Speech analytics as a market has been booming in India. A report which was commissioned by Uniphore Software Systems and conducted by Opus Research said that the speech analytics market is growing very fast and enterprises are aiming to increase their sales and collections using speech analytics. Nearly 57% of the respondents said they put heavy emphasis on speech analytics.
The report says that 53% of respondents have used speech analytics for workforce optimisation already and plan to expand the programme. The report said, “Discovering the root cause of customer experience failures and 49% for quick identification of customer intent” besides gleaning business insights (17%) or for building better marketing programs, product development and amplifying business operations.” At the same time, another report suggests that the speech analytics market will grow from $941.1 million in 2017 to $2,175.8 million by 2022, which amounts to 18.2% during the forecast period.
Here we list out five startups working in speech analytics doing fantastic work:
Uniphore Software Systems is headquartered in Chennai and works out of IIT Madras Research Park. It was incubated in 2008 and has offices and personnel in India, Singapore and the UAE, employing more than 100 people. They have raised funds from Kris Gopalakrishnan, India Angel Network, IDG Ventures India, YourNest Angel Fund and Ray Stata, among others. They have more than 70 enterprise customers and many 4 million users have used Uniphore’s system as of now. With many accolades and awards, Uniphore has built up a great reputation in the industry. They were recognized by Deloitte as a Technology Fast 500 company in the Asia Pacific in 2014 and were also ranked as the 10th fastest-growing technology company in India by Deloitte Fast 50 in 2015. Co-founder and CEO, Umesh Sachdev was recognized by the TIME Magazine list of 2016 amongst ’10 Millennials Changing The World’, and with India’s edition of MIT Technology Review’s ‘Innovators Under 35′ for the year 2016.
Sayint.Ai is a cutting-edge technology company who is involved in the conversation analytics industry in India. They have deep knowledge in the space of speech recognition, NLP and sentiment analysis among other things. They provide many end-to-end solutions with dashboards and work with various domains and technologies that are related which consists of speech recognition and analytics, ML and neural networks.
3. Liv. Ai
Liv.ai is a unique startup that works on Indian languages whereas many bigger companies only work on English and other international languages. Liv.ai has speech APIs which enable developers to convert speech data to text using many neural network technologies built by the engineers at Liv.ai. Currently, the API recognizes nine major Indian Languages – English, Hindi, Bengali, Punjabi, Marathi, Gujarati, Kannada, Tamil and Telugu. Our system works with most accents and performs remarkably well in noisy environments. The startup was acquired India’s largest online marketplace Flipkart was founded by IIT graduates Subodh Kumar, Sanjeev Kumar and Kishore Mundra.
Ozonetel helps companies to add speech capabilities to their contact centre and help customers speak to advanced IVR systems instead of punching keys. They also help in customer surveys and take customer feedback. More features like analysing sentiments of every call and self-service are also present. The technology has already resulted in a 50% reduction in Total Cost of Ownership (TCO) and 40% improvement in Agent Performance. The company has served more than 50 million customers, 2 billion calls handled and over 1,000 enterprise clients. The Hyderabad-based company also brought in advanced speech technology by acquired YantraSoft Inc, a speech analytics firm in an equity-plus-earn-out deal in 2014.
Mihup is an impressive startup working with local Indian languages. They help their customers build accurate and intuitive voice interfaces in Indian languages. The company works with Media and Entertainment companies, Connected Cars, Intelligent IVR systems and a Smart Home which have deep needs in the speech analytics sector. Mihup describes itself as an intelligent voice interface company for any device and application. The company claims to deliver a human-like intelligent understanding of speech for many domains mentioned above. Mihup has worked hard on building on Automatic Speech Recognition (Offline and Online) in Indian languages.