Speech Analytics Market World's Top Players Include Interactive Intelligence Group, Inc., Nice Systems Ltd., Verint Systems, Avaya, Inc., Genesys Telecommunications Laboratories

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.

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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. Mass market contact center dominated the global contact center market with over 40% share. 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. 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.

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.

Key players in Speech Analytics Market

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.

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Speech Analytics Market Taxonomy

On the basis of type, the global speech analytics market is segmented into:
• Solutions
• Services

On the basis of deployment model, the global speech analytics market is segmented into:

• On-Premises
• Cloud

On the basis of end user Industry, the global speech analytics market is segmented into:

• 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
• Others

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