu.AI offers both automatic and manual scorecards, along with metrics tracking agent performance over time, empowers teams to quantify progress effectively.
Enthu.AI seamlessly integrates with leading telephony systems, dialers and CRMs, streamlining communication processes.
Key features
- Call transcription
- Agent evaluation
- Personalised coaching
Enthu.AI Pros and Cons
- Customizable dashboard
- Free demo and trial
- Customer call analysis
- No call recording
Pricing
- Getting started: Free trial (For teams upto 3 voice agents)
- Growth: $59 / agent / month (For teams upto 20 voice agents)
- Enterprise: Customer (larger teams)
3. Talkdesk
Talkdesk is a contact center solution that offers a variety of capabilities for managing voice, digital channels, and workforce engagement. It boasts advanced AI automation capabilities that enable businesses to automate tasks and processes, thereby increasing efficiency.
With integration capabilities to a wide range of CRM and helpdesk applications, Talkdesk provides businesses with a seamless omnichannel experience for their customers.
Key Features
- Agent dashboard
- Click-to-call (CTC)
- Validate callers
TalkDesk Pros and Cons
- Easy to install
- AI assistance for live agents
- Customer interaction analytics
- No free trial
- No free usage version
Pricing
- CX Cloud Essentials: $75 USD per user/month
- CX Cloud Elevate: $95 USD per user/month
- CX Cloud Elite: $125 USD per user/month
- Experience Clouds: On request
4. Genesys Cloud CX
Genesys Cloud CX is a robust contact center application that stands out for its expertise in automatic call distribution, interactive voice response, and managing a wide range of communication channels, including email, social media, chat, and text/SMS. It also provides VoIP interconnect services to its users.
By leveraging advanced features such as AI insights, conversation flow builders, team collaboration tools, and detailed analytics, Genesys Cloud CX can deliver personalized and efficient customer support.
Key Features
- Inbound call routing
- Call analytics
- Call scripts
Genesys Cloud CX Pros and Cons
- Historical reporting
- Workforce scheduling
- Complex admin options
- Poor post-sale support
Pricing
- Genesys Cloud CX 1: $75.00 per user/month
- Genesys Cloud CX 2: $110.00 per user/month
- Genesys Cloud CX 3: $140.00 per user/month
5. Google Cloud Speech-to-Text
Google Cloud’s Speech-to-Text is an innovative tool that uses Google’s AI technologies to convert speech into text through an API.
This speech analytics software provides businesses with valuable insights from customer interactions and feedback, which can help them enhance their services and improve customer satisfaction.
Key Features
- Timecode management
- Closed captioning
- Voice files
Google Cloud Pros and Cons
- Free trial
- Integration with existing apps
- Live captioning
- Complex at times
Pricing
- Forever Free version
- On request
6. Observe.AI
Observe.AI offers a complete quality management solution for contact centers, utilizing highly precise speech analytics technology. Its Voice AI Platform empowers support teams to evaluate 100% of voice calls for quality and compliance, automate agent evaluations, and elevate coaching.
It leverages the most accurate conversation intelligence engine available to analyze customer interactions across all channels, providing businesses with valuable insights into their operations. This enables businesses to gain visibility into their contact centers, optimize their processes, and enhance overall contact center performance throughout.
Key Features
- Speech-to-Text
- Call analysis
- Lead qualification
Observe.AI Pros and Cons
- Easy to set up
- Real-time monitoring
- No free trial
- No free version
Pricing
- On request
7. CloudTalk
CloudTalk is a cloud-based business phone system that provides advanced calling features to enhance communication. As a call center management software, it enables seamless communication among team members and clients, making it an ideal solution for remote businesses.
Being one of the best free speech analytics software, CloudTalk has the ability to integrate with various CRM software, enabling agents to access additional information and enhance their efficiency when dealing with customer inquiries.
By having access to more data, agents can provide better and more personalized support to customers, resulting in a higher level of customer satisfaction.
Key Features
- Number porting
- Call queueing
- Interactive voice response
CloudTalk Pros and Cons
- High-quality statistics
- Multichannel integration
- Free trial
- Poor windows application
Pricing
- CloudTalk Starter: $20.00 per user/month
- CloudTalk Essential: $25.00 per user/month
- CloudTalk Expert: $40.00 per user/month
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8. Five9
Five9 is an innovative speech analytics software that harnesses advanced AI and machine learning technologies to improve business efficiency and increase the chances of successful product sales to potential clients.
Additionally, it delivers insightful data that can enhance employee performance. By seamlessly integrating all of its components, Five9 allows users to bridge the gap between outbound dialers and inbound ACD, providing comprehensive control and the ability to tailor rules for all interactions.
This comprehensive approach empowers businesses with the flexibility to customize and optimize their operations to meet specific requirements with ease.
