Europe Speech Analytics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Europe Speech Analytics Market is Segmented By Deployment (On-Premise, On-Demand), Size of Organization (Small and Medium Enterprises, Large Enterprises), End-User (BFSI, Healthcare, Retail, Government) and Country.

Home right-chevron-icon Market Analysis right-chevron-icon Information & Communications Technology Research right-chevron-icon Analytics Research right-chevron-icon Europe Speech Analytics Market

Europe Speech Analytics Market Size

Europe Speech Analytics Market Size
share button
Study Period: 2018 - 2028
CAGR: 17.5 %

Major Players

Europe Speech Analytics Market Key Players

*Disclaimer: Major Players sorted in no particular order
setting-icon

Need a report that reflects how COVID-19 has impacted this market and it's growth?

Europe Speech Analytics Market Analysis

The Europe Speech Analytics Market is expected to reach a CAGR of 17.5% during the forecast period. Increasing adoption across various large enterprises and SME's and growing focus on improving and enhancing overall customer experience are some of the primary drivers of the market.

  • Call center interactions contain critical data about customer satisfaction and agent performance. Speech Analytics provides end-users with crucial insights about agent performance and customer satisfaction. This helps them greatly to improve customer experience. For instance, Sestek, a company that develops AI-powered solutions using text-to-speech, speech recognition, natural language processing, and voice biometrics technologies provided ING Bank with its speech analytics solution which further resulted in 10% increase in net promoter score, 15% increase in sales quantity score, and, 3% decrease over silence rate overall. Such results obtained by end-user industry customers are expected to proliferate the demand for speech analytics in the European market.
  • The companies in the region are adopting strategic partnerships to enhance their product portfolios and increase the customer base. For instance, in October 2020, VoiceBase, AI-powered voice analytics company, announced a strategic partnership with ThoughtSpot, search and AI-driven analytics platform, to revolutionise how enterprises gain faster insights from their voice data through innovative search capabilities. 
  • By partnering with ThoughtSpot, VoiceBase customers can equip their business users to find powerful, contextual insights in their voice, text, and other contact centre data. The simple search interface has made it possible for businesses to get actionable, granular insights from their voice data on their own, without requiring days of training or relying on technical experts. Together, VoiceBase and ThoughtSpot have made it easier to search voice data, personalise and share these insights, and use them to drive action that results in business value.
  • At the time of the COVID-19 outbreak, potential end-use industries are adopting cutting-edge technology-enabled speech analytics solutions, further boosting the market's growth. While call centers have long been a frontier of workplace automation, the pandemic has accelerated the process. This is further expected to modify the product offerings and combining them with virtual agents to speed up and enhance the speech analytics results during the forecast period.

Europe Speech Analytics Industry Segmentation

Speech Analytics is a cloud-based technology for analyzing recorded calls with the purpose of gathering customer information and identifying patterns that could improve future interactions. The report provides a detailed analysis of the various end-user industries adopting the solution through on-premise and on-demand deployment modes. The report also provides a detailed analysis of major players in the market.

Deployment
On-Premise
On-Demand
Size of Organization
Small and Medium Enterprises
Large Enterprises
End-user
BFSI
Healthcare
Retail
Government
Other End-users (Telecommunication, Travel and Hospitality)
Country
United Kingdom
Germany
Italy
France
Rest of Europe

Report scope can be customized per your requirements. Click here.

Europe Speech Analytics Market Trends

This section covers the major market trends shaping the Europe Speech Analytics Market according to our research experts:

Increasing adoption across various large enterprises and SMEs

  • The vendors in the market are offering the option of automation to customers via the means of multi-level IVR number systems, reducing the number of service agents and working hours spent on the job. This further increased efficiency while saving costs and with an aim to get insights, large and medium-size enterprises are adopting speech analytics solutions.
  • Between December 2018 and January 2019, Aberdeen having presence in the United Kingdom, France, and Spain surveyed 369 CX executives around the world to reveal the key trends and best practices influencing CX programs in 2019. Data from this research showed that, contrary to the popular discussion that voice is going away, 76% of firms still use voice (phone or IVR) within their CX channel-mix. Moreover, companies anticipate a 27% increase in phone traffic and a 39% increase in IVR traffic in 2019. Only 11% of firms anticipate a decline in phone traffic and a mere 7% anticipate a decline in IVR traffic. The growing traffic is expected to create lucrative opportunities for the speech analytics market.
  • Along with SME and large enterprises, government bodies are also adapting speech analytics and similar solutions. For instance, one European police department sought to use voice analytics to categorize incoming calls at its police call center. The police team chose to work with HPE and HPE Pointnext, NVIDIA, and Intelligent Voice to deliver an operational solution that would provide an ongoing and flexible view of call demand. Using speech and NLP, the solution would identify actions to reduce failure demand and access the impact of demand reduction measures. The solution also enabled the department to correlate changes in demand related to external factors, such as the unavailability of social services, closure of mental health units, and seasonality. 
  • In quantitative terms, the police department call center received 2,475 custody-related calls across a seven-week period. That equated to a total time of approximately 200 hours, or 4.1 hours per day spent by call center staff answering the calls. The average length of the calls was 5.7 minutes. In this case, the categorization accuracy of these calls was 98%. (The initial target was >80% accuracy.) 
Europe Speech Analytics Market Share

