Market Research Report
Global Speech Analytics Market Size study, by Component, by Deployment Mode, by Organization Size, by Application, by Vertical and Regional Forecasts 2020-2027
|Published by||Bizwit Research & Consulting LLP||Product code||968306|
Delivery time: 2-3 business days
|Global Speech Analytics Market Size study, by Component, by Deployment Mode, by Organization Size, by Application, by Vertical and Regional Forecasts 2020-2027|
|Published: October 20, 2020||Content info:||
Global Speech Analytics Market Size study, by Component (Solution and Services), by Deployment Mode (On-Premises And Cloud), by Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), by Application (Customer Experience Management, Call Monitoring, Agent Performance Monitoring, Sales and Marketing Management, Competitive Intelligence, Risk and Compliance Management and Others), by Vertical (BFSI, Retail and eCommerce, IT and Telecom, Energy and Utilities, Travel and Hospitality, Government, Healthcare and Life Sciences, Media and Entertainment and Others) and Regional Forecasts 2020-2027.
Global Speech Analytics Market is valued approximately at USD 1.2 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 20.2% over the forecast period 2020-2027. Speech analytics is the analyzing of recorded calls which helps to collect customer information in order to improve communication and future interaction. This technology can identify cost drivers, trend analysis, identify strengths and weaknesses with processes and commodities, provide advanced functionalities and can give a company significant competitive advantage. The increasing need to improve customer need and overall experience, growing demand to monitor and improve agent performance and adherence to regulatory and compliance standard are the factors responsible for the growth of Speech Analytics Market over the forecast period. The Internet of Things (IoT) provides organization real time data, about how their products are being used after purchase. Speech analytics is changing the face of marketing tremendously, as most part of the population now own smartphones and more and more devices become smart, thus availability of information is high. The data collected by Smartphones, allows enterprise planners to further plans based on one of voice, pauses, and volume of speech, among other parameters. Furthermore, the introduction of products and other strategic alliance by market key players will create a lucrative demand for this market. For instance: on 20th Jun 2018, Avaya includes real time speech analytics to its workfoce optimization suite for monitoring GDPR compliance within a contact center. However, need for integration with prevailing system and inability to quantify Return on Investment (RoI) is the major factor restraining the growth of global Speech Analytics market during the forecast period.
The regional analysis of global Speech Analytics Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing adoption advanced technologies has led the growth of the market. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
NICE Systems Ltd.
Micro Focus International plc
Amazon Web Services
Genesys, or Genesys Telecommunications Laboratories, Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Organization Size:
Small and Medium-Sized Enterprises
Customer Experience Management
Agent Performance Monitoring
Sales and Marketing Management
Risk and Compliance Management
Retail and eCommerce
IT and Telecom
Energy and Utilities
Travel and Hospitality
Healthcare and Life Sciences
Media and Entertainment
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2017, 2018
Base year - 2019
Forecast period - 2020 to 2027
Target Audience of the Global Speech Analytics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers