Speech Analytics Market Industry Size, Share, Business Growth, Applications, Competitive Landscape, Historical Analysis and Forecast By 2022 (SARS-CoV-2, Covid-19 Analysis)

Speech Analytics Market

Speech Analytics Market is expected to grow at CAGR of ~23% during the forecast period and expected to reach market size of US $ ~1.75 billion by the end of forecast period. There are many channels used like voice, social channels, email, and surveys amongst which consumers prefer voice i.e. phone interactions the most. This has led to use voice user interface in speech analytics with an objective of deriving insights from various contact points. This increase in customer interaction by use of various channels is acting as a major driving force for business analytics market growth.

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The amplifying dependency on Business Process Outsourcing (BPO) has fueled the need for the embracement of speech analytics technology for obtaining optimum performance from people and ensuring customer satisfaction. The inclination towards a customer-centric business model insists on mining data for recording and acting on changing preferences of buyers which has catapulted the demand for speech analytics technology. The essential factors driving growth in the market are minimization of risk factors, excellent customer relationship management, better customer experience, identification of cost drivers, trend analysis, etc.

The role of speech analytics in sales is crucial as it opens up avenues for upselling and cross-selling. The deployment of this technology has led to reduced customer attrition in several organizations which is another factor contributing towards the market expansion. However, high costs associated with the technology such as the cost of software licensing is a major restraint to the market growth during the projection period

Global Speech Analytics Market Segmentation:

By type, the speech analytics market has been segmented into services, and, solutions.

By organization size, the market for speech analytics is segmented into large enterprises, and, small & medium enterprises.

By end-user, the speech analytics market has been segmented into Banking Financial Services and insurance (BFSI), healthcare, government, retail, and, IT.

Regional Analysis:

By region, the speech analytics market has been segmented into Europe, Asia Pacific, North America, and, Rest of the World (RoW). North America market will account for the most significant share in the market throughout the assessment period. The concentration of major market players such as HP Enterprise, Genesys Telecommunication Laboratories, Inc., Callminer, Inc., Castel communications LLC, etc. has accelerated the rate of market expansion in the region. The early adoption of the technology in this region has catalyzed the large-scale market penetration. Europe market will thrive due to increasing demand over the forecast period. Asia Pacific market will exhibit steepest growth curve due to the immense opportunities posed by the emerging economies such as China, India, Japan, etc. The growing economies with booming sectors such as healthcare, IT, BFSI, etc. are fueling the demand for speech analytics technology in the region. Furthermore, the increasing rate of technology adoption will accelerate the rate of demand generation in the market. The Rest of the World region will demonstrate growth due to increased demand.

Competitive Dashboard:

Some of the key players profiled by MRFR are Genesys Telecommunication Laboratories, Inc. (U.S.), NICE Systems Ltd. (Israel), HP Enterprise (U.S.), Calabridge, Inc. (U.S.), Castel communications LLC (U.S.), Verint Systems, Inc. (U.S.), Callminer, Inc. (U.S.), Avaya, Inc. (U.S.), Calabrio, Inc. (US), and, Aspect Software Inc. (U.S.). The competitive landscape of global speech analytics market represents robust competition with prominent players implementing strategies such as mergers & acquisitions, partnerships, agreements, etc. to gain a competitive edge over others. The investments in research & development activities, innovative production technologies, expansion of product portfolios are some of the tactics employed by key players that lead to market growth and expansion.

Delacon has developed a specialist module to understand customer behavior and sentiment efficiently. Marketers can now optimize their marketing tactics with the help of newly launched speech analytics platform. Delacon’s Speech Analytics Module (SAM) facilitates real-time analysis and categorization of phone calls. Furthermore, specific keywords and phrases can be monitored to improve marketing campaigns, customer experience, staff training, and, sales conversion. The call and speech analytics data can be integrated with marketing technology platforms such as Google Analytics, DOMO, and, Salesforce for optimum results.

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