Speech Analytics Market 2021 Global Insights and Business Scenario – Verint System Inc., Nice Ltd., Avaya Inc., Micro Focus International PLC

The Speech Analytics Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

The speech analytics market was valued at USD 1.34 billion in 2019 and is expected to reach a value of USD 4.38 billion by 2025 at a CAGR of 21.6% over the forecast period from 2020 to 2025.

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Top Leading Companies of Speech Analytics Market are Verint System Inc., Nice Ltd., Avaya Inc., Micro Focus International PLC, Genesys Telecommunications Laboratories Inc., Callminer Inc., Mattersight Corporation, Raytheon BBN Technologies, Calabrio Inc., VoiceBase Inc., OpenText Corp and others.

Industry News and Updates

- November 2019 - CallMiner announced its emotion detection and analysis solution for the customer's enhanced voice (VoC) insights. The new Emotion Solution Suite enables organizations using CallMiner Eureka speech analytics to understand, measure, and trend human emotion in interactions between contact center agents and customers. This applies to both after-call interaction analysis and real-time, next-best-action agent guidance.
- November 2019 - To enable customers to optimize the time to market for speech and text analytics, VoiceBase introduced VoiceBase Online. VoiceBase Online is a fully hosted SaaS application that hosts the analytics databases with optimized query schemas, data transformations, and front-end visual analytics, powered by Tableau.

Key Market Trends

North America is Expected to Hold Major Share

- The North America speech analytics market is driven by various factors, such as an increase in digital marketing spending, increased technological expenditures by government agencies, and an increasing focus towards the treatment of people with mental illness in the region, among others. Moreover, agencies like the CIA are actively funding ideas that might help track terrorists and foreign spy activity. This also opens a lot of opportunities for Silicon Valley startups, who are actively innovating the existing speech analytics solutions to develop innovative and attractive solutions. Furthermore, the U.S. defense sector has been investing billions of dollars over the recent decade on research and development projects like the Defense Advanced Research Projects Agency, primarily to provide the nation's intelligence agencies and the defense forces with advanced surveillance technologies.
- The region is also witnessing increased usage of voice controls by users across multiple platforms like PCs, tablets, connected TVs, automotive, and wearables. Moreover, the total number of voice assistant devices is expected to reach 870 million in the U.S. by 2022, which is a 95% increase from a total of 450 million estimated in 2017. Moreover, enterprises in the region are adopting these solutions primarily to increase their customer service. For instance, one of the largest insurance companies in the United States, MetLife, took an AI system mainly to improve responses to its customers' emotional needs. The system was specifically developed to help the company's staff members to track and monitor the emotions expressed by customers during conversations, thereby enhancing the quality of customer service interactions.

Regional Outlook of Speech Analytics Market report includes the following geographic areas such as: North America, Europe, China, Japan, Southeast Asia, India and ROW.

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What Are The Market Factors That Are Explained In The Report?

Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

Analytical Tools: The Speech Analytics Market Report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.

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