Speech Analytics Market – Global Industry Analysis and Forecast (2019-2027)
Speech Analytics Market is expected to reach US$ XX Mn by 2027 at a CAGR of XX % during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
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. However, 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.
While using applications, the customer experience management applications segment is expected to hold a 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 the cloud and on-premises. Among these, the cloud deployment model is expected 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 of XX% during the forecast period. The BFSI vertical is likely to hold a larger market share during the forecast period, as the importance of speech analytics is growing to enhance customer satisfaction, increase the retention rate, and reduce the customer churn rate.
In the case of organization size, large enterprises are expected to have a 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 of XX%, thanks to the easy availability and scalability of cloud-based deployments.
Region-wise, North America is expected to hold a larger market share during the forecast period, a large number of solution vendors are present in the US. The Asia Pacific is expected to grow at the highest CAGR of XX% during the forecast period, as deeper technology penetration and large investments in contact centers that are turning towards speech analytics solutions to efficiently gain insights from customer interaction data.
The objective of the report is to present a comprehensive analysis of the Global Speech Analytics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by Region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by Region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Speech Analytics Market dynamics, structure by analyzing the market segments and project the Global Speech Analytics Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Speech Analytics Market make the report investor’s guide.
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The Scope of the Speech Analytics Market
Speech analytics market by Component
o Speech engine
o Indexing, analysis, and query tools
o Reporting and visualization
o Managed services
o Professional 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
Speech Analytics Market by Deployment Model
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
• Asia Pacific (APAC)
• Middle East and Africa (MEA)
• Latin America
Key Players of the Speech Analytics Market
• Verint Systems
• Voci Technologies
• Zoom International
• NICE Systems
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Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
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