Speech Analytics Market 2019-2025 Platform Type, Exponential Growth, Industry Statistics, Growth Strategies, Key Vendors, Business Opportunities & Forecast
The global speech analytics market was valued at US$ 950.2 Million in 2017 and is expected to grow with the highest CAGR during the forecast period. Speech solutions provide the ability to convert the recorded call into unstructured data and then translate the data into useful information effectively across the enterprise.
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The key players operating in the speech analytics market are | Calliminer, Verint Systems, Avaya Aurix, Nice Systems Ltd., Genesys, and others. To expand the market, the majority of vendors are adopting new technologies, and mergers and acquisitions to gain competitive advantage in the global market. Companies with a large geographical presence, irrespective of their market capitalization, are dominating the market. For instance, in November 2017, Nice Systems Ltd., an Israel-based telephone voice recording, data security, and surveillance company has partnered with Connvexus, a Peru-based Telecommunication and Networking Company, to expand its presence in Latin America.
On the basis of deployment type, the cloud-based communication analytics is dominating the market with the highest CAGR, owing to its high adoption rate in various organizations. As it helps in identifying the potential risks with real-time insights into customers, identifying high-value customers and in managing them accordingly, and across the customer life cycles to improve revenues.
Speech Analytics Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger and acquisitions along with trending innovation and business policies are reviewed in the report. The report contains basic, secondary and advanced information pertaining to the? Speech Analytics Market global status and trend, market size, share, growth, trends analysis, segment and forecasts from 2019–2024
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The speech analytics market is segmented based on components, deployment, application, end-user industry, and geography. On the basis of components, the market has been segmented into solutions and services. Based on the deployment type, the market has been segmented as on-premises and cloud-based. The cloud-based segment is dominating the market, owing to the growing adoption of speech analytics in various organizations for identifying the premium customers, cost control, less implementation time, and for risk identification. Among the end-use industries, BFSI primarily uses speech analytics on a large scale due to the growing cases of banking frauds. That will further accelerate the speech analytics market in this sector during the forecast years.
Speech Analytics Market: Demand Analysis & Opportunity Outlook 2024
Research study is to define market sizes of various segments & countries in previous years and to forecast the values to the next 5-8 years. The report is designed to comprise each qualitative and quantitative elements of the industry facts including: market share, market size (value and volume 2013-18, and forecast to 2025) with admire to each of the areas and countries concerned inside the examination. Furthermore, the report additionally caters the detailed statistics about the vital elements which includes drivers & restraining factors which will define the future growth of the market.
The speech analytics market in North America is primarily being driven by the increasing digital marketing spending, increased technology spending by Central Intelligence Agencies, and increased focus on treating mental illness in the region and others. In addition to these, this region is witnessing high growth due to the growing focus on customer satisfaction, increasing adoption of analytical solutions by the agencies and corporates, and increasing number of call centers set up in most of the emerging nations. In North America, the U.S. holds the major market share, owing to the presence of a large number of analytics vendors. However, APAC is expected to be the fastest growing region due to the increasing technology expenditures in Australia, China, and India.
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