Speech analytics is the process of examining the recorded calls for gathering customer information with an objective of improving communication and future interaction. The process is used by contact centers to extract information from interaction of clients with the organization. The technology can identify cost drivers, strengths and weaknesses with processes and products, trend analysis and help to understand how marketplace recognizes the offerings.
The major factors contributing to growth of Speech Analytics Market are the increasing need for customer relationship management, rise in level of competitiveness amongst the existing players, new product development, and rigorous management. Risk management along with rising requirements for compliance is also attributing to the growth rate. The demand for this market increases with experience and knowledge of third party resources for implementation of such solutions. A major driving force for the speech analytics market is the growing customer interaction by various channels such as voice, social channels, and surveys. The major restraining factor of this sector is the associated high costs especially the cost of software licensing.
The global speech analytics market is expected to reach US $ ~1.75 Billion by 2022, at an estimated CAGR of ~23% during forecast period 2016-2022.
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The prominent players in the Speech Analytics market are- Verint Systems, Inc. (U.S.), Genesys Telecommunication Laboratories, Inc. (U.S.), Callminer, Inc. (U.S.), NICE Systems Ltd.(Israel), Avaya, Inc.(U.S.), HP Enterprise (U.S.), Calabrio, Inc.(US), Calabridge, Inc.(U.S.), Aspect Software Inc.(U.S.), and Castel communications LLC (U.S.) among others.
The Global Speech Analytics Market has been segmented on the basis of type, deployment and organization size. Types include – Solutions such as analysis and query tools, dash boards and reporting tool, indexing and speech engine and Services among others. The deployment includes- cloud and on-premise. The organization size includes- large enterprises and small & medium enterprises. The technology is used in several end-users sectors such as BFSI, entertainment, government, retail, IT& Telecom and healthcare among others.
The regional analysis of speech analytics market is being studied for areas such as Asia pacific, North America, Europe and rest of the world. North America would be the largest growing market in terms of revenue generation because of large number of analytics vendors present in the region. Asia pacific region has a huge potential of growth owing to increasing use of technology and huge investments in contact centers.
Study Objectives of Global Speech Analytics Market:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the Global Speech Analytics Market.
- To provide insights about factors affecting the market growth.
- To analyze the Global Speech Analytics Market based porter’s five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segment by type, deployment, organization size, and end-user sub-segments
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global Speech Analytics Market
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- Infrastructure dealers
- Contact centers
- Service providers
- Solution providers
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