Speech Analytics Market Size, Driving Factors, Industry Growth, Key Vendors and Forecasts to 2027

Overview

According to Market Research Future (MRFR), the global speech analytics market size is projected to reach USD 1.75 billion at an estimated CAGR of 23% from 2016 to 2022 (forecast period). The study on the Speech Analytics Market assesses COVID-19 on key factors determining business growth. The study discusses industry competition and global market patterns, offering a detailed overview of both growth drivers and constraints that could have a significant impact on market outlook over the forecast period.

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Speech Analytics is the process of analyzing recorded calls for the collection of customer information with the goal of enhancing communication and potential interaction. The process is used by contact centers to extract information from clients' interactions with the organization. Technology can detect cost drivers, strengths, and limitations in processes and products, analyses trends, and help explain how the marketplace recognizes the offerings.

Regional Analysis

Regionally, the global speech analytics market has been segmented into North America, Europe, Asia Pacific, and the Rest of the world.

North America will be the largest growing market in terms of revenue generation due to a large number of analytics vendors in the region.

Europe is expected to see a substantial growth rate due to the rising number of contact centers, increased voice importance in the multi-channel world, and rising demand for cloud analytics.

The Asia Pacific region has an immense growth opportunity due to the growing use of technology and massive investments in contact centers.

Market Segmentation

The global market for speech analytics has been segmented on the basis of type, deployment, organization size, and end-user.

On the basis of types, the global speech analytics market has been segmented into solutions and services. Solutions are further divided into analysis and query tools, dashboards and reporting tools, indexing, and speech engines.

On the basis of deployment, the global speech analytics market has been segmented into the cloud and on-premise.

On the basis of organization size, the global speech analytics market has been segmented into large enterprises and small & medium enterprises.

On the basis of end-user, the Speech Analytics Market Research Trends has been segmented into BFSI, entertainment, retail, IT& Telecom, government, and healthcare, among others.

Key Players

The industry giants in the global speech analytics market are Verint Systems, Inc. (U.S.), NICE Systems Ltd. (Israel), Genesys Telecommunication Laboratories, Inc. (U.S.), Calabrio, Inc. (US), Callminer, Inc. (U.S.), Avaya, Inc. (U.S.), Aspect Software Inc.(U.S.), HP Enterprise (U.S.), Calabridge, Inc. (U.S.), and Castel communications LLC (U.S.) among others.

Market Dynamics

The key factors impelling the growth of the speech analytics market are the growing need for customer relationship management, an increase in the level of competition of existing players, new product development, and rigorous management. Risk management, along with increasing compliance requirements, also attributes to the growth rate. The demand for this sector rises with the expertise and awareness of third-party resources to implement such solutions. The growing interaction of customers across various platforms, such as voice, social channels, and surveys, is a crucial driver for the Speech Analytics Market Report. The major constraining factor in this sector is the associated high costs, especially the cost of licensing software.

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