United Kingdom is Expected to Grow Significantly

  • The drivers for the United Kingdom's speech analytics market drivers include a growing number of call centers, increased voice importance in the multi-channel world, new implementation areas, and rising demand for cloud analytics and risk management solutions.
  • Some of the industry's leading players, such as NICE, Verint, HP Autonomy, CallMiner, and Nexidia, are also responsible for the increasing demand in the region. Moreover, the regional and global players are involving in partnerships and expansion in the region, which is further leading to increased competitiveness of the market.
  • For instance, in September 2020, Speechmatics, the UK vendor in any-context speech recognition technology, announced its partnership with Nuix, the innovative software creator that transforms data into actionable intelligence. Together, Speechmatics and Nuix bring highly accurate, secure speech recognition technology to businesses through an end-to-end software solution.
  • Combined with Nuix's broad support for difficult data types, human-generated data, powerful analytics, and fast document review, Speechmatics plan to continue to transform the market by co-creating increasingly valuable solutions as a part of the partnership.
  • Moreover, in December 2019, CallMiner, an AI-enabled speech analytics software company, announced that it raised USD 75 million from Goldman Sachs. CallMiner has customers on every continent except Antarctica. With this new funding, the company plans to expand its existing markets in Europe, Asia, and Latin America. The company is also looking to grow its team by about 50-100 people next year, adding to its product, sales, and marketing departments.
Europe Speech Analytics Market Growth

Europe Speech Analytics Industry Overview

The speech analytics market in the region is moderately fragmented owing to the higher presence of global players. Fews players in the market hold the majority of the amarket share. Also, the constantly updating and highly advanced technology needed to survive in the market proves to be an entry barrier to the new entrants in the market.

  • July 2020 - CallMiner, a provider of speech and customer engagement interaction analytics, released Illuminate, an artificial intelligence-driven search feature to help companies discover, extract, and act on insights from voice and text interactions with customers.
  • April 2020 - At Enterprise Connect, VoiceBase, a prominent provider of speech analytics for the cloud, announced that it is planning to launch VoiceBase EU, a European instance of its services platform. The European expansion will help VoiceBase customers adhere to Directive 95/46/EC and the upcoming General Data Protection Regulation (GDPR) by processing and storing data entirely within the European Union. Enterprise and Service Provider customers that until now have held back deploying cloud-based speech analytics solutions due to data privacy concerns can now have calls processed in region.

Europe Speech Analytics Market Leaders

  1. Verint System Inc.

  2. Nice Ltd.

  3. Avaya Inc.

  4. Micro Focus International PLC

  5. Callminer Inc.

*Disclaimer: Major Players sorted in no particular order

Verint System Inc., Nice Ltd., Avaya Inc., Micro Focus International PLC, Callminer Inc.

Europe Speech Analytics Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Intensity of Competitive Rivalry

      5. 4.3.5 Threat of Substitute Products

    4. 4.4 Impact of COVID-19 on the Market (Growth of Market Due to Acceleration of Virtualized Call Canters | Near and Medium-term Impact on the Growth Trajectory)

    5. 4.5 Market Drivers

      1. 4.5.1 Increasing Call Center Capacity, Especially in the United States

      2. 4.5.2 Increase in the Number of Migrant Population Speaking Different Languages

    6. 4.6 Market Challenges

      1. 4.6.1 Lack of Awareness Due to Limited Marketing by the Vendors

    7. 4.7 Market Opportunities

      1. 4.7.1 Advanced Technologies Adopted by Retailers in North America Pose them as Potential Buyers

  5. 5. MARKET SEGMENTATION

    1. 5.1 Deployment

      1. 5.1.1 On-Premise

      2. 5.1.2 On-Demand

    2. 5.2 Size of Organization

      1. 5.2.1 Small and Medium Enterprises

      2. 5.2.2 Large Enterprises

    3. 5.3 End-user

      1. 5.3.1 BFSI

      2. 5.3.2 Healthcare

      3. 5.3.3 Retail

      4. 5.3.4 Government

      5. 5.3.5 Other End-users (Telecommunication, Travel and Hospitality)

    4. 5.4 Country

      1. 5.4.1 United Kingdom

      2. 5.4.2 Germany

      3. 5.4.3 Italy

      4. 5.4.4 France

      5. 5.4.5 Rest of Europe

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Verint System Inc.

    2. 6.2 Nice Ltd.

    3. 6.3 Avaya Inc.

    4. 6.4 Micro Focus International PLC

    5. 6.5 Genesys Telecommunications Laboratories Inc.

    6. 6.6 Callminer Inc.

    7. 6.7 Raytheon BBN Technologies

    8. 6.8 Calabrio Inc.

    9. 6.9 VoiceBase Inc.

    10. 6.10 OpenText Corporation

  7. 7. INVESTMENT ANALYSIS

  8. 8. FUTURE OF THE MARKET

**Subject to Availability
You can also purchase parts of this report. Do you want to check out a section wise price list?

Europe Speech Analytics Market Research FAQs

The Europe Speech Analytics Market is studied from 2018 - 2028.

The Europe Speech Analytics Market is growing at a CAGR of 17.5% over the next 5 years.

Verint System Inc., Nice Ltd., Avaya Inc., Micro Focus International PLC, Callminer Inc. are the major companies operating in Europe Speech Analytics Market.

Europe Speech Analytics Industry Report

Statistics for the 2023 Europe Speech Analytics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Speech Analytics analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

close-icon
80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!