The Global Speech Analytics Market to Garner USD 1.75 Billion by 2022

North America to Lead the Global Speech Analytics Market

The Global Speech Analytics Market to Post 23% CAGR by 2022 

Market Analysis

Market Research Future (MRFR) projects the global speech analytics market to reach USD 1.75 billion at a CAGR of 23% from 2016 to 2022 (forecast period).

The process of speech analytics is all about carefully evaluating the vital recorded calls in order to obtain useful customer information with the simple goal of improving communication and future prospective interaction. Several contact centers use the speech analytics market to extract or derive vital information from various client interactions with the firm. The sophisticated technology can readily be identified, such as cost drivers, strength aspects and key flaws with new processes and products, upcoming trend analysis, and support in understanding how the fundamental marketplace identifies different types of offerings.

The advanced need for customer relationship management, an increase in the various levels of competitiveness amongst the several existing players in the speech analytics market, upcoming product development, and several rigorous managements are the primary factors contributing to the spread of the speech analytics market. The speech analytics industry is all about risk management, and expanding requirements for advanced compliance are also contributing significantly to the advanced rate. The growing demand for speech analytics is fueled by the extensive experience and comprehensive understanding of third-party resources for the initial implementation of such cutting-edge solutions. The increased customer interaction via various channels such as speech, social channels, and surveys is a main driving force for the development of the speech analytics market size. The primary impediment to the growth of the speech analytics market is the related increasing expenses, particularly the cost of software licensing.

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COVID-19 Impact on the Global Speech Analytics Market

The COVID 19 has had an impact on every country, as well as the speech analytics market share. To counteract the negative impacts, countries have implemented lockdowns that have harmed the speech analytics sector. The pandemic poses several challenges to the industry; it affects people all over the world. A variety of issues, including the risk of continuing manufacturing, the supply chain, distribution, a lack of workforce employees, and significantly reduced development efforts, have predominantly influenced continued demand and supply. People are not as active as they once were. Significant strategic changes are taking place. Because of rising consumer demand, multinational corporations are increasing their investments in the speech analytics sector.

Market Segmentation

The global speech analytics industry has been segmented into type, deployment type, and end-user.

By type, the global speech analytics market has been segmented into services and solutions.

By deployment type, the global speech analytics market has been segmented into cloud and on-premise.

By end-user, the global speech analytics market has been segmented into BFSI, government, healthcare, retail, and IT. 

By organization size, the global speech analytics market has been segmented into large enterprises, small & medium enterprises.

Regional Analysis

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

North America is anticipated to be the biggest market in terms of profit contribution due to the increased adoption of several cloud-based services by way of production systems and by several distribution channels. Furthermore, the Asia Pacific area is expected to develop significantly in the web-scale IT market due to increased investment by major players such as JoyentCloud, Rackspace company, and VMware limited in modernizing cloud-based services in the worldwide region. In addition, there has been an increase in demand for various software-based services in key developing countries. For example, India and China are expected to lead growth in a number of web-scale IT businesses in the Asia Pacific.

Key Players

VERINT SYSTEMS, INC. (US), GENESYS TELECOMMUNICATION LABORATORIES, INC. (US), CALLMINER, INC. (US), NICE SYSTEMS LTD. (ISRAEL), AVAYA, INC. (US), HP ENTERPRISE (US), CALABRIO, INC. (US), CALABRIDGE, INC. (US), ASPECT SOFTWARE INC. (US), CASTEL COMMUNICATIONS LLC (US)

Summary

The global speech analytics market is set to reach USD 1.75 Billion at an estimated approximate CAGR of 23% from 2016 to 2022 (forecast period). The widespread use of speech analytics by companies to improve customer service can boost the global speech analytics market forward.

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