Speech Analytics Market is Expected to Reach USD 4.24 Billion by 2026 | Verint Systems Inc., Hewlett Packard Enterprise Company, NICE Ltd.

The speech analytics market is expected to reach USD 4.24 Billion by 2026, according to a new report by Reports and Data. Speech analytics is used to detect and analyze spoken words that produce structure to interactions and exhibit information buried in the communication between the customer contact centers and companies. Speech analytics adoption maximizes workforce enforcement and improves customer experience.

The market in the APAC region is expected to witness the highest CAGR of 19.0% during the forecast period. The speech analytics market in the Asia-Pacific region is one of the emerging markets focusing on several domains, such as telecommunications and IT and BFSI verticals. Due to the adoption in potential countries such as India, Japan, China, and Australia, the market is expanding at a fast speed. 

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The research study examines the Speech Analytics Market and the impact of COVID-19 observed on the overall sector. The pandemic has affected the global industry extensively. The current changes in the business setting and the future effects of the outbreak are assessed in the report.

The emerging and present key participants in the Speech Analytics market are:

Verint Systems Inc., Hewlett Packard Enterprise Company, NICE Ltd., CallMiner Inc., Avaya Holdings Corporation, Genesys Telecommunications Laboratories Inc., Aspect Software Inc., Castel Communications, Clarabridge Inc., Zoom International, and Calabrio Inc

Profitability scope and Prospects

The key participants who have shown tremendous growth in the Speech Analytics market have been included in the report. In the report, data from 2016 to 2018, shows that some of the companies have shown enormous sales revenues, with the net revenue being doubled and the profits continually increasing. The profitability of the products being sold by the company indicates the influence and competitive advantage these companies have over the others.

For the purpose of this report, Reports and Data have segmented into the global Speech Analytics market on the basis of pipeline stages, deployment type, organization size, component, industry vertical, and region:

Deployment Outlook (Revenue, USD Million; 2016-2026)

On-Premise
Cloud

Component Outlook (Revenue, USD Million; 2016-2026)

Solutions
Services

Application Outlook (Revenue, USD Million; 2016-2026)

BFSI
IT & Telecom
Energy and Utilities
Retail and Ecommerce
Others

Organization size Outlook (Revenue, USD Million; 2016-2026)

Large Enterprises
Small & Medium Enterprises (SMEs)

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Industry Vertical Outlook (Revenue, USD Billion; 2016-2026)

Banking, Financial Services, and Insurance (BFSI)
Retail and Consumer Goods
Healthcare
Manufacturing
Telecom and IT
Education
Media and Entertainment
Others

Regional Outlook (Revenue in USD Million; 2016–2026)

North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)

Further key findings from the report suggest

-The Speech Analytics Market is estimated to reach USD 4.24 Billion by 2026, at a CAGR of 18.6% during the forecast period.

-The solution component accounted for a larger share of 65.1% of the market in 2018.

-The cloud deployment is anticipated to grow at a higher rate of 19.3% during the forecast period.

-The IT & Telecommunications application segment is anticipated to grow at the highest rate of 18.7% during the forecast period.

-The Small & Medium Enterprises (SMEs) organization is anticipated to grow at a higher rate of 19.1% during the forecast period.

-The North America region accounted for the largest share of 29.3% of the market in 2018. The booming service industry in the region and growing number of contact centers, which are outsourced and can be administered by speech analytics solution, are boosting the growth of the market in this region. The presence of a number of big industries, significant IT spending, and technological progress are some of the other factors that are boosting the growth of the market in the region.

-Various players are developing strategies to mark their presence in the industry.

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Objectives of the study:

Our panel of expert analysts specializing in the value chain has conducted an exhaustive, industry-wide study to offer readers accurate insights into the future of the Speech Analytics market and give key market players authentic information derived via both primary and secondary sources of data collection. Additionally, the report also comprises of inputs from our consultants, which can help companies make the most of the available market opportunities. It also offers a detailed breakdown of the sales of Speech Analytics and the factors that could potentially influence the growth of the industry. The information provided in this report will be able to help readers capitalize on the available growth.

The Speech Analytics report addresses the following questions:

Understand the demand for global Speech Analytics to determine the viability of the market.

Identify the developed and emerging markets where Speech Analytics are offered.

Identify the challenge areas and address them.

Develop strategies based on the drivers, trends and highlights for each of the segments.

Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed.

Recognize the key competitors of this market and respond accordingly.

Knowledge of the initiatives and growth strategies taken up by the major companies and decide on the direction for further growth.

Define the competitive positioning by comparing the products and services with the key players in the market.

The full version of this report is available @ https://www.reportsanddata.com/report-detail/speech-analytics-market

Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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