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Speech Analytics Market: Market Segments: By Component (Solution and Services); By Organization Size (Large Enterprises, and Small and Medium-sized Enterprises (SMEs)); By Deployment (On-premise and Cloud); By Vertical (BFSI, Telecommunications, Healthcare, Retail, Government, Travel and Hospitality and Others); and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts t- 2030
Product Overview
Speech analytics tools help users recognise insights, feelings and meanings in conversation, which provides companies with several strategic advantages for their businesses particularly their customer engagement centres. The method of analysing documented calls is speech analytics. Speech analytics aims t- gather knowledge from consumers t- boost contact and potential engagement.
Market Highlights
Speech Analytics Market is expected t- project a notable CAGR of 21.2% in 2030.
Speech Analytics Market t- surpass USD 4.2 billion by 2030 from USD 1.2 billion in 2018 at a CAGR of 21.2% throughout the forecast period, i.e., 2019-30. The improved economic situation, coupled with the rising BP- industry, is expected t- be a key factor driving the global demand for speech analytics. The adoption by agencies and companies of analytical solutions has increased steadily over time
Speech Analytics Market: Segments
Solution segment t- grow with the highest CAGR of XX.X% during 2019-30
Speech Analytics Market is segmented by component as solution and services. The service segment is further bifurcated int- consulting and training. The greater market share in 2018 was accounted by solution and is expected t- dominate the market over the forecast period. However, the market is expected t- experience maturity ascribed t- higher acceptance that will lead t- momentum in the next nine years for the services segment. The market provides a comprehensive portfoli- of solutions, s- resources are required t- manage these solutions and t- help companies develop their business processes in order t- maintain this competitive environment. The service segment is expected t- rise over the forecast period at a CAGR of over 8 percent.
Speech Analytics Market: Market Dynamics
Drivers
Increasing need t- improve customer journey and overall experience
Some of the factors driving the Speech Analytics market are high growth in the number of customer engagement centres, growing emphasis on taking a competitive advantage through market intelligence and increasing enforcement and risk management requirements.
Restrain
High Implementation Costs
The increase in costs and the lack of knowledge of speech analytics technology are limiting the growth of the market for speech analytics. It is als- not very clear and easy t- select the best speech analytics technology. In order t- gain insights from data, there are many different methods, such as phonetics, transcription, and matching key phrases listed over a call by clients.
Speech Analytics Market: Regions
Speech Analytics Market is segmented based on regional analysis int- five major regions. These include North America, Latin America, Europe, APAC and MENA.
Speech Analytics Market in North America held the largest market share of XX.X% in the year 2018 and it is expected t- continue its market dominance in the future in order t- strengthen customer engagement efforts, due t- the growing demand for better customer support services. Europe is expected t- be in second place during the forecast period in terms of market size and market share. The increasing demand for business workload reduction related t- internal and external communication monitoring is boosting the adoption in Europe of speech analytics solutions. During the forecast period, APAC is anticipated t- record the highest growth rate. During the forecast period, the speech analytics market is expected t- witness significant advancements and adoption of solutions across APAC. It is further anticipated that the growing number of players across different regions will drive the market.
Speech Analytics Market: Key Players
Verint Systems
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
NICE Ltd.
CallMiner
Avaya
Hewlett Packard Enterprise (HPE) Company
VOCI Technologies
Zoom International
Clarabridge
Almawave
Calabrio, Inc
Speech Analytics Market report als- contains analysis on:
Speech Analytics Market Segments:
By Component:
Solutions
- Speech Engine
- Indexing and Query Tools
- Reporting and Visualization Tools
- Workforce Optimization
- Others
Services
- Professional Services
- Consulting
- System Integration and Implementation
- Support and Maintenance
- Managed Services
By Deployment:
Small and Medium Enterprises
Large Enterprises
By Organization Size:
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
By Vertical:
BFSI
Telecommunications
Healthcare
Retail
Government
Travel and Hospitality
Other
Speech Analytics Market Dynamics
Speech Analytics Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints