Speech Analytics Market .pdf
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Speech Analytics Market, by Type (Solutions and Services), by
Deployment Model (On-Premises and Cloud), by Organization Size
(Small and Medium Enterprises and Large Enterprises), by End User
Telecommunication and IT, Retail and Consumer Goods, Healthcare
and Life Sciences, Media and Entertainment, Government, Public
Sector, and Utilities, Travel and Hospitality, and Others), and By
Region - Global Industry Insights, Trends, Outlook, and Opportunity
Speech analytics technology can be utilized to analyze audio data and to gather
information related to customer. This helps in improvement of communication and future
interaction and overall customer experience. The key application segment of speech
analytics technology is contact center due to the requirement to provide better customer
satisfaction. This technology is mainly used for detection of emotion, stress, the reason
behind the call, and their satisfaction level, that can be identified through customer’s
voice. It can also be used to recognize whether the customer is disappointed or
unsatisfied with the provided service.
The major drivers responsible for growth of global speech analytics technology market
are increasing number of call centers, which demands for more customer satisfaction.
According to Coherent Market Insights analysis, in 2015, the U.S. has over 60% of
contact centers and the global contact center industry is expected to grow at a CAGR of
12% by 2025. Moreover in 2015, the mass market contact center dominated the global
contact center market with over 40% share.
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Universal center and B2B center accounted about 30% and 32% share of global contact
center market respectively, in 2015. These factors are responsible for increasing
demand for advanced technology, customer relationship management (CRM), and
increasing requirement to provide accurate solutions. These are some major driving
factors that are expected to escalate the growth of the overall speech analytics market
by 2015. According to Coherent Market Insights analysis, speech analytics technology
is one of the fastest growing segments in the contact centers tools industry. The
adoption of speech analytics technology grew by over 62% in 2016 and it is anticipated
to grow at a 17% growth rate by 2018.
However, high initial cost to implement this solution is expected to restraint the growth
of the global speech analytics solutions market.
Speech Analytics Market Taxonomy
On the basis of type, the global speech analytics market is segmented into:
On the basis of deployment model, the global speech analytics market is segmented
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On the basis of organization size, the global speech analytics market is segmented into:
● Small and Medium Enterprises
● Large Enterprises
On the basis of end user Industry, the global speech analytics market is segmented
Banking, Financial Services, and Insurance
Telecommunication and IT
Retail and Consumer Goods
Healthcare and Life Sciences
Media and Entertainment
Government, Public Sector, and Utilities
Travel and Hospitality
Speech Analytics Market: Regional Insights
The global speech analytics market is segmented on the basis of regions into North
America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific
region is expected to be the fastest growing region in the global speech analytics
market. Risk and compliance management and major investment in contact centers are
the major factors driving the regional market growth. For instance, Tata Consultancy
Services (TCS), an India-based company is the prominent contact center service
providers, which generated about US$16 billion in 2016.
Speech Analytics Market: Competitive Background
Major players operating in the global speech analytics market include Interactive
Intelligence Group, Inc., Nice Systems Ltd., Verint Systems, Avaya, Inc., Genesys
Telecommunications Laboratories, Inc., Hewlett-Packard Enterprise, Incontact, Inc.,
Calabrio, Inc., Callminer, Inc., and Clarabridge, Inc.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering
action-ready syndicated research reports, custom market analysis, consulting services,
and competitive analysis through various recommendations related to emerging market
trends, technologies, and potential absolute dollar opportunity.
For More Information
Coherent Market Insights
1001 4th Ave,
Seattle, WA 98154