Key Features
- Inbound voice calling
- AI-powered virtual agents
- Employee engagement tools
Five9 Pros and Cons
- Skills-based routing
- Queue callback
- TCPA Compliance
- No call recording
- Expensive
Pricing
- Core Plan: $149/month
- Premium Plan: $169/month
- Optimum Plan: $199/month
- Ultimate Plan: $299/month
9. Gong
Gong is a revenue intelligence solution that assists businesses in capturing customer interactions across multiple channels such as web, phone, email, and others.
By providing real-time insights and analytics based on sales conversions, Gong enables better revenue strategy decision-making.
Key Features
- Deal Intelligence
- Market Intelligence
- Real-time nudges
Gong Pros and Cons
- High Security
- Reduced onboarding time
- No buying signals
Pricing
- $1000 per agent per month
10. VoiceBase
VoiceBase is an advanced speech analytics software that helps businesses extract valuable insights from voice data. This AI-powered platform is capable of analyzing customers’ voices to understand their sentiments, which enables companies to discover new revenue opportunities, reduce call center costs, and manage compliance risks effectively.
With its extensive range of 40 distinct paralinguistic metrics, including overtalk, silence, sentiment, and dynamism, VoiceBase is a versatile tool that can significantly enhance a company’s data analysis capabilities.
Key Features
- Call management
- Application Integration
- Performance metrics
Voicebase Pros and Cons
- Optimize CX
- Reduce fraud
- Slow at times
Pricing
- $250 per user/month
11. CallMiner
The primary goal of CallMiner is to aid contact centers in analyzing the sentiments and experiences of their customers across multiple communication channels, including emails, calls, chat rooms, and social media.
As an innovative cloud-based speech analytics software, CallMiner offers advanced capabilities in speech and interactive analytics, which have the potential to increase customer satisfaction, optimize efficiency, and reduce operational expenses.
Key Features
- Risk & compliance monitoring
- Customer data platform (CDP)
- Account-based marketing
Callminer Pros and Cons
- Customizable dashboard
- Scorecard curation
- Requires specialized resources
- Not user-friendly
Pricing
- On request
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12. Verint Speech Analytics
Verint Speech Analytics is an innovative cloud-based solution specifically created to assist enterprises in transcribing and examining customer calls, providing real-time customer insights.
With this cutting-edge platform, businesses can easily gauge the satisfaction levels of their customers and deeply assess churn rates. Not only this, but it also helps to evaluate the performance of agents and execute effective marketing campaigns.
Key Features
- Call recording
- Automatic transcription
- workflow management
Verint Pros and Cons
- Customer experience enhancement
- Predictive analytics
- No medical terminology
- No free trial
Pricing
- On request
13. Tethr
Tethr is among the best speech analytics software designed to collect insightful information and useful data from client interactions, especially phone calls. By analyzing spoken interactions using innovative natural language processing (NLP) and machine learning algorithms, this voice analytics software enables businesses to make better decisions, improve customer experiences, and streamline operations.
Tethr, designed to decode the complex variety of spoken conversations, turns these exchanges into an invaluable source of information, allowing businesses to discover specifics, moods, and patterns that could otherwise be hidden in the spoken word. It equips organizations to adapt, improve, and innovate in customer experience by automating crucial procedures and reading nonverbal cues.
The software’s intuitive interface is designed to facilitate swift navigation through transcriptions. Its user-friendly platform allows for the identification of significant keywords, themes, and topics that emerge from conversations.
Key Features
- Speech-to-Text conversion
- Customizable dashboards and reports
- Emotion and sentiment analysis
Tethr Pros and Cons
- Handles a large volume of conversations
- Enables data-driven decision-making
- Analyzes conversations in real-time
- Involves initial set-up costs
- Learning curve for non-tech users
Pricing
- On request
14. Chorus
Chorus is among the best speech analytics tools created to give businesses the capability to extract valuable insights from audio engagements, including sales calls, customer support exchanges, and meetings. The solution helps businesses improve communication strategies, make data-driven decisions, and boost performance by utilizing natural language processing and machine learning capabilities.
Chorus evaluates interactions to provide unbiased insights regarding agent performance, promoting a mutually beneficial relationship between the potential of technology and people.
It is among the speech analytics solutions that revolutionize how businesses analyze, comprehend, and respond to spoken interactions with its advanced combination of natural language processing, machine learning algorithms, and data visualization capabilities. Chorus presents an opportunity for businesses to transform their communication strategies by extracting actionable insights from audio conversations.
Key Features
- Sentiment analysis
- Keyword spotting
- Performance metrics
Chorus Pros and Cons
- Offers automated transcription and keyword spotting
- Provides agent training and coaching
- Holistic view of customer preferences available
- Can have accuracy challenges
- Implementation can be challenging
Pricing
- On request
15. Wingman
Wingman is an advanced speech analytics software designed to analyze and optimize spoken interactions in various business environments. Leveraging cutting-edge natural language processing (NLP) technology, it aims to enhance communication quality, customer interactions, and overall operational efficiency.
