Market Analysis:
The global Speech Analytics Market was valued at USD 595.8 million in 2016 and is projected to reach USD 2902.99 million by 2025, growing at a CAGR of 21.89% from 2017 to 2025.
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Market Definition:
Speech analytics is the process of analyzing recorded calls to gather customer information to improve communication and future interaction. Speech analytics helps businesses to take action on unstructured data from customer interactions, and gain insights about their customers. Using new speech analytics technologies such as real-time speech analytics, emotional analytics and AI, call centers can create better customer experiences. Speech analytics has many benefits which help to improve customer experience, improve service quality, reduce operating expenses and save money.
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Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Increasing Number of Call Centers
1.2 Growing Demand for Customer Relationship Management (CRM)
1.3 Increasing need for Risk Management.
1.4 Increasing Demand for Cloud-based and Real-Time Speech Analytics
2. Market Restraints
2.1 Costly Technology
2.2 Lack of Awareness of Speech Analytics Technologies
Market Segmentation:
The global Speech Analytics Market is segmented on the basis of Type, Vertical, Organization Size, Deployment Type, and region.
1. Global Telecom Cloud Market, by Type:
1.1 Solution
1.1.1 Dashboard and Reporting Tool
1.1.2 Speech engine
1.1.3 Analysis, Indexing and Query Tool
1.2 Service
1.2.1 Managed Services
1.2.2 Professional Services
2. Global Speech Analytics Market , by Vertical:
2.1 Healthcare and Life Sciences
2.2 Banking, Financial Services, and Insurance
2.3 Retail and Consumer goods
2.4 Travel and Hospitality
2.5 Media and Entertainment
2.6 Government and Public Sector
2.7 Telecommunication and IT
2.8 Others
3. Global Speech Analytics Market , by Organization Size:
3.1 Large Companies
3.2 Small and Mid-sized Businesses
4. Global Speech Analytics Market , by Deployment Type:
4.1 On-premise
4.2 Cloud based
5. Global Speech Analytics Market , by Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Rest of the World
Competitive Landscape:
The major players in the market are as follows:
1. Clarabridge, Inc.
2. Nice Systems Ltd.
3. Callminer, Inc.
4. Avaya, Inc.
5. Verint Systems
6. Hewlett Packard Enterprise
7. Genesys Telecommunications Laboratories, Inc.
8. Incontact, Inc.
9. Calabrio, Inc.
10. Interactive Intelligence Group, Inc.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Speech Analytics Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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