Speech analytics market is anticipated to grow significantly at a CAGR of 19.0 % during the forecast period. Speech analytics is the process of extracting useful information from recorded calls between consumers and businesses. It is used to assess trend analysis, cost drivers, and identify process and product strengths and weaknesses. One of the primary factors fueling the growth of the market is increased competition among industry players and the rising trend of big data analytics. Additionally, the market is expected to be driven by rising demand for risk management and compliance, as well as the growing importance of voice in the multichannel world.
The increasing need for customer intelligence services, as well as increased demand in the BPO sector or contact centers across the globe, are expected to propel the market growth during the forecast period. For instance, speech analytics, with its capacity to swiftly evaluate client intent and generate actionable information from calls, has proven to be a beneficial option, particularly for BPO organizations. Speech analytics is being used by marketing teams to anticipate which customers are likely to diverting from a product. They are then able to devise retention strategies and propose incentives to such customers, such as discount coupons or product upgrades. Furthermore, the requirement for interaction with existing systems and the inability to quantify Return on Investment (RoI) are two major factors that are restraining the growth of the global speech analytics market.
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Market Coverage
- The market number available for – 2021-2029
- Base year- 2021
- Forecast period- 2021-2029
Segment Covered-
- By Deployment Type
- By Organization Size
- By Type
- By End-User
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Calabrio Inc., Calabridge Inc., Avaya Inc., AlmavivA S.p. A., IBM Corp., Microsoft Corp., NICE Ltd., ThoughtSpot Inc., among others.
Global Speech Analytics Market Report Segment
By Deployment Type
- On-Premise Deployment
- Cloud-Based Deployment
- By Organization Size
- Large Enterprise
- Small and Medium-Sized Enterprises (SMEs)
By Solution
- Speech Engine
- Indexing, Analysis, and Query Tools
- Dashboard and Reporting Tools
By End-User
- BFSI
- IT and Telecommunication
- Government and Defense
- Retail
- Healthcare
- Media and Entertainment
- Travel and Hospitality
- Others
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Speech Analytics Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East & Africa
Company Profiles
- AlmavivAS.p. A.
- Amazon Web Services, Inc.
- Avaya Inc.
- Calabrio Inc.
- Callminer, Inc.
- Clarabridge, Inc.
- Genesys Telecommunication Laboratories, Inc.
- Google, LLC
- IBM Corp.
- Micro Focus International PLC.
- Microsoft Corp.
- NewVoiceMedia Group (Salesforce.com Inc.)
- NICE Ltd.
- OnviSource, Inc.
- OPEX Hosting Ltd.
- SESTEK (Sestek Sound and Communication Computer Technologies Co.)
- ThoughtSpot Inc.
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