The Speech Analytics Market is expected to grow from USD 1649.34 million in 2020 to USD 5460.66 million by 2026 at a CAGR of 22.14% from 2020 to 2026.
Speech analytics defined as the process of assessing recorded customer calls to gather information. This is done to enhance communication and future relation with the customers. Call recordings help an enterprise to obtain rare insights regarding customer satisfaction, agent performance, service issues, competitive intelligence and campaign effectiveness. Speech analytic solutions offer advanced functionalities and useful intellects from customer calls. This information is used to identify information associated to the operational issues, strategy and contact center agent performance of the company. The rising number of call centers, the increasing requirement for customer relationship management (CRM), technological advancement, surging demand for more precise risk management solutions and competition among enterprises are the key accelerating factor for speech analytics market growth. In addition to this, speech analytics technology assists various enterprises to analyze market trends and opportunities, and useless call volumes and the factors propelling high costs. This technology also helps various enterprises to work upon unstructured data which has been collected from customer interaction and improved customer experience. Thus, the demand for speech analytics has been escalated among several enterprises. In addition, another propelling factor for speech analytics is the cloud-based real-time speech analytics solutions which are creating several opportunities for enterprises. Real-time speech analytics and speech engines support companies in effective and faster decision-making. The deployment of analytical solutions by agencies and corporate has increased highly over time. This is owing to the improved emphasis of companies on market intelligence to obtain a competitive advantage. Apart from that, the inability to calculate Return on Investments (RoI) will majorly limit the market growth.
Furthermore, the rising dependence on speech analytics market support of various industries around the world has doubled. The speech analytics market statistics has come up as relatively compelling easy solution. There are a lot of developing markets associated to speech analytics all around the world, such as India, China and Brazil which are anticipated to grow raoidly over the estimated years. Also, the huge portion of Asia Pacific is spreading fast, followed by Latin America which creates immense opportunities for the market.
The global Speech Analytics Market is segregated on the basis of Type as Solution and Service. Based on Deployment the global Speech Analytics Market is segmented in On-premise and Cloud. Based on Enterprise Size the global Speech Analytics Market is segmented in Small & Medium Enterprises (SMEs) and Large Enterprises. Based on End-use the global Speech Analytics Market is segmented in BFSI, Telecommunication, IT, Retail, Healthcare, Government, Hospitality and Others.
The global Speech Analytics Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Speech Analytics Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
OpenText, Micro Focus, Voci Technologies, Business Systems, Enghouse Interactive, Tech Mahindra and others are among the major players in the global Speech Analytics Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Speech Analytics Market has been segmented as below:
Speech Analytics Market, By Type
Speech Analytics Market, By Deployment
Speech Analytics Market, By Enterprise Size
Speech Analytics Market, By End-use
Speech Analytics Market, By Region
Speech Analytics Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Speech Analytics Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Speech Analytics Market share. Major industry players with significant revenue share include OpenText, Micro Focus, Voci Technologies, Business Systems, Enghouse Interactive, Tech Mahindra and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Speech Analytics Market, By Type
5.1. Key Points
5.2. Solution
5.3. Service
6. Speech Analytics Market, By Deployment
6.1. Key Points
6.2. On-premise
6.3. Cloud
7. Speech Analytics Market, By Enterprise Size
7.1. Key Points
7.2. Small &Medium Enterprises (SMEs)
7.3. Large Enterprises
8. Speech Analytics Market, By End-use
8.1. Key Points
8.2. BFSI
8.3. Telecommunication
8.4. IT
8.5. Retail
8.6. Healthcare
8.7. Government
8.8. Hospitality
8.9. Others
9. Competitive Landscape
9.1. Introduction
9.2. Start-up companies- Speech Analytics Market
9.3. Recent Developments
9.3.1. Mergers & Acquisitions
9.3.2. New Product Developments
9.3.3. Portfolio/Production Capacity Expansions
9.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
9.3.5. Others
10. Company Profile
10.1. OpenText
10.2. Micro Focus
10.3. Voci Technologies
10.4. Business Systems
10.5. Enghouse Interactive
10.6. Tech Mahindra
10.7. NICE
10.8. Verint
10.9. Avaya
10.10.Genesys
10.11. Google
10.12. AWS
10.13. Vonage
10.14. Calabrio
10.15. CallMiner
10.16. Clarabridge
10.17. Eleveo
10.18.Almawave
10.19. Marchex
Speech Analytics Market, By Type
Speech Analytics Market, By Deployment
Speech Analytics Market, By Enterprise Size
Speech Analytics Market, By End-use
Speech Analytics Market, By Company