Speech Analytics Market is expected to reach a value of USD 3.69 billion by 2023, at a CAGR of 28.82%, during the forecast period (2018 - 2023)| Top Vendors - VERINT SYSTEM INC., NICE LTD., AVAYA INC., MICRO FOCUS, GENESYS, CALLMINER INC., amongst others

Market Analysis:

North America has the Highest Market Share
The US speech analytics market is driven by factors, such as increase in digital marketing spending, Central Intelligence Agency's increased technology spending, and increased focus on treating mental illness in the region, among others. Many mental illnesses do not have proper analytical tests to conclude a particular behavior among the patients.

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Speech solutions have the ability to convert call recordings to actionable data, and then translate the data into valuable insights effectively, across the enterprise. These solutions can handle a broad range of customer interactions. Speech analytics solutions are gaining immense importance in enterprises across the globe, since the conventional text-based analytics solutions are not effective enough to handle complex business issues in real time. Enterprises have implemented speech analytics through a combination of internally recorded data, social media, as well as external syndicated data, to create cutting-edge analytics solutions in order to gain a better understanding of their customer requirements. Speech Analytics has become increasingly popular in the telecom industry, due to the huge amount of data being generated through the advent of the connected world concept.

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Market Segments:
Speech Analytics Market is segmented by:
1. Deployment: On-premise, On-demand
2. End-user Industry: Retail, Banking, Telecommunications, Travel & Hospitality, Utilities, Healthcare, Government, Entertainment & Media, Others
3. Size of Organization: Small & Medium, Large
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• November 2017 - NICE Systems collaborated with Convexus to expand its presence in the Latin American region.
• September 2017 - Micro Focus completed the merger with HPE software business, creating one of the world’s largest pure-play software companies. The merger brings together two software companies with focus on helping customers, extend existing software investments, while embracing innovation in a world of hybrid IT.
• September 2017 - Raytheon BBN announced collaboration with USAF’s foreign language information retrieval process through automation of its processes.

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