The voice analytics software is particularly useful in call centers, sales teams, customer service departments, and any setting where spoken communication plays a pivotal role.
Wingman acts as a virtual companion by sitting beside agents and speakers throughout discussions. Sentiment analysis, keyword tracking, and performance analytics are some of its primary features, which take interactions to a new level of efficiency.
This speech analytics software helps businesses cultivate long-lasting relationships with their clientele while also increasing the professional growth of their workforce by easily integrating with existing communication platforms. Wingman emerges as a game-changer, shaping the future of communication optimization.
Key Features
- Emotion recognition
- Language proficiency assessment
- Cross-channel integration
Wingman Pros and Cons
- Offers personalized customer interactions
- A/B testing capabilities available
- Provides unbiased performance evaluation
- Trouble integrating with third-party applications
- Sentiment analysis and keyword tracking yield inaccurate results at times
Pricing
- On request
Wrapping Up
So, this was all you needed to know about the top 12 speech analytics software. The cutting-edge speech analytics software solutions available offer advanced capabilities for collecting, transcribing, analyzing, and extracting insights from spoken language data.
These tools are powered by features like natural language processing, sentiment analysis, and actionable reporting, providing valuable insights for organizations across diverse industries.
With our professionals, we can help you with a better understanding of speech analytics software and help you navigate through all your concerns.
FAQs
1. How to do speech analytics?
If you wish to do AI-powered speech analytics, here are some steps that you need to follow:
- Gather and store spoken language data.
- Convert the spoken language data into text format through transcription.
- Utilize techniques such as natural language processing and sentiment analysis to analyze the transcribed data.
- Extract valuable insights and actionable information from the analyzed data.
- Implement changes based on the obtained insights and diligently monitor the results.
- Always ensure strict adherence to ethical guidelines and privacy regulations when collecting and analyzing spoken language data for speech analytics.
2. What technology is used for speech analytics?
Speech analytics involves the utilization of multiple advanced technologies to enable efficient analysis of spoken content. One widely used technology in speech analytics is Automatic Speech Recognition (ASR).
ASR employs sophisticated algorithms to convert spoken language into written text. Audio recordings are transcribed into textual data through ASR systems, which can then be processed and analyzed to identify patterns, trends, and sentiment analysis.
Another significant technology utilized in speech analytics is Natural Language Processing (NLP), which is a branch of artificial intelligence. NLP techniques are employed to process and understand the spoken content in speech analytics.
NLP enables the identification of intent, sentiment, and emotions conveyed in the speech, facilitating the analysis of customer interactions for sentiment analysis, customer satisfaction levels, etc. Along with the ones mentioned above, machine learning and artificial intelligence also play a crucial role in speech analytics.
3. What is AI speech analytics?
AI speech analytics encompasses the cutting-edge application of artificial intelligence (AI) technologies that are designed for the comprehensive analysis of audio data, with a primary focus on speech content.
At the heart of AI speech analytics is Automatic Speech Recognition (ASR), a critical component that utilizes sophisticated algorithms to convert spoken language into written text. Another pivotal aspect of AI speech analytics is Natural Language Processing (NLP), which involves the capacity of computers to understand and analyze human language.
4. Which type of AI is used in speech recognition?
Automatic Speech Recognition (ASR) is an advanced artificial intelligence (AI) technology that revolutionizes speech recognition. ASR utilizes sophisticated algorithms and machine learning techniques to automatically transcribe spoken language into written text.
Through extensive data training, ASR systems achieve high accuracy in speech transcription and identification of keywords, phrases, and themes in the spoken content. ASR plays a key role in the field of AI speech analytics, empowering organizations to efficiently process and analyze vast amounts of audio data, etc.
5. Is there speech-to-text software?
Speech-to-text software, also known as Automatic Speech Recognition (ASR) software, is a cutting-edge technology that utilizes sophisticated algorithms and machine learning techniques to accurately convert spoken language into written text.
ASR systems are trained on extensive data to ensure precise transcription of speech. This allows them for the identification of keywords, phrases, and themes within the spoken content.
ASR software finds diverse applications across industries, such as transcription services, call centers, etc., providing an efficient and accurate conversion of speech into text for a wide range of use cases.
Updated : October 30, 2024
Supriya Bajaj is a senior content developer with immense experience in the VoIP telephony domain. With a deep knowledge of VoIP systems and emerging technologies in the field, she provides insightful and targeted content. Known for simplifying complex topics and her thought-leadership articles, Supriya delivers actionable content for both technical and non-technical audiences.
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