Business Description
Speech Analytics Market is expected to reach US$ 2175.5 Mn by 2026 at a CAGR of 18% during the forecast period. Speech analytics is the process of analyzing recorded calls. Speech analytics helps to collect customer information to improve communication and future interaction. Speech analytics in contact centers can be used to mine recorded customer interactions to surface the intelligence essential for building effective cost containment and customer service strategies. This technology can identify cost drivers, trend analysis, identify strengths and weaknesses with processes and commodities, and helps to understand how the marketplace perceives contributions. The process is primarily used by customer contact centers to extract information buried in client interactions with an enterprise.
Integration with existing systems and selection of the right approach and difficult to quantify Return on Investment (RoI) are restraining factors that would affect the growth of the market during the forecast period. Focus on higher customer satisfaction, an increasing need for speech analytics solutions from the Business Process Outsourcing (BPO) sector and rising significance of real-time speech analytics are some of the major factors expected to drive the growth of the market during the forecast period.Speech Analytics Market Speech analytics market is segmented by component, application, deployment Model, organization Size, industry vertical, and region. While using applications, the customer experience management applications segment is expected to hold the larger market share during the forecast period. It allows organizations to use real-time customer data to identify patterns and trends and devise retention strategies and reduce customer churn.
The deployment segment is divided into cloud and on-premises. Among these, the cloud deployment model is likely to reach at a higher CAGR during the forecast period, as Cloud-based solutions are gaining a firm hold in the speech analytics market as is provides various benefits, such as resource pooling, and less implementation time cost control.
Among verticals, the retail and e-commerce industry vertical is expected to grow at the highest CAGR during the forecast period. The BFSI vertical is likely to hold larger market share during the forecast period, as the importance of speech analytics is growing to enhance the customer satisfaction, increase the retention rate, and reduce the customer churn rate.
In case of organization size, large enterprises are likely to have larger market share during the forecast period, as they are keenly focusing on CEM to encourage repeat business and improve customer loyalty. The Small and Medium-sized Enterprises (SMEs) are likely to grow at a higher CAGR, due to the easy availability and scalability of cloud-based deployments.
Region segment is divided into North America, Europe, APAC, LAMEA. Among these regions, North America is expected to hold larger market share during the forecast period, a large number of solution vendors are present in the US. APAC is expected to grow at the highest CAGR during the forecast period, as deeper technology ***** and large investments in contact centers that are turning towards speech analytics solutions to efficiently gain insights from customer interaction data.
Some of the major key players are Verint Systems (US), Avaya (US), Calabrio, (US), CallMiner (US), Clarabridge (US), Almawave (Italy), Voci Technologies (US) etc.
The Scope of the Speech Analytics Market
Speech analytics market by Component
• Solutions
o Speech engine
o Indexing, analysis, and query tools
o Reporting and visualization
• Services
o Managed services
o Professional services
Consulting services
Support and maintenance
Speech Analytics Market by Application
• Customer experience management
• Call monitoring
• Agent performance monitoring
• Sales performance management
• Competitive intelligence
• Risk and compliance management
• Others
Speech Analytics Market by Deployment Model
• On-premises
• Cloud
Speech Analytics Market by Organization Size
• Small and Medium-sized Enterprises (SMEs)
• Large enterprises
Speech Analytics Market by Industry Vertical
• Banking, Financial Services, and Insurance
• Retail and eCommerce
• Travel and Hospitality
• Government and Defense
• Healthcare and Life Sciences
• Energy and Utilities
• Telecommunications and IT
• Media and Entertainment
• Others (Manufacturing, Real Estate, and Education)
Speech Analytics Market by Region
• North America
• Europe
• Asia Pacific (APAC)
• Middle East and Africa (MEA)
• Latin America
Key Players of the Speech Analytics Market
• Verint Systems
• Avaya
• Calabrio
• CallMiner
• Clarabridge
• Almawave
• Voci Technologies
• Zoom International
• NICE Systems
• Genesys
• HPE
