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The Speech Analytics Market is segmented by Deployment (On-Premise, On-Demand), Size of Organization (SMEs, Large Enterprises), End-user Vertical (BFSI, Telecommunications, Healthcare, Retail, Government, Travel and Hospitality) and Geography.
Fastest Growing Market:
The speech analytics market was valued at USD 1.34 billion in 2019 and is expected to reach a value of USD 4.38 billion by 2025 at a CAGR of 21.6%, over the forecast period (2020 - 2025). Speech analytical solutions have the ability to enable users to gain insights, to make key business decisions by providing deeper and faster analysis of voice - data, with context and relevance across multiple channels.
Speech analytical solutions have the ability to enable users to gain insights, to make key business decisions by providing deeper and faster analysis of voice - data, with context and relevance across multiple channels. Speech solutions have the ability to convert call recordings to actionable data, and then translate the data into valuable insights effective across the enterprise.
|By Size of Organization|
|By End User|
|Travel and Hospitality|
|Middle East & Africa|
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Growing number of contact centers, increased voice importance in the multi-channel world, and rising demand for cloud analytics are some of the primary factors impacting the growth of Speech Analytics market.
There are around 6000 contact centers in the UK, with new centers being established, with each passing year. Contact companies are increasingly using speech analytics to improve the customer service experience.
In Germany, there are a large number of banks using speech analytics solutions to maximize customer satisfaction while minimizing the cost of delivering an outstanding customer experience.
The retail and banking sectors have also been at the forefront of adoption of speech analytics based solutions in this region, mainly due to the growing need to improve customer retention, in a highly contested market space.
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Market consolidation is being observed as established players are trying to gain dominance in the speech analytics market. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability.
1.1 Scope of the Study
1.2 Study Assumptions
1.3 Study Deliverables
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
5. MARKET DYNAMICS
5.1 Market Overview
5.2 Introduction to Market Drivers and Restraints
5.3 Market Drivers
5.3.1 Leveraging Analytics For Customer Retention And Offering Greater Customer Satisfaction
5.3.2 Rising Number of E-commerce Platforms
5.4 Market Restraints
5.4.1 High Implementation Costs
5.5 Industry Attractiveness - Porter's Five Force Analysis
5.5.1 Threat of New Entrants
5.5.2 Bargaining Power of Buyers/Consumers
5.5.3 Bargaining Power of Suppliers
5.5.4 Threat of Substitute Products
5.5.5 Intensity of Competitive Rivalry
6. TECHNOLOGY SNAPSHOT
7. MARKET SEGMENTATION
7.1 By Deployment
7.2 By Size of Organization
7.2.2 Large Enterprises
7.3 By End User
7.3.6 Travel and Hospitality
7.3.7 Other End-users
7.4.1 North America
22.214.171.124 Rest of Europe
7.4.3 Asia Pacific
126.96.36.199 Rest of Asia-Pacific
7.4.4 Latin America
7.4.5 Middle East & Africa
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 Verint System Inc.
8.1.2 Nice Ltd.
8.1.3 Avaya Inc.
8.1.4 Micro Focus International PLC
8.1.5 Genesys Telecommunications Laboratories Inc.
8.1.6 Callminer Inc.
8.1.7 Mattersight Corporation
8.1.8 Raytheon BBN Technologies
8.1.9 Calabrio Inc.
8.1.10 VoiceBase Inc.
8.1.11 OpenText Corp
9. INVESTMENT ANALYSIS
10. MARKET OPPORTUNITIES AND FUTURE TRENDS