Speech Analytics Market is expected to grow at CAGR of ~23% during the forecast period and expected to reach market size of US $ ~1.75 billion by the end of forecast period. There are many channels used like voice, social channels, email, and surveys amongst which consumers prefer voice i.e. phone interactions the most. This has led to use voice user interface in speech analytics with an objective of deriving insights from various contact points. This increase in customer interaction by use of various channels is acting as a major driving force for business analytics market growth.
The interest of organizations to analyze its customers and making decisions for customer’s interest is also boosting the growth of speech analytics market. The pressure on business is currently to safeguard their intellectual property for gaining efficiency in business operations. This is done by gaining insights from customer interactions.
Speech Analytics Market
The speech analytics can be segmented into type, deployment and organization size. Types of speech analytics available in the market are 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 prominent players in the Speech Analytics market are- 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), and Castel communications LLC (US) among others.
Regional Analysis:
By region, the speech analytics market has been segmented into Europe, Asia Pacific, North America, and, Rest of the World (RoW). North America market will account for the most significant share in the market throughout the assessment period. The concentration of major market players such as HP Enterprise, Genesys Telecommunication Laboratories, Inc., Callminer, Inc., Castel communications LLC, etc. has accelerated the rate of market expansion in the region. The early adoption of the technology in this region has catalyzed the large-scale market penetration. Europe market will thrive due to increasing demand over the forecast period. Asia Pacific market will exhibit steepest growth curve due to the immense opportunities posed by the emerging economies such as China, India, Japan, etc. The growing economies with booming sectors such as healthcare, IT, BFSI, etc. are fueling the demand for speech analytics technology in the region. Furthermore, the increasing rate of technology adoption will accelerate the rate of demand generation in the market. The Rest of the World region will demonstrate growth due to increased demand.
Competitive Dashboard:
Some of the key players profiled by MRFR are Genesys Telecommunication Laboratories, Inc. (U.S.), NICE Systems Ltd. (Israel), HP Enterprise (U.S.), Calabridge, Inc. (U.S.), Castel communications LLC (U.S.), Verint Systems, Inc. (U.S.), Callminer, Inc. (U.S.), Avaya, Inc. (U.S.), Calabrio, Inc. (US), and, Aspect Software Inc. (U.S.). The competitive landscape of global speech analytics market represents robust competition with prominent players implementing strategies such as mergers & acquisitions, partnerships, agreements, etc. to gain a competitive edge over others. The investments in research & development activities, innovative production technologies, expansion of product portfolios are some of the tactics employed by key players that lead to market growth and expansion.
Delacon has developed a specialist module to understand customer behavior and sentiment efficiently. Marketers can now optimize their marketing tactics with the help of newly launched speech analytics platform. Delacon’s Speech Analytics Module (SAM) facilitates real-time analysis and categorization of phone calls. Furthermore, specific keywords and phrases can be monitored to improve marketing campaigns, customer experience, staff training, and, sales conversion. The call and speech analytics data can be integrated with marketing technology platforms such as Google Analytics, DOMO, and, Salesforce for optimum results.